The New York herald., 1851-09-06

ton was accurately understood in this country After
the facts became inOwn the transaction was generally
meDt and the gallant oficers in command.
While Mr. Woodbury. Secretary Of the Navy seve-
to the financial policy Of the government When he af
terwsrds became connected with the Immediate manage
ment Of the public finances Secretary Of the Treasury
to which poet he called by President jackson in
June lS34he introduced which produced the
most Important and exciting consequences upon the
commercial and financial prosperity of the country
MIR Secretary Woodbury. prepared a mastery report
upon the reorganization o the Treasury Department in
which the checks against the possible Of fraud
or mistake In Its various branches proposed to be
simphed In such manner to enforce the most rigid
accountability and another report which must have
grades and duties Of the officers in the several
custom louses Of the United States. The repeated
the practical computation Of the mode pointed out by
law for the compensation Of most OF the principal officers
Of the customs in great confusion, and in many in
stances produced degree OF injustice which could not
have been foreseen by Congress. Mr. Woodbury. ex-
plsinsd the whole subject In all its bearings upon the
About the same period he was obliged to enter into an
extended with the President Of the Bank
Of the United States respecting the issue oy the BANK OF
the Of its branches and their payment to the col
lectois and receivers Of public money currency to
points remote from those to which they were directed
longing the United States upon claim for damages
the return OF bill Of exchange upon the French go
vernment-botb Of which a umpIions Of power by that
corporation exposed with great force and effect
More ccmme ercal business questions were appealed to
Mr.. Woodbury. and decided by him bet Teen 1884 and
1885 than had probably arisen from the foundation Of
the department Many Of these questions argued
at length by counsel and from their consequences, as
pecedens and the value Of the property involved re-
Qured extensive investigation and great in their
decision the burthen and responsibility Of
his offeisl duties TO an important extent
the public money sccumulat in the State banks Sc
lect, for deposit and caused general diss itsacon
the part OF those interested in the numerous other
banks well as Of vast numbers Of individuals wao
under the continued advance Of prices from the nceeas
eylanslOr Of desirOuf to avail TIE
Of greater facilities than they could comu md or
speculation This they hoped to do by the selection OF
quarter OF the country against the deposit ban<s
the OF fayortn ana disinclinatlon to accommo
date the trading community were charged against Mr..
Woodbury. and TIE admins ton of tine general go
vernment tho ugh there banks had been originally
lected BY his decessor without the slightest reference
70 partisan views.
In his annual report on the finances made to Con-
Rress at the of the session OF 1856 Mr.
Woodbury. discussed the question Of dspofiDg OF the
surplus which, under the existing laws, had been raised
from the people beyond the necessary expenditures OF
the goyern ent ana with signal ssgacty and ability
Mr. Woodbury. ded TO Congress the enlargement.
Of the appropriations for the permanent security Of the
frontiers The completion with all practicable rspdity
of great public works, and the investment OF
might &c applicable 20 these obj cts ir such
,cks OF the several States might be readily sold in
the neIbe' forming aproydent fund with proe.o So
curiy for the purpose d meeting the Prospective re-
drctlon Of the tariff and deficiencies Of the revenue,
which bo COZ In,iy predicted Irol the nevlsee ope
ration of the existing system Instead Of adopting hese
propo Congress determined TO divide the surplus
which might remain Ia the Treasury on the nest of
JANUARY, 1851 amorg the several states, and in tn,
meantime to distribute IL among the bank, in such
that ne,hould hold greater proportion Of
the public money than three ourths Of the amount Of
It's capital
On The passage Of tie De9oste law iir Woodbury. ap
to have adopted the necessary for carry
irg 4, into execution.
The various charges which had been made In Congress
duritg The sessions Of 1885, . and 1895, - against the
mana Mt Of A.r. Woodbury. relative 20 the public
deposited Win the rejected state banks, resulted
DUNG the latter the appointment, DJ
House Of tayts of select committee FOR the
urro.e of Investigating this subject Another sele,t
committee also appointed, about the time. to
investigate any other cbaig either against him or the
ether heads u departments All the charges made
sgsirst MIR Woodbury. were substantially abandoned,
and after collecting large volume Of testimony, nvJy
most and searching scrutiny the reports OF
the whole Of the committee resulted in bis exculpaon
Among the ontrous and thenkless duties officially d.
volvsd ppop him in 1896. Investigation into tts
flair d The Bank Of the United States for the purpose
Of m uiGaipg the due from that corporation to the
Iutic On account Of it ownership OF one.fth paT OF
the capital stock After the lapse OF some months q
tistemen representing its precise value was officially
70 Mr. Woodbury., who caused IL TO be
fully analysed. upon which It in effect, admitted
thar about half million Of dollsrs ought TO be paid ia
sdditisn to that originally stated adjustment
subsequently concluded upon the basis established by
this report, nier the authority oi Congress
With the year 1881 in which year Mr. Woodbury. be-
secr,tsry OF the Treasury under President Van
Buren the difficulties Of the banks arising from their
excessive sucs which had been repeatedly adverted to
by Mr. Woodbury. ard the fatal se predicted
IN biz annual report the finances, az the
Of the preceding session. aggravated by the
execution II the deposites with the States.
MIR. Woodbury. met the emergency with his character
!stc pJCuptitude. energy, ana sagacity.
Great pains was taken TO fonieEt excitement through
the country aggirst the adopted by r Wood
bury under the hope that agoners refusal TO make any
neIts public account, might be brought about,
unss tie rfedee nsbe paper Of the banks should be
c,iy,d into the public treasury.
Bet the eours, taken by Nj Woodbury., for the dis
charge Of warrants entirely destroyed the great object OF
the previous expansion aud defeated the advantages
lEtciI st,d from the suspension
The frInness OF the executive. and the efficient
Mr.. Woodbury., according To the opinions Of mauy,
not 5ns prtttcu the immense amount OF outstanding
contracts from the Qusncea Of increasing d.
Ifecstion but relieved the public finances froai any
wbieh al shosn ITSELF Totally unsciupuous 10 the
violation ofsry law which iber red with rs intere,ts
Mere than all thisthe State banks saved from VI.
timate OYeltITU- by this wise and Judicous course
His ratve state sppoars to have appreciated justly
the character aud talents II Mr. oodbury. The mpor
eIt and dgnh,d Office Of Chief Justice OF her Supreme
nuthorties unanimously selected MIR Woodbury.; but
hc induced 70 his VIII known personal pgedt
cops In favor ot the paramount claims Of the pubic
.tryico of the Union. aud remsnea In President Van
puftn cabinet till the fourth OF March, 1sii-the close
ui that sGininistfation.
Mr. Woodbury. nov resumed bis seat 10 tbs Senate of
he United States where his term would have expired
IN II but he 2pposed by President Polk one of
The Judges of the Supreme Court Of the United States
bich oce he dspiay.d the highest qualities up TO
he hour Of hs fatal illness. II shoui be aided that
,ucfe Woodbury. has been prominent man as IA, next
Of the moderate democrats for the Presidency
mong many other r,comms sndations for tbs highest
'fes within the gift Of the people his great integrity
md scrurulous examination of al matters pertsniog 10
he national welfare, have been named with much ad-
nustion and without sdulatisn.
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