The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-02


show a falling of of S345 s45, compared with the
correspe nding period last year, and increase Of
S2,32s 3O7 compared with the same time in ls46.
The excitement in Wall street, caused by the inan-
cia operations of the Secretary of the Treasury and
clique Of stock specula tors, has partially subsidized
there however, appears to be but opinion relative
to the legality of the eight hundred thousand dollar
loan and that is by no favorable to the part
played by Mr. Walker in this business By an act Of
Congress- passed January 49, 1s47 called an act au-
thorizing the issue of Treasury notes loan, and
other purposes it is that the power of the Pres
dent to issue Treasury notes shall the rati
fcation of a treaty of peace with Mexico So says
the law and if the President has been governed by
the law there should be Treasury notes in the
ket issued since dated later, than the first in
June, 1S4S. All Treasury notes bearing later date
issued since that time Illegal and course va
lueess Now, in the face of this law the Secretary Of
the Treasury negotiates loan with certain clique
of Spectators in Wall street. for $500 O00 and takes
security Treasury notes at par with Understand
ing at the expiration of certain period these notes
similar amount, shall be returned upon payment
of the amount loaned. This is a direct violation of
the law, the responsibility of which rests upon the
President Had eight hundred thousand dollars worth
of Treasury notes been redeemed at par, and the
amount paid out of the surplus deposits in the sub
treasury, the transaction would have been egti-
mate, but that would have been infringement
of the law to which allude it distinctly says,
that the Secretary of the Treasury shall only apply
money for the redemption of these notes not other
wise appropriated; and, as the government owes ten
dollars where it has one to pay with, it cannot be
shown that there were any unappropriated funds in
the Treasury Even in the event of their being such
funds the redemption of Treasury notes. to whstever
extent made, must be paid; another ISSUE issue
to the amount being illegal 1t is, therefore clear
enough to our comprehension, that in any light in
which the question be placed there has been,
the part Of the executive and his csbnet-for the Sc
cretary of the Treasury not alone implicated in this
afair-a high handed violation of act of Congress
for which they amenable to that body.
The last act passed, authorizing issue of Trea
sury notes. says that The Secretary shall report to
Congress, at the of each session, the
amount of Treasury notes redeemed and in what man
ner; the amount purchased, of whom, and at what
time" that unless another violation of this act
takes place in Withholding the particulars of this oan
shall have, upon the assembling Of Congress- de-
tailed statement of its negotiation and the result We
all know that the loan has been made that part of the
money has already been paid over and the security
received but we only anticipate the result and
must be in anticpations by the result
of the financial mission of Mr.. Corcorsn to London.
IL that gentleman succeeds In negotiating the loan o.
millions of dollars abroad the eight hundred thou
sand dollars drawn in specie from the Sub. Treasury
may be refunded and the notes returned but If that
loanis not made the recent operation of Mr.. Walker
will resolve itself into final redemption Of that
amount of notes and it may only be necessary for him
to show in his report to Congress- that there was
unapproprated surplus in the Treasury at the time Of
that amount.
As for the foreign loan on Treasury notes, or the
sales Of government stock abroad, to the amount Of
five millions of dollars everything connected with it
very doubtful The parties here most interested in
it's success not sanguine upon the arrival Of
the previous packet and the whole matter is involved
in much mystery. According to letters received
from Mr. Corcoran by the Acadia, he to have left
Liverpool his return in the packet of the 2Sd Of
September, now at sea eight days; but more recent
advices state that he had left London for the Conti
-whetheriupon business connected with theloan,
or upon pleasure has not transpred. The uncertain
ty hanging this matter keeps the nsnciers and
spectators in Wall street in state Of suspense by no
agreeable; but they must wait patiently few
days, as much depends on our next accounts from
London. An advance Of one or two per cent, or a
decline of three four per SENT in Treasury notes
depends upon the result of the business which has
called Mr. Corcoran abroad and is therefore of vast
importance to holders and purchasers.
Coal Trade.