The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-10-04

The New York Journal of Commerce states in the fol-
lowing article an operation of the Treasury Department
which rebounds TO the advantage both of the treasury
and the public
The arrangements for the purchase of $s0oO00 Of
notes by the government practically the loan of that
amount upon the depose of the notes. (the word loan
Is not the appropriate phrase describe the
USIoN) having been completed ut Washington, a tee-
graphic despatch sent on by the department,
giving the proper notice the collector and
urer in this city. With like mptness, Gov Bouck
titled the owners of the that the specie would be
ready for them at about O'Clock yesterday afternoon
As The gentleman who conducted the negotiations had
but osf returned he able to take than $50 900
that time lie expects take $3.50 900 to-da
and the rest ON Mond ny and Tuesday
The notes purchased by the reasury Department
their face that is at with the back interest added in
they had become due and been pre-
scented for redemption. They will OF course be
celed but the department agrees give the
notes par within not less than thirty than
days, and they receive ihem paying back
the specie within the 1t is supposed that by
payment of the Mexican indemnify of $780, 600 the
9th October, and other arrangements to be made mean
while, the subtreasury will be reduced to such condition
in November that the money be received back again
without Inconvenience to the public.
Some have called this stock job bng operation but it is
If such thing thought of by those who
commended the Secretary Walker it must have
been driven from their minds by his first decaraton which
the effect that step should be taken without
being Immediately made public
The evident advantages OF the transaction are that the
government the $500 900 for thirty sixty
days; the of the enjoy all the benefits of
loan during money PRESSURE and the community gener
ally will feel relief from that pressure, by the
of that of specie the banks, where Iegtmatey
belongs.
The snbtreasuy here is the only overloaded that
New Orleans has 100000 remaining in it subject to
draft, after paying all the soldiers who discharged
there and suppose that Mr. Walker will be willing
accommodate other parties the
The New York Evening Post objects to the arrange
ment-has some doubt whether the law authorized any
such transaction" and objects to it other grounds
The Journal of Commerce its objection about
pedency and proprety and the law itself shall remove
all doubt about the authority under which the transac
ton is conducted
9Th section of the authorizing the of treasury notes.
loan, and for other purposes. Approued January 2Sh
ISl7.
And be it further enacted, That the Secretary of the
Treasury be- and he is hereby authorized and directed
be reimbursed and paid the principal and interest
the treasury which may be issued by
act the several and times when the same accord
ing the provisions OF this should be thus reimbursed
and paid And the said Secretary is further authorized to
make purchases of the said par for the of
the pal and interest due the time of purchase
such And much OF unapproprated money in the
treasury may be for that purpose is hereby
appropriated for paying the principal and said
notes"