The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-05-20

sub. Treasury Operations.

for The recent nsmssion oil 100000 In coin from
New York TO ST. Louis. for the use OF the government
AT that point The need OF the money al 81 Louis not
denied and the whole charge against the Secretary s,
that he obeyed the plain letter OF law in sending il there
in coin, instead OF issuing transfer warrants on which
The money might be drawn oot OF the sabueasary IN
New York. deposited with banker there, and SO con-
stue fund against which bills Of exchange might be
drawn at 81 Louis. the ayas of which should be paid
in coin 10 the government. thus DISPENSING with the
transfer OF the coin 10 thai point, The expense OF this
transfer, made by The Secretary is set down by the
Express at So 250-being abou, six times the
expense actually incurred by The government in the
transaction Such blunder al the start indicates the
character OF lis whole article
The whole accusation maniiesy is that the Secretary
faithfully executed the law in the case instead OF attempt
ing 10 evada get round lis provisions, We appehend
that in the judgmen, Of the American peopearoused TO
ndig nation. they have been, by illegal Expectations
upon the public treasury during The late Administration
this charge OF strict observance OF the law by public
officer sworn to observe ii will constitute very for
midable accusation. The people Of course know far less
of the history and working of the transfer draft sys
TEN during the past four years than is known at the
Treasury Department; yet enough is publicly known TO
awaken the popular apprehension and 10 sci IN clear
light The sau,ary rgor Of the legal provisions which
Mr. Guhfe. in the discharge OF his official duty. has
fit to obey
The Express charles that the law has not always
been construed and obeved Mr. Guthrie CONSTITUTES and
obeys ard particular reference made TO the usage
of the department while in the bands of Mr. Walker.
The answer is at hand The country then al war.
Vast sums needed for expenses a, The Yves,
| and South, and especially at New Orleans. The new
tariff and be independent treasury, changing The whole
commercial and fiscal system of the country, were
just established. There at that time steady in
fux of gold into the country private account from
California. The government, instead Of having as now
a temporary surplus OF twenty millions in the treas.
ury, negotiating, with admirable under Mr.
| Walkers management, large war loans AT such a
,ime any time, relaxation Of The stringent, let
ter OF the law or some latitude construction might
| be dictate of the public necessity,
! But there is preence that any such necessity now
exists, OF has existed for several years. On the contra
ry, it is TOO much 10 say that the business of the
co uniry exposed 10 serious arrangement and wild
spirit OF speculation is excited and ufimed by the pro-
dgious infusion OF gold into all The channels Of COM
AT the very moment when gold dust and bullion
pouring into the country fast the whole force
OF the minis convert them into CON- the Express
fit to assa the Secretary Of the Treasury for not swell
ing the already swollen current, by making the govern
ment funds violation of The very purpose Of the indie
pendent treasury law, the basis OF and additional
bank discounts We hold The contrary. tina, a, this
time, more Than any other, the wisdom OF the policy
which makes the government the keeper OF its own
| funds is manifest. In 50 far the snb-tIeasury law
faithfully executed, is check upon the banks il is
check now much needed We withou, alarm The &C
emulation OF money The Treasury II viii not long be
| as great i, is and If il TO become even
much greater effect the business of The country
would, in our Judgment, be heahul and sauaIy Mean.
time the Of the charge urged by the Express
against the Secretary proof conclusive that his hands
no misuse OF it derogaio OF the law will be tolerated
In fact shall be surprised learn that the firm
cour Sc pursued by the Secretary in his execution OF the
law has resulted in safe and expeditions transfer
OF funds for the use OF the than has before
been aenpied-,ae capitalist making the required de-
post in coin al the point in the South West where il ID
needed and upon presenment OF the proper certificate OF
sich deposi, receiving treasury for The
payable at Boston or New York In such case the Off
ference OF exchange forms the compensation the
action, and the government pays out no money al any
point until the whole has been actually received al
another.
The Express urges that the money OF the governmen,
is put hazard by transportation. The frs, to
this IT, tina, the money of government has only
hazarded bu, to by the system OF transfer drais-and
that too under the late whis management the supera
tive security of which that journal matter OF
boast. The second is, that private enterprise
as The Express itself urges resorts also the system OF
trans poraiion, and sends its half million OF coin from
| ST. Louis TO New York, TO Cross on the way the hal
million which the government sends from New York
to 81 Louis. pa, OF operations thus resorted 10
by the merchant, stu iiois only of his own interest
would not appear 10 b very dangerous to the
government in the discharge of it's appropriate du
ties. But, urges the Express, why move the money al
all why permit The two kegs OF gold 10 each Other
on the way why lei the which is private fund.
supply the place OF the other which is funds
Tint inquiry involves the whole qucston-Why ha We
an Independent treasury all Why not pu, the public
money into The banks to be discounted upon and traded
upon, and spccuaied upoa The answer is obvious
For good and sufficient reasons founded on disastrous
md conclusive experience the people have determined to
put their public money in independent treasury and
in the banks and have charged their public servants
faithfully TO execute their behes, in that matter while
stands on the sta,ute-bosk The argument of the Elk
press strikes at the law is,lf and not at the practice OF
~ =. l.