The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-04-27

pIodCucu-cOnulcud
IL is fortunate, indeed that the popular mind
Europe is sufficiently far advanced appreciate the theo
ry having for It's axiom the fact that liberty only be
attained by due regard for the honest rights OF all
in society otherwise, idsness and vice. under the
of such teachers, would come to be regarded
commendabe than industry and personal in
tegrity
You will perceive In the New York city papers of this
morning mare'snest account about an alleged defalca-
ton OF the United States marshal Tor the southern disic
Of New York, the Hon. Eli Moore in the sum of 3ls5O0
have to caution readers against placing the least
confidence in the aspersions the character OF that
gentleman involved in the story printed in these papers
This sum, on being taken of the vessel when beed
being in kegs and boxes and being large, and not then
the property OF the United States placed by the deputy
taking from the vessel in the custody vault of the Me-
chancs Banking Association, special deposite,
government deposite, to the credit Of the marshal who
Saturday morning, did not know where posted;
his deputies being under bonds, rendering the loss of
money thus coming into their hands impossible If the
money does appear stand the books the bank
STILL special deposite the credit of marshal. the
institution has paid it out the order Of the principal
deputy who is really the cashier of the marshas Office
and understand, has authority check upon the moneys
the custody OF the Office Dhe not specially deposited
was this particular MIR. Moore has never checked
against dollar OF the amount The principal deputy
is and of town Saturday last, when 'the new
broon in the district attorneys office made the In
his absence there be full explanation of the affair
From what learn of him. ten to one it win turn out tina,
the money, after having been drawn out upon his check
has been placed the credit of the marshal in the indie
pendent treasury and not being there deposited peca
apparent the books of that Office that il
this particular money Mr. Peck the cashier principal
deputy may have paid out portion of in jury fees
and other United States expenses in which the
receipts of al good against the demand the
gold itself However If it should prove that Mr.
Peck is deauter, which do imagine possible, his
surety liable for the well the bank which,
honorng his checks upon special deposite has
dered itself liable for the dealcaton any really exists
In, uhol arxuill lac
up and believe, the satisfaction Of all that this
wing cry of defacation under the subreasury system
like the rest of their humbugs-a mere matter OF moon
shine.
this city took place the City Hotel. The company
table, gloousy jovia and hearty set of English
menmost them subjects OF her Majesty Queen Victoria
w.
THE SUB TREAsuRY.-We presume that, by general con-
public opinion We entirely agree With writer on this
subject who says that the subeasuy the most absurd
was in its palmy days. the latter had the
power relieve stringent money market with its depo
opens its ponderous and marble Jaws" to receive nothing
but coin, and there Il lies TO rust till the has
debt pay. Whenever the in the sub-treasury be-
large the money market is ghtened and by
qusnce money becomes dear business unsatisfactory &c
especially in New York; where receipts from
IT The w esn the ss e. OF hs times
alexandria Gazette.
From the Richmond Enquirer, April as
Upon above text the New York Journal Of Commerce.
Taylor paper and formerly opponent OF the subtreas
ury comments with great force bringing to bear strong
arguments and conclusive facts. 1t shows that under
Quoted with safety and that any resort 10 banks, whether
United States Bank "monser" the pet bank system,
as recommended in late number Of the "Whig" would
be folly and madness We say nothing now OF the gross
imposition intended to be practsed the public, in
keeping dark and supTfessng "party schemes" before
the election, and in sprnging repeal of the sub
wearing of the 'no party mask to reach power to be
thrown away that end attained, and expose the hdeous
deomty of ultra paryism, must strike the public ear
Indignation among all who believe in the golden rule OF
"honesty the best policy" That consideration aside
the facts and the arguments of the Journal of Commerce
the leading commercial organ of the great city of New
York. and by no means prejudced in favor OF the sub
treasury systemare entitled to great weight, and form
the best answer to the wing clamor against the indie
pendent treasury, and for national bank the pet
banks They settle the question. Fatal step will it be
the part OF the administration to unsete the present
sound and prosperous SYSTEM and expose the
country the giant throes and commissions of the union
of bank and government. The Journal of Commerce
says:
'.f we mistake not the wings will find it much easier
any other which will be satisfactory to themselves the
public The present system might, doubtless, be amend
ed in some particulars but we 90 not believe that the
party in power will venture to discard it whole, or
adopt the only competing SYSTEM the use OF the local
banks.
SIN the hrSt place. the banks IN some parts OF the
country are entirely unsafe and it is difficult to adopt
a general system which is available and applicable
throughout the country The losses sustained by the
ten in consequence of deposting the public money in the
banks were in 1si7 estimated by Judge Woodbury. then
Secretary of the Treasury at $l549a,O00 including in
erest, and depreciation of bank notes compared with
specie AS yet there has been loss under the sub
treasury system.
SECONDLY if the banks were all safe in all sections OF
the country, there would still be valid objection to the
use of them as repositories of the public money, pro-
vided the deposes made to be employed basis
of discounts; and on other condition, presume.
would they be received by the banks When the public
money employed basis of bank discounts, the first
effect very cheering to borrowers and they consequent
y increase their engagements and extend their business
But when the deposites Withdrawals they are at
any time liable 10 be-then suddenly the banks must
cuta their DISCOUNTS and borrowers must pay up their
extended ne without the usual facilities for paying
a smaller amount. 1t was the government depostes,
than anything ese that caused the expan
sion of 1866, and the explosion of 1887. These de-
posites had been increasing rapidly for two three
years. and distributed among host OF banks-ma-
king them all feel strong, when in fact they never
SO weak before. Gorged with money not their own,
and wishing to make profit it, and witha to
oblge their customers, the banks extended their cir
cuation and discounts to unprecedented amount
This enhanced the prices Of all descriptions OF prop
erty, and the enhancement of prices tempted new and
everncreasirg engagements till at length most
inflated currency insufficient for the transaction OF
business, and money became in the midst of
abundance. Such unnatural impetus had been given
business of all sorts, and speculation OF all sorts, that