The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-04

The publication of the Morning Edition OF the Herald
minutes e.re and FINISHED At 70
minutes pas, o'clock ard finished at minutes pa.t
past So clock.
Secretary Walker and the Sub-Treasury.
There has been great deal of commo,ion in
Wall street, within few days, in consequence OF
CERTAIN negotiations recently made under the au-
thonty OF Mr. Walker, Secretary of the Treasury,
with certain brokers and spectators in that street,
by which a large amount of gold and silver, under
lock and and key in the Custom-house, has been
released and made over to those who could give
treasury notes in exchange tor it. The bankers,
the editors, the SPECTATORS the Journalists the po-
huclans, are all mixing in this new excitement land
seem to talk and discuss, and canvass the matter,
as if the salvation of the whole human race, and
the comfort of part of Wall street, depended on
a right understanding of the law and gospel on the
matter in dispute. Some of those brokers, who
have not finger in the pie, and have not received
portion of the spoils from the vaults, are very
savage in their remarks on the conduct of Mr..
Walker. They believe that he has violated the
law, has been guilty of felony, and that he ought
10 be lmpeached by the next Congress, and sent to
the penltentiary for the requisite time, to teach
him better manners and conduct IN future An
other class of patriots, who have, or by their
friends have, shared in this roundabout mode of
getting loan out the vaults of the sub-treasury,
Justify MIR. Walker as far as the loanls concerned,
but are terribly savage against him, IN conse-
quence OF his acts and negotiations being IN con-
iraven.on of the sub-treasury act, passed by Con-
gress In the year 1915. 1916. He is called a
money king, Biddle, Jr., a broker, imam that may
feather his own nest and all other sorts of Names
that five point tongue can lick into sound, sig
nlfying anything
After giving some attention TO this important
financial Transaction we have come to the con
cluslon that this negotiation is clearly viola.
tlon of the leading features and provisions of the
sub-treasury, and the sub.reasury system, passed
by Congress. in 1916, or 1916 BY the provisions
of that act, there can be no doubt that the ncgo-
tations for the eight hundred thousand dollars In
specie, made by Mr.. Walker, breach of that !
law, and is a penitentiary offence, provided that
law were still in operation. Bu,slngularly enough
there an additional law passed by Congress
on the 18th Of January, 1si7, embracing number
of provisions, by which The subtreasury act was
in great measure epealed, and new system of
finance, resembling the British Exchequer, intro
duced, and this has been acted on to certain
degree. Dy MI. W dihtI ever Sllct. IL IL true
The democratic party, and the hard money men
throughout the country, have been under the
Impression, that in TIE election of Mr.. Polk,
the subtreasury system was re-enacted by
Congress, and that the country has been
prospenpg under that system ever since. This
is discovered to be a. fatal, absurd and farc-
cal delusion They first attempted Pc tho com
mencement OF the Mexica- so.,a,,,ol;eo,
ION of the SUBJ" go, b,,, Corrro.o yye
oerve; resisted it. until the country and It's finan-
ces got into more serious difficulty about the
time of the battle of Monterey It was then dis
covered by those at Washington, that the sub
treasury system was entirely impracucable IN con-
necuon with the existing tariff system. Under
the auspices of Mr.. Walker, who knew what he
was about series Of sections, entirely repeating
some of the important provisions OF the sub-trea
sury law Of 1915, was introduced and tackled to a
bill for creating loan, and the issue OF "a
certain amount of Treasury notes. THIS, as we
have said took place in January, ls7, and
under this law, the Secretary, we believe is per-
fectly justified in making this loan out OF the trea-
sury vaults IN Wall street, in the way he did,
although if he were TO have done 1t, either before
,h.. or were TO do II after the thrtieth OF No.
yember Of the present year. he could be indicted,
convicted, and sent TO the pententiary, !o' Wv
latlon Of the original sub-treasury act. The SUBJ
treasury has, IN fact, been in operation only two
or three weeks, and, by the present law, 1t VIII
again revive and be in full feather, after the thi-
tieth Of November OF the present year On that
1ay the treasury note act, to which we have re-
ferred. ard which was passed in January, 1917,
closes IFS career, and marches - the tomb OF the
Cspuets. Then will come up again the original
sub-treasury act, the hard money system, which
makes II n penal offence TO loan any gold and Sill
Yer in exchange for treasury notes out OF tue trea.
sury, as Mr.. Walker has recently done
1t will be seen, from this brief view ct the mat
ter that Congress and the government have been
imposing a great delus!on and humbug on the
country in protesting TO pass specie system OF
finance, and a, the very first opportunity repeating
il for the purpose of carrying on the recent wal
with Mexico. The fac, is, there is grea'
deal of ignorance, in all quarters, in RELATE on
10 the commerce, trade and finances of the
county No comprehensive or accurate sys-
TEN has yet been devised, although IT is like
Nv that Secretary Walker made nearer ap-
proach TO such a system, than any other person
who has occupied his position in the Treasury
There ought POT TO be in the United states Urea
sury, on any occasion, dollar IN specie, beyond
the wants of the government The financial sys
tenn of the general government, IN connection win
j,s tariff and Imports should be so organized as tC
enable IT, on all occasions, TO pay out Just a.
f.si a. Il collects ts taxes la order 10 proven
sny accumulation Of specie IN the Treasury