The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-04
CO N N ERCIAL AFFAIRS.
MONEY MARKET.


MONEY MARKET.
Tuesday, Oct. 3-6 p. M.
This has been another blue day in Wall street. The
weather has been horrible, and all out door business
has been partially suspended and the stock market
has become still further depressed Al the first board
the sales Of fancies small Farmers Loan de-
cned q per cent. Morris Canal n Norwich and Wor.
cester n, Canton Co. a, Harlem y, Erie r. r., new
full, y. Treasury Notes advanced y.
At the second board the transactions we're unusual
ly large, but at prices shade better. Norwich and
Worcester improved n per cent Long Island ~ Can
ten Co. u. Morris Canal fell off n. There appears to
be no bottom to prices. Holders do not put large
amount Of stock upon the market at ruling rates. and
some SPECTATORS able to carry every share they buy
are picking up lots from day to day, prices fall off,
The National Bank has declared semi annual divi.
dend Of four per cent besides carrying to it's surplus
large amount.
The North River Insurance Company have declared
semi annual dividend Of four per cent, and sur
plus dividend of four per cent.
The State Bank Of Newark, n. j.. has declared d.
vdend of three and q half per cent.
1t reported in the street, to-day, that the int.
rest Morris Canal bonds yesterday had not been
paid
The interest the public stocks of the city of New
York will be paid the LIST of November at the Me-
chancs Bank
The eight hundred thousa nd dollar loan, ade few
days since, the security of Treasury notes. still con.
tinues subject of considerable conversation in the
street, among fnanciers and spectators The whole
affair has assumed complexion entirely different
from that generally entertained by the discovery OF
clause in law passed on the 2sth of january Is47
called an act authorsing issue of Treasury notes
or loan" 1t appears that by this law the Secretary
of the Treasury empowered issue Treasury notes.
fho vcho
treaty Of peace with the Republic of Mexicon The
ratification Of that treaty took place on the sOth of
May 1S4s six months from which date makes the issue
of Treasury notes legal up to the 3Oh of November
1s4S, nearly sixty days from this. It is therefore
clear that the right Of the Secretary Of the
to issue notes up to that time in strict
with special act of Congress. This law also SAYS
that the Secretary Of tho Treasury shall purchase
at any time, out Of any unspproprated surpu.
in the Treasury, Treasury notes, at par; and this
Is his authority for the purchase recently made
II the law of January g. ls47, extends the issue o.
Treasury notes to six months after the ratification of
the treaty peace with Mexico and the Secretary of
the Treasury show that the surplus deposits in the
subtreasury in fact unappropriated and the loan
recently made is returned, or before the 3oth of
November.n next, then there will be inftingement
Of the Treasury note law the Independent treasury
act 1t would, however, have been gross violation of
the independent treasury act, had not the law o
January g. 1s repealed several sections of the preyi
GUS act making them for time-until November 3oth
1s4S-nul and void. 1t is by this act of January 28
1s47 that the Secretary Of the Treasury has been 90
verned In all the deviations made from the original in
dependent treasury act. The Independent treasury
bill passed in the early part of August 1896 to 20
into operation on the LIST of January 1s47 On the
2sth Of January only four weeks after the commence
mr. NJ he now nc nj IF fha
the act authorizing further issue CT Treasury notes
and making certain notifications in the dent
treasury act passed. and system entirely der
that contemplated in the act of August 1S47 has from
tt at time been in ope alton sort of exchequer sys
tenn was adopted and the specie provisions Of the nde
pendent treasury became imperative In consequence
of the change made in the system of the
finances Of the government there was no immediate
transer made of the public funds from the different
banks to the vaults Of the and an order
from the Secretary of the Treasury, ordering the
transfer not issued until the 4th Of February 1847
and the transfers to be made until on or before
the LIST of April the year 1t thus appears that
the original independent treasury has never been
in actual operation. The act of August O. 1885, never
has been actually enforced and will not be until after
the 3th of November 1s4s four days before the con-
vening Of Congress. 1t has been generally supposed
that the finances Of the government have been
administered strictly in accordance with the special
provisions of the Independent treasury act that the
disbursements Of the government have been entirely
in Specie as we'll as the receipts but in this there has
been q great mistake. The financial system Of the
government as far as specie is concerned has been
good deal like the handle of jug, all on one side.
Specie has been exacted for payments to the
government, when not made in the promises
to pay of the treasury department, previously
issued but there has not been the same system
practised in the disbursements of the government
Treasury drafts have been issued to large amount
and scattered all the country and at times consi
derAble difficulty has been experienced by the holder
in obtaining payme mt for them This has, TO doubt,
been caused by the exgencies Of the and
after short delays the public creditor has received his
DUE but this does not with very good grace from
administration which has the credit of having es-
tablshed a specie system of finance, and Of having
separated the public treasury from paper Representa-
tations Of money every name and nature We shalv
doubtless have opportunity Of realizing the opera
ton Of the Independent treasury system as originally
intended as laid down In the last act of that kind
passed. contemplated by the opponents of a connec-
tion between bank and State but it will not be as
soon as we could wish 1t wfpnot be until after every
treasury note in circuation to be put in crcula
ton between this and the SotA Of November next is
redeemed and cancelled; not Until all laws altering,
modifying suspending certain sections of the act of
August g. 1896 expire and that act is permitted to
operate according to its most rigdlc obstruction.
We are glad that Mr.. Walker has loop. hole to get
out Of that by forced construction OF the act passed
January 2s 1877 relative to the purchase of treasury
notes out Of any unappropriated funds In the trea.
sury he Is authorised to purchase treasury notes 1t is
gratifying that no law has been violated in con-
summatDg the recent loan, or, It is now called pur.
chase of treasury notes. with the ndng that
they shall be issued to the parties again at the
expiration Of certain time. II Is we'll that there IL
color of law for these transactions and all who
wish to take the benefit Of this defect In the law must
do so before the LIST Of November next 1t might be