The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-05-11
COMMERCIAL.



which is not in supply Notwithstanding the arrivals
Of specie from Europe per steamers. These mpoations
reach 81 600 600, including the amount brou,h,
per America The banks discount freely all the good pa
per Offering but such falls without their limits done
IN the street al about nine per The payments from
the country ars not so prompt might been pec,ed
from causes mostly growing OF the California excite
men' which has absorbed large portion those means
that usually How, through country shopkeeper in CON
Veglng streams, into the Golfers of the city merchants The
realization OF the gold which the object of SO many
enterprises, VIII reverse the state OF affairs. The
successful adventurous to each locality will restore the
Oh trade and increase its activity The quantity of gold
which has already left San Francisco different
lions already reaches 0OO considerable por.
ion OF which has found its way London Although this
Tar less than the excited imag nations of the public anti
cipaed 1t is considerable sum- and proves the existence
Oh mines hat are to exercise important influence upon
commerce. IL is be considered that it procured by
individuals almost destitute of mining instruments Yet
the product will be at least 900 900 for the year endn
with February, when the discovery made. The year
ending with February 1850. will have witnessed the ope-
raons OF numbers provided with every possible ac
ny Tor successful operations, and at least may
be looked Tor; while at the time the between
California and the United States will have become better
known and that portion of the product the United
States will increase in proportion The homes Of of
these adventures are in almost every in the Union,
and is to be expected hat the gold collected in California
will be sown broadcast the whole Union enrchng
every locality and stimulating demand for goods in
excess of what is usually the The active operations
of the mint should send that gold channels of trade
In The we'll known and Attractive shape OF American coin
be kept active by the operations of the
treasury.
1t is source Of great gracatiop that admirable
system oil hnance Is IN operation to prevent the banks from
becoming the recipients of the specie, in order pack
away in their vaults for expoftaton while they flood the
county with paper promises The operation OF the indie
pendent treasury system has for it friends among those
who, under apprehensons of unred pan based
upon principles they had not taken the pains to investigate
were ultra paper and practical all par
ues subscribe now to the soundness OF the principle Hunts
Ma gazine for March contains letter of Alexander Ham
TOM Esq in which full justice done the excellence of
the system After describing the beneficial influence of the
opera ton in restraining speculation and preserving
finances from those untowad Commissions that have been
manifest in England and Europe for the past years.
remarks
In my Judgment, had we been deprived of the control
'ravagance would have been exhibited, which. like the
mania OF 1885, would have terminated in general and dis
grace al bankruptcy The System has acted conservavey
through the natural force OF inherent power to check
expansion"
The plan is plicated aggressive it is simply
for the government and take care OF that Tor which
Is responsible to transact It's business through the
Secretary appointed for that office. The Secretary of the
Treasury is not should he be- political adjunct of
the government He should be simply its cashier to receive
take care OIL and pay its money! and he no right to
delegate those duties to banks brokers' lend
money 10 copor atoms Neither should the treasury
tons DO made the machinery for facilitating the schemes of
large speculaors In this view the letter Of Mr. Hamilton
alluded to. appears be oofie What paadoxicAl After
fully admitting tile great benefits derived from the
vave action OF the independent treasury principle sg-
gess some notifications tending those
upon bank expansions Thus, he states.
II the head the treasury should be authorized tn
check freely on the deposes discharge the Indebtedness
OF the government, transfer credits to suit The conye
nienee deps rtment the sub,reasnrv system would
be relieved of an important and il 10 his
shond be added the issue of certificates depose to The
public creditors, or the admission of transferable credits
on facili UOuld ba
afforded In accommodation OF the legitimate business Of
commerce."
This proposition is simply to form government bank OF
deposite the restrictive action of the independent treas
nry has been raught with such admirable results as Mr.
Hamilton admits why should those restraints be relaxed
and why should the treasury become embarrassed by the
emission OF paper money in the shape of certificates Of de-
pose or in exchange for specie deposited with and not
Pad INTO tho treasury! The head of the treasury now
authorized to check all deposes but the checks must
presented at The places on which they drawn within
reasonable time BY checking freely" probably mt to
remove the restraint upon the presentation and allow the
government checks to float In the exchanges payable any
point, while the coin they remains the
1t Is Observable that fifteen million dollars of such
checks would at be absorbed in the operation Of
changes aided by certificates of dcpose and transferable
cedits In fact the government treasury would become
great Fiscal agent" accommodating a very danger
Gus extent in its vaults while the volume of its paper
standing would open the door numberless frauds and
losses There many such attempts being made to in
snuae what called ''simpe notifications into the in
dependent treasury SYSTEM but which would change
its whole character and destroy the only prnc in
while Col Hamilton admits the soundness of receiving
only specie for the public Dues but proposes pa
per TO circulate.
Another class, of which the Vice President the head
great speculation United States stocks by per-
hitting the receipt of bills issued by banks the credit
the United States stocks in the manner of the New York
banking law that is, revive the old colonial bi of
credit" The colonial bills issued directly on the
credit of the government. These issued credit
OF the evidences Of government debt BY making such
notes receivable at all points of the Union, demand for
United States stocks would spring up from every existing
bank, and present holders would speculate largely and
this the secret OF the proposition The aspect of the
elections is, however, such that change will prob4
ably be attempted in the financial system OF the govern
But the spectators will agate modi-
catons by which their interests real anced may be
subserved
The same eas,ey storm that has prevailed since Friday
has had great influence in preventing much activity in
outdoor business. The spring business nearly over,
but the demand importers from obbers continues fair
The sales OF goods this spring have rather exceeded those of
last year, but the improved Of communication
annually causing purchases be smaller and fire.
quent that business becomes distributed equally
Though the year The produce markets been
tive The receipts of wool have been limited and is the
impression that the stocks forward are not large
Manufacturers promise themselves that with the clip
they will be able force down prices but in this they will
probably be mistaken they last year The market
closes hrm with sales of about 60 900 lbs for the week
he COTTON mark has al Arm