The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-12-28
COMMERCIAL.
Nrw Yoan. Dec. q. lsis- Wednesday, 4. ?.


report of the Secretary furnish sufficient guaranty Of the
fact In the absence oil all show OF for any change
When the administration Of March, iS4 came into power
IL found the Independent treasury in operations but mas
much as that one-haf the banks of tho Union In
of suspension and tho discount broken bank bills
In COMPOUNDED in the public mind with the
Of exchange, while the independent treasury, having
been only months In operation had had time to vim
dictate its own excellence, It with bareiaced power
hastily repealed session, called purpose So TAR
change easy but the fact that the constitutional reasu
ry had acquired public confidence, did revive the
credit Of the bank scheme, and the people at the next
election restored treasury and has been
In operation three years In this time 1t has won the
confidence and admiration OF the commercial public, that
II may be said to have enemies except amongst pou
clans. who are compelled to keep show OF oppos
ton. The administration have not been In haste
Ike that Of lsil; they have taken nine months in
vesgate and scrutnize Its operation, In the hope OF find
ing flaw fault which to base argument for
alteration, by which baptise IL wing. The result OF
all this Is the following line in the Presidents message
f continued mportaa notifications of il appear to be
Indispensable" For these important notifications, the
Seceays report is to be consulted and that document in
forms that, inasmuch as II Is very troublesome for
dsbursing officers to take charge OF money with which
make payments, in order 10 relieve these gentlemen
OF "ouble" 1t is proposed that any person dburs
ing officer having draft may deposite with the assistant
treasurer and himself draw against II many drafts
may his convenience, provided they shall all be pre-
sented in weeks; that is TO say suppose the govern
draft upon the assistant treasurer la New York.
payable ut sight in gold pieces, He presents It, gets
thousand eagles in bag pays his his debts, de-
posites 1t in bank and checks out Now, the Secretary
proposes that he be allowed instead of carrying the gold
the his bank, draw checks the reasu
favor Of those whom he owes and let them 20 and get
the gold that the treasurer instead OF having draft to
pay, will have hundred to In Short that
he become the banker OF ths large creditors
small look for themselves that the gov.
eminent employ clerks to do this banking business
for large credors These fvotes all that the ad.
mnisration has to propose against the independent easu
ny plan and conclusive proof OF It's entire excellence
could scarcely BIO desired The advanced by the
Secretary favor oil restoration Of the high specific duties
equally conclusive la respect the superiority OF the
present system II sa little singular that advocates Of
protective theory very regardless of fact Now Black
woods Magazine for December attack upon the
trade of the British government appears be
alarmed the fact that the people OF England geng
enough 1t considers the zenith OF national prosperity
food the British islands will produce aud in alarm
states folowsi
"The importation of grain in the first eight monlhs of
1919 has been more than double what was 10 the CORE
spending period OF 1913, and that in the face of fae
harpestb
Now, Mr. Meredith. arguing against free trade hero,
states
"Indeed am compelled to believe that II [the revenue
would have been diminished but for de-
nand Tor breadsufs and provisions produced by
famine in Europe IN ls47 and % great extent continued
by the short crop abroad IN 1873" .a.H
Backwood in aid Of its argument In favor of protection,
then asserts, what is true, that the harvest was fair
Mr. Meredith, for the object, asserts what true
viz, that the harvest "was short" Notwithstanding her
good harvest England imported United States grain be-
the farmers Of the United States supply IL cheape
than those Of England and the people Of England thereby
get enough Mr. Meredith make il appear
tEa England buy grain only when her harvest short
But Mr. Meredith says that duties low, that
but for the large exports the would have been
d.eism Now Abbott Lawrence, esq, In his famous let
Of 1885, stated distinctly that this inevitable conse
quence Of these low tariffs the country be denae
with goods 10 sucn break the banks and
merchants in 1864 state Of things which would Ger.
tainy give revenue 10 the government Mr.. Meredith
thinks the revenue and therefore the imports would have
declined Then, certainly his other object Of
homo manufactures would have been attained n TO kee
foreign goods Is encourage them The course Of his
remarks b however, hardly worth following They have
been made clearly only because the party OF the adnis
tfaton expect remarks In relation the compare.
tive merits Of specific and sd valorem duties every
house officer In The county Is opposed Mr. Meredith In
England, when such subjects discussed
ny committee Is appointed and all tbs practical men ex.
amined, and their answers and published There
hundreds OF appraisers who have held office three
years under the ad vaiorem SYSTEM and daily aud hourly
decide values under the law in all that time Mr. Meredith
knows nothing whatever of the matter and his opinion
not worth rush and his reasoning Is than ala.
cious because subject To party bias His estimates Of
revenue and expenditure evidently strained that
there Is every prospect Of there being surplus instead of
deficit.
The effect Of these documents is very beneficial upon
the public mind because they demonstrate utter inca
pacty Of the government TO make out against the
existing order Of things and are decisive Of no
change Mr.. Webster, In his Baltimore Speech (sts) re.
marked, in relation 10 the tariffs
depend upon H. gentlemen, IL Is change and the ap
prebenson oil change, that unnerve every wokngman.
In this country Changes felt or changes feared are
the banc Of our industry and the prosraion OF power
This 10 true 70 the letter and therefore |, Is that alb
soute eerade which admits OF no change, IL more ben.
ehcsl than the continual tnkerng Of lawmakers Eng.
land has thrown down. for instance the bars which pre-
vented American ships going her colonies freely after
they have become well engaged In that trade Suppose
she should put the restrictions again the new inter
es would be ruined To make the present law operative
there must be that there will be no change
while taking advantage Of the liberal offers Of Eng
land our merchants relieved from the fear that they
win be deprived OF them through the retrograde movement
Of our own government Hence the new year will open
with greater degree Of buoyancy in all respects
The money market continues well supplied notwith-
standing that this Is the for closing up the years
ness, calling In short loans taking Stocks and ado,np
profits, preparatory to dividends The amount payable in
New York on the LIST prormo may be estimated thus. By
United States, 43t; by banks s350 900 BY com
panes and railroads, Sl5o00oo by State and city, $780,
ODj BY other States and companies, S2OO0 Omakina
an aggregate Of So 25 f3 10 be dsburscd in this
in the frstweek In January. Although considerable nor
ton of this will lie RENTED abroad, the general in
huence will be still further promote an abundance of
money The hoyday season 10 not that Of much CONNER
cal activity and the business Of Monday was of two DAYS
in one, well for payments for purchases of bills and
the rate was u u for sterng and 532 30 Cor francs
The antcipaons of good spring business and OF higher
for tf.. oxfaI ali.