The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-03-12

TUESDAY, March IL d p. NJ.
There very little buoysncy in the stock market to-
day The fancies not active and notice larger
portion Of the transactions for cash than usual
At tbs first board Erie Income Bonds advanced 4 per
cent Portsmouth Dry Dock, u Harlem, u Erie
Convertible Bonds declined u per cent Erie Bonds
new, y Farmers Loan, u Reading Railroad, /. /;
Erie Railroad, y. There was more doing In railroad
bonds but prices we're not sustained The three lead
ing railroad fapcies were operated in than al,
the others but there Reading and Erie offered
than can End purchasers. Panama Railroad stock
has been sold In small lots within the past day or two
A committee Of three consisting Of @. r Marvin. A.
B Bsylis, and W. Smith, was appointed to-day, by
the Boari Of Brokers' to walt upon the President Of
the Morris Canal Company and obtain the necessary
information relative to the injunction recently placed
upon the transfer books Of the company, and to Ind
out possible which holders Of the old stock
must pursue In relation to transfers A motion vas
also made at the board to-day to strike Morris Canal
stock from the list and prohibit Its being called The
motion was Withdrawn, for the purpose Of enabling
parties to obtain certain information but Il will be
again presented.
The receipts at the Office Of the Assistant Treasurer
Of tbs port to-day amounted TO S1o9 ESQ; payments,
s4s e5s Gil balance, 81 325 sos O. 1t will be seem By
our daily reports that the deposits In the Sub Treasury
are rapidly secum ulsting On the Gath Of February
st, the whole amount Of specie in the Sub Treasures,
subject to draft was sl4,222, 26l rs. or that sum
1850 eco In Boston; 5000 900 10 New York and
600 GEO at the Mat in Philadelphia At this time,
the amount In the government dspostores cannot be
less than sixteen millions of dollars 6 600 0oO and
to keep this large amount the Secretary of the Trea
sury employs about forty Sub Tressurers at an sggre-
gate expenditure in the shape OF salsrise of nearly
100000 The deposits 10 the hands OF the Assistant
Treasurer Of this pert at this moment, amount to
holding this money, John Young receives q salary 4
elk thousand dollars per anuum, and the withdrawal
Of such a large sum from the channels OF commerce
crsa.es frequent contraetions in the money market
largely reduces the amount Of specie circulation In
fact benefits no one but the contrary derspgss at
times our financial and commercial affairs and ten IL
20 restrict operations so suddenly as 70 cause consider
able distress Instead Of lite costing the governm
six thousand dollars per snnum to carry home and
safey keep the key to the sub treasury of this port
Mr.. John smouch, Of Wall street would willingly pay
the Secretary Of the Treasury hundred thousand
dollars year for the Of the money, and deposit
United States stocks security for the safe keeping Of
the deposits. Mr. John smouch could afford to pay
that sum annually, and clear over and above IL full
hfty thousand dollars per snnum. Independent Of
this, which would be saving to the government Of
one hundred and six thousand dollars per annum on
this port alone We should be relieved from the
moss accumulation Of coin in the government deposi
tories sndhe withdrawal Of 90 much specie from cir.
culation Mr. John smouch would keep the money
market easy theimershsnts would not Be obliged to
transport the specie to and from the custom house
he would keep every dollar actively employed and afford
facilities to the commercial community equal to an az
tusl capital OF one hundred mon Of dollars The su
psrvision Of an individual Of Nj John smouoh. hnau
cisl ,kin and judgment would prevent any undue ex
psnsion and no apprehension need be entertained that
an Imitation similar 20 those experienced under the old
pet bank system would take pisc. Mr.. 10 I'm Young
takes very good care Of tbs public money. and uaier
his standardization every dollar deposit will remain
literally dead te the -ord until drawn out n the pro-
per way but We "a mot Afford to let John Young.
any other government treasurer have 20 much money
in biz possession Every dollar IL wanted 10 the chan
nels q trade We have many public works to build
tuch an immsnse amount Of produce TO move from
eatrtms 81 the country 10 the other many resources
te asvesps-thst thsrs great want Of capital snd
ell ve have commands high rates Of interest. The
amount of spseis deposit ia the hands OF the
different depossres Is equal TO about third OF the
sgsrtsste receipts 81 gold from California. This re.