The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-06-01

Our CosarAerci~l Correspondence
Our New York correspondent presents in another
column some sound vie Upon the dangerous efforts oil
banking corporations, and the non-produclng manuac
turers of fictitious capital He also gives the outlines OF
the dangerous scheme which recommended by MT
Fillmore, while Comptroller OF New York, which seems
TO be cunningly devised substitute for the obsolete idea
OF national bank. Although the leaders OF The wing
party do not openly intention TO esuscate that
institution, since has been frequently and decisivey
condemned by the people, yet cannot believe that
they have lost all their Partially to the Monster"
II our decided impression that they would advocate the
overthrow of the independent treasury and the creation
of national bank tomorrow, but for the fear they en-
terrain of the Indignation of the people The counses of
corporations and of those who live not upon their own
labor and their production but by the power OF
money capital, real fictitious, still control the wing
party This is apparent from the composition OF the
present Cabinet and from the unfounded assaults OF the
wing press upon the policy of the late administration
The financial scheme of the Vice President, to which our
correspondent alludes, also proof OF that fact II we
understand MIR Flmoe's financial project, 1t allows the
banks go into the market with their capital 10 puf
chase United States six per cent stocks, to be deposited
with the treasurer, and then issue their own notes.
signed the Treasury Department, to the amount so par-
chased which notes will be receivable specie in payment
of the public dues These notes. if not issued to ndivd
uas in loans or discounts may again be used along with
the interest on the stuck deposited to purchase additional
amounts of the per cent stocks of the federal govern
ment This operation might be carried to almost IN
definite exent for il is impossible to fix point at which
run would be made upon bank for specie IN place
like New York. when its notes received specie by
the government and known to be guaranteed by Uni
ted States stock And if run should be made upon a
bank which was carrying on this operation the worst
that could happen to it would be sale for its benefit
of the stock which it had deposited with the treas
urer, which we have right to say would realize
its first cost-the bank having received per cent
from the government while it held it. To be more
specifc Under this scheme of Mr. Fillmore, bank in
New York might purchase given amount of United
States s,ock-say 81 200, ooowhch will suppose to
be at par Upon that investment it would receive from
the government 100000 annually. Having deposited its
stock, it would have 81 900 900 in notes couneIsgned
at the Treasury Department, which would be receivable
in payment of all public dues 1t could then either loan
those notes at per cent, thus realizing per cent, or
it might go into the market again with them, and pur-
chase an additional million OF United States stock,
of 100000 per annum interest, and an additional
million of dollars in notes counersgned at the treasury
which it might loan or issue in discounts at per cent
thus making 10 per cent. upon its original outlay
900 on it's two millions of United States stock, and
$40 900 on its oans-or it might again and again repeat
the operation until il went far to redundant
circulation, and demand for specie payment of its
notes 1t will be seen that throughout this process,
the value of the notes of bank carrying on this
operation would be given TO them by the legislation
of the government which made them receivable in
payment of public dues, and the fact not that it had
dollar for dollar in specie in its vaults, but that it had de-
posted dollar for dollar with the treasury in United States
stock That stock would in reality be the basis OF the
crcuaon and thus the evidences of the national debt
and the national credit which give value TO them,
would be converted by federal legislation into fictitious
banking capital for the benefit of chartered corporations
Our correspondent continues to give encouraging
counts of commercial interests, and the continued
success of the financial and commercial policy of the late
administration From the first of September to the 23d
of May the export of -four wheat, and corn to Great
Britain and Ireland was about five times great as it
was during the period last year, although the wing
party conended year ago that increased export of
breadsius due to temporary causes, and could not
be attributed to the bill of 1916. The fact, too,
should be borne in mind, that owing the berality of
the democratic system of policy the large amount Of
poration to England and her MISUNDERSTANDING paid
for in great by their productions-do not as
formerly under the prohbi,oy policy of the whgs pro-
duce embarrassments and revulsons in commerce
The British Navigation Laws.