The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-05-01


movements of banks by the specie clause the In
dependent Treasury act, imperfectiy as it al
minstered, should have been deeply involved
in insolvency than before known in the history
the country To the existence of this important mca-
sure we attribute all the advantages have derived
from extensive expectation of breadstuffsa large
importation of the precious metals, and receipts Of
large lots of foreign manufactures Had it not been
for this act doubt II the shipments of breadsuf
would have been large and have doubt but that
the importation Of foreign manufactures would have
been much larger Is possible the government loans
might have been made upon terms equally favorable
those realized; but we doubt if European deman nd
would have been created or The market value here
have been so uniform as has been exhibited We
do not attribute the successful negotiation of these
loans to the financial ability of any indiyi-
dual connected with the government-neither to the
Secretary Of the Treasury to the government
broker. 1t WAS series Of fortunate circumstances
that produced such fortunate results. The events
which transpired on the adoption of the Indepen-
dent Treasury system Of finance, carried the govern
ment successfully through all its financial operations;
and the absence of any item in the list would have
changed the whole complexion Of affairs, and placed
those who ha been so highly Landed for their fnan-
cial genius in entirely different position Di-
vine providence had much more, to do
with the result than any other influence, in
the destruction Of the grain crops of Europe
This created the demand for our breadstufs which
produced such large importation of specie; and here
we see the beneficial operation of the Independent
Treasury system in the strongest light. Had the i'm
mense amount Of specie received in payment for tho
breadstutfs shipped to Great Britain which was depo-
sited in banks, been made the basis of expan-
sion in the currency, and in individual credits
should have experienced imitation in prices which
would doubt less have checked the expectation Of
breadstufs and would have created markets in this
country for foreign much extensive
than those realized and should without doubt
imported two dollars WORTH where it was We i'm
ported but This would have turned the tide of
precious metals against sooner, and it would not
have ceased until not only every dollar of that recev-
ed, but millions more, had been drawn from u.s. AS
it was with all the restrictions Of the Independent
Treasury system upon the currency and upon bank
xpansion, and consequently upon prices, lost
about sixteen out of the twenty four millions of specie
imported The large importation Of specie at the time
the government in want of funds to meet the ex-
pendtures of the of those fortunate cir
cumstancos to which attribute the success realized
and the idea that the importation of specie and large
importation of foreign fabrics which followed was
the result of the adoption Of the of 1916 is rdieu-
lous.
With all the advantages derived from the Indepen-
dent Treasury system it must be admitted that it is
defective in its most important parts So papable
have they appeared, that in emergencies, some of the
requirements of the act have been abandoned and such
measures would suit the adopted. This open
violation Of act Of Congress- by the party too who
proposed tho policy and made it principle of the
administration, is by credtable to those
gagged These defects will doubtless be remeded by
the party now in powur and we shall probably have as
world. The notifications proposed relate principally
to the transfer of funds from point to another by
the issue of drafts These drafts will answer very i'm
portant commercial purpose and species of
exchange for remittances This is about all the modi
fcaons required but 1t has been recommended that
issue of certificates based upon the deposits be made,
tor the purpose Of facilitating financial operations
throughout the country 1t has also been suggested that
the make United States stocks the basis Of
issue of bills for general circulation. These modi
cations and additions to the Independent Treasury act
will 1t is anticipated, all the odious features Of
the SYSTEM and replace in the channels Of
the immense sums extracted by the government to
AIRY the war We repudate all these propositions
All that is wanted is slight modification of the act
1t stands that the transfers made from point to
point Of government funds be made to facilitate
the operations of trade instead of restricting them
they do AS for issue of government paper,
based upon securities it is approach to
banking powers unsafe, if not unconstitutional
With these notifications in the Independent Trea-
sury act we certain alterations in the tariff act
Of 1916 1t is generally admitted that greater proec
ton than is guaranteed by the present act is required
certain artcles-particularly ron but the most i'm
portant defect is in the system in force for the levy Of
duties. We want mixture Of the specific and the ad
vaorem systems-nethcr plan will suit all cases. I'm
dart hnf IF &c ui1 foId rorb;
trary valuation, and the appraisers have had great
difficulty in the performance of their duties The ad
vaorem system opens the door for fraud, attempts
at fraud which requires great skill the part of ap
rraisers to detect and frequently much dissatsfac
ton is created by disagreements between appraisers
and owners in regard to the valuation Of
Goods of uniform value the most staple articles Of
import, might pay ad valorem duty, but other
articles particularly those of fancy nature, should
come in under specific duties. This is the feature
most obje tonable-the calling loudly for reform
The following articles shipped East from Pitts
burgh the Pennsylvania Canal for the week ending
the 21st inst
Flour, 3,1S6 bills; beef and pork 351 do; bacon,
$4,000 lbs; tobacco, AGO 300 do cheese $500 do lard
1746OO do feathers 20 200 do; wood 2400 do cot
ton ASH 600 do hemp, 20 500 do furs, 1850 do Whs-
key. sos bbls.; groceries, 1920 lbs; merchandise,
6O00 do; castings, 1000 do; sundries, l32 900 do;
paper, $500 do potash, II 600 do; COAL $4,000 do
There 1873 boats cleared from Pittsburgh during
the week ending the 21st inst The amount Of toll
ceived during the time $4,3s3 So The total
number Of boats cleared since the opening of naviga
tion is 49, and the total amount of tolls received
! S13632 As.
The nexed statement exhibits the condition of the
Mechanics Bank of Augusta, according to official re-
| turns made on the I'd April, 1870
| Mechanics BANK OF AUGUSTA, Gro, APRIL 1s49.
Liabilities. assets.
Capital stock 100000 Specie. =. s22s s73
Circulation 7li75l Notes Of other banks 6i,57
Amt due deNostors. 19635 Amt due by banks. 3S7e5