The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-11-06

two dollars EACH and guaranteed In like manner
and rates. The whole OF both which emissions
are to be ready Tor issuing, at latest by the first OF
January, lSi9 He Is also further directed to have
prepared an additional quantity OF $4,000 bills OF
the denominations of one and two dollars, to be
laid by In reserve in The treasury department, to be
used Tor the purpose OF expanding the monetary
circulation as soon as the cond tion of mercantile
affairs, and the state of the country call for it,
To hasten the withdrawal of the present issue
from circulation soon as the sum of $25 900, in
coin is imported, as before provided, dues accru-
ing 10 the treasury shall commence TO be paid,
currency: the latter at the rate of ten doll to
one, while the old paper thus called in Is to be
cancelled In due form. And the act goes on to
declare that portion of this new coin, which will
thus find Its way into the treasury, may from time
to time be appropriated, in sums not exceeding
five thousand dollars at any one time, to the pur-
chase OF old silver at the rate before designated,
and which shall be coined in like manner. After
proceeding TO many specific detalls-ot no par
tcu!ar interest to my present purpose-the act
finally empowers the President to raise, by loan,
foreign or domestic, on credit or by mortgage OF
the national property, the further sum of 100000
TO l50 600 dollars, TO be appropriated, when OBJ
tanned, TO the withdrawal and cancellation of the
same amount of the present circulation.
1t will be observed that the foregoing act fixes
the value of the old emission, to be allowed at the
treasury, at ten tor one which is fact the rate
at which 1t has all along been received for the
Iency; while, as has been before seen, the market
value OF the same currency has been only fifteen
for one, with downward tendency. Now, how
ever plausible the charge may at first appear, that
the government, by receiving their own paper only
at great discount off from its ostensible value,
though 1t be still less one than Is exacted In
the market, lepudiates large portion OF her debt
In this form, II must In justice be remarked, that
this issue neyel did circulate at par from the be-
ginning and much, If not most of It, went into
circulation with no higher intrinsic value attached
to it than its authors now allow for 1t on its re-
turn For any slight practical reputation there
fmay be in IT, there are still, in extenuation, the
iigatng circumstances OF overriding necessity,
nd the high examples of greater and far more
wealthy nations.
AS to the question of what will be practically
efe cted under this scheme, that is quite another
affair; and | confess myself unable to discover
what is at last to guaranty the paper clrcu-
lifting medium that is to be issued at ma ket value,
at the rate per nominal dollar prescribed by the
actin other words, to save it from the fate of
the old emission. With nearly empty treasury,
and with governmental expenditures that each
year more than consume the annual revenue, what
can save 1t from a rapid depreclation-,f not
nominal, at least actual, in the shape of enhanced
prices OF all commodi les OF consumption No
great esults can, fear, be anticipated from the
conlng-m o;her words, sale OF the old silver to
be found here. The Hayrens made too clean a
swee p for that, when they got possession. And as
to the authorized loan, still less, it is to be feared
can be hoped for or realized from that. No;
evade the issue asthey mayIvainly' to do
beat about and try to shun the real rock of diff
cu.ty as long and perseverIngly as they please
still this government must, at last adopt TIL only
efiectual means OF removing It They will be
broke IN pieces upon it, An efficient and extern
sive system of agricultural improvements must he
instituted, and its growth fostered, as the only
sure basis 70. monetary and every other kind OF
and this can only be effected, as ls in effect, ad,
United by almost everybody, by foreign immigra-
ton. All but the danger OF the overthrow of
our state religion-the subversion or selzure into
foreign adventures I'VE are afraid of them
And so the only remedy for great evil, or train
of evils, Is Stunned, and mere airy schemes,
based on nothing but gossamer tissue of finan-
cisl devices, are elaborated with careful lnge.
nuity and patient toll, to end in nothing.
The hard money alluded to IN the beginning of
the above act, and on which all the Legislative de-
liberatlOns had been based. was the sum OF 50 600
dollars, reserved in the chest of the department
Tor this purpose, which surplus had occurred, not
withstanding the fact of the government expendi-
tules surprising In amount its revenues, by the
disbursements being mostly made in the paper
currency, while considerable portion of the gold
OF several years accrual from import duties has
been retained In the treasury.
Some unfavOrable rumors having got abroad,
the Congress, on completing their labor of dew
sing and drafting the new monetary system, ap-
pointed committee to proceed and examine the
deficit was discovered. The city was soon all IN
an uproar. Every body accused the minister of
having converted the funds to his private purposes,
and some went so far as to impcate the Pres.
dent himself IN their suspicious. The lower
house demanded an account of the minister;
which, on the refusal OF that officer to submit,
any farther than to declare that 1t had been appro
prated to the legitimate purposes of the govern
ment, that body proceeded to impeach HIM. The
UPPER house, however. on examining into the case,
refused to rahfy the measure, as was necessary TO
render 1t efiectual rs an impeachment and so it
fell through. The President, who had been alb
sent from the city Tor long while, on account OF
his health, returned highly incensed at the pro-
ceeding Of the House, and threatened to Danish
certain members who had been most active in
the measure. But the affair was finally compro
missed bv the House recedIDg from the ground
they had taken, end acknowledging they. had
acted with precipitation. Another ground of irri
tation was also embraced In this rather singular
compromise, or making up" Some OF the
same active and bold members had somewhat
warmly discussed the propriety of defining and
limiting the, In some respects, dictatOral power
conferred on the President by the article ofhe'con-
sttution herein before noticed. They maintained
that the executive had, on several occasions, in
practice, gwen somewhat lahtud marian construc-
were intended to apply for certain purposes only,
TO partcu lar times and emergencies. And so
ended, at least for the present, this serious mlsun
Outstanding between the two branches OF the
government, and wh1cn, lot some DAYS, tnreateh-
ed the most disastrous consequences. During
this period the public excitement was intense.
Neatly all business was suspended by day, while
the streets and places of public resort were de-
serted by night. Rumors of plots and conspira,
ces for putting the obnoxious functlonarles out OF
the way, and substituting others IN their stead,
were constantly rife, ard everything seemed ripe
for intestine commotion and revolution. A por..
ton of the residents were apprehenslve, and, +
think, not without some good reason, that, In
such a cnse scenes similar 10 those which have,
of late, been enacted Mt the Hayden end OF the
island, would be reproduced here, or, quite as
likely, the far more appalling tragedies so ire
quenily enacted in that portion OF the island near
the close of the last century.
But the tempest, which at one time seemed to be
so fast gathering to head, to sweep down, like
the hurricanes Of these ATTITUDES, with desolatng
violence on this city, has happily completely dis
sipated itself; and our political heavens again
wear, in their usual degree, aspect OF serenity,