The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-12-08

Our Commercial Letter.
An able letter from our New York commercial cor
respondent will be found in another column The banks
of New York city having all declared dividends for
the current year. the suitable opportunity is taken of
planning the admirable effects OF the independent treasury
law on the financial condition Of the country, as lustra-
ted by the condition Of the banking institutions OF our
great commercial emporium When the revenue bill Of
is4e enacted the federal party eagerly foretod that
would bring ruin and devastation upon great in
dustrial pursuits. And when the government was d.
vorced from banks the sagacious statesmen alarm
ed the tmd with prophecies full Of disaster to the cur
rency Of the country but time has rolled on and the
peal of the tariff of 1912, instead of ruin has brought
prosperity in its train The manufacturers Of the North
are thriving, while manufacturing establishments are
springing up in the Souh the markets for agrcul-
tura products extending labor is becoming more
poftable and the public revenues are increasing not
wthstandng the reduction of duties on importaions.
may be safely said that at no time in the history Of
our country has the amount Of the necessaes and
convenences Of life been within the reach Of American
labor, since the bill of 1916 went into opera
ton.
Experience bears the same testimony to the beneficial
effects OF the independent treasury We have passed
through foreign war not only without commercial
crisis, but without serious commercial embarrassment
Revolutions and commissions have within the last two
years shaken the institutions OF Europe to their ounda-
tons. carrying with them commercial ruin. Even the
commerce and currency OF England were for a time
broken down, and many even among the wise thought
that the end of her long commercial domination
had come But these events passed over, causing
hardly perceptibe ripple the deep and steady
rent OF our national prosperity. There was no huge
money power in the form OF Bank Of the United States
among US, with its foreign ramifcations alliances and
entanglements TO conduct in our midst as in former
times, the effects of foreign disasters With our COM
merce and currency sustained by wholesome laws, we
have avoided appalling dangers and sauary checks and
restraints have prevented those which SO often
follow the footsteps prosperity Banks exist by credit;
and in every quarter OF the Union those institutions are
to be found, created by State legislation But foru
natey, the federal government not party to the
system and the public being collected in gold
and silver powerful and salutay check was brought to
bear upon banking operations, 30 that we have had
no unwholsesome credits, engendering gambling spec
ulations, and followed by ruin. The Independent
treasury has controlled the credit system created by
the State banks, and prevented those evils which
il would have produced in the absence of that con-
troll In the last few years the people have been enght
ened TO the true operation Of fictitious capital and
paper Credits and the crying injustice Of permitting in.
coporated companies to manufacture such capital and
with such credit to buy up large portion Of the national
production. becomes to be apparent to all. Corporations
have been forced by change in the national legisa-
ton to forego TO great extent the plumber Of labor,
and TO gather their profits from their usefulness to
the trade commerce, and industry OF the country No
man has abored more earnestly with greater effect
in producing this wholesome reform than our New
York correspondent and he better deserves the lasting
gratitude Of the people for his modest but invaluable
labors than whole host Of political wrangles who have
won the public and the public confidence. We
would, therefore, earnestly recommend the powerful let
which publish to-day 10 readers and ask them
to examine the statistics presents II they do So they
will see clearly that banking institutions and manu-.
featuring establishments thriving amidst the general
and that the clamors which have been raised
by the holders Of banking and manufacturing capital are
false and without foundation They have been raised in
order to affect the Legislation Of Congress- SO that the
tariff Of s42 may be restored the independent treasury
destroyed and labor may again be placed at the mercy Of
capital.