The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-10

street fancy stock Spectator would have been guilty. o.
Such thing was never heard Of In England, or In any
other country where II officials had the slightest pretsn-
sion to IN, ncial knowledge. The movement was 80
uncaled far any public purpose was
blind to the public ipterestso well calculated to AID
those fnancers in the confidence of the Secretary Of the
Treasury that cannot attribute it to any other mo-
tive than desire to subserve private interests Is too
palpable to have been mistake or bunder II it was
either would be excusable but it certainly bears
upon its face a worse character.
1t is well known this city that the government is at
all times surrourded with set of political fnanciers
who ready pick up the crumbs fall from the
treasury table, They manage to control every new head
of the Treasury Department and squeeze considerable
pap in way another They are fall of financial
schemes and either in contracting new loans qui
dating old either before at maturity pretend to
have nothing else in view but the best interests of the
department and Of the Cover nment. Throughout the
Mexican war Mr.. Walker in the hands Of clique of
capitalists who made immense fortunes by the nsgotia
lions loans while he dire cted his entire energies ply
steal and mental to the duties of his oce without par
cipating directly indirectly in the enormous profits
made out of the government patronage Mr. Walker
not made tool Of by any of the hnanciers Of
that day for no one point to single mistake or
bunder to any act calculate in any way to dis red
his adm inisaton of the Treasury Department during
his whole term OF Office. It is, however, well known
that but for his avoring certain bankers in Washington
in the payments of negotiated into the treasury
they would have been ruined and plunged into the very
lowest depths of bankruptcy. The government not
restricted in any Of its financial operations by the
pursued by the Secretary of the Treasury, but the
contrary it enabled parties to make such dispositions
the exgences of the time required to meet the contracts
entered into. But for this, much valuable time would
have been lost in issuing proposals for BIDS and the
terms realized might have been much less favorable.
Mr. Walker match for any set of acheming 6nancers
but they have got hold of plant tool and they
will make rich harvest during his term of Office be it
long short. Western lawyers make very poor Score
tares of the Treasury The present is not the only In
stance Of the truth of this remark There other
department Of the government requiring a expert
@nced ctica than the treasury, Notwithstanding
which it is almost invariably administered by fourth
fifth rate country lawyer.
We have at this moment surplus revenue of about
twenty five millions Of dollars OF this Ave millions
DUE 10 Texas, which must soon be paid This will leave
balance of tweI ty millions The total indebtedness of
the government the 9Th of November, $685. $780,.
797 3d. This 10 nearly three times greater than our
mediate available means, notwithstanding which the
wise Secretary of the Treasury is paying premium Of
twenty two per cent q debt having seventeen and
eighteen years to these figures been reversed
that is If there had been in the Treasury $58 1877
and the outstanding debt had been $40 900 OOO-such
piece of fnancierng paying twenty-five per pre-
MUM would hardly have been UNSUITABLE We doubt the
policy Of depicting the treasury in any irregular way
We shall want every dollar before the next two years
elapse to meet the ore mary appropriations Even had
it been sound polc- to have anticipated the maturity
portion of the public debt it should have been private
y secretly purchased at the market price, and not b
nv %hafc
paid for any amount presented at the Treasury Depart
ment Verify, Mr. Guthrie is model Secretary of the
Treasury, and Wall street is in fair way Of being en-.
Ightened by his great financial genius
The Cleveland Plandea of the 7th inst gives the an.
nexed history of the operations and position of the Bank
Of Massillon, Ohio -
This bank was chartered about the year 1885, with
ter Clinton and Crcleve, Of those old wild cat con.
Germs that has tried to live out it, appointed time It
oelE, geo neither to the STATE Banks state sscl banks
booter with license to sin and sink whenever big swim
die can be effected.
The capital with the privilege of issuing
$500 600 in bills few years since Dwight purchased
$4,000 of is stock, making him sole controller OF its
i hss n
read Company $500 of its circulation taking bonds
Of the road as collateral security transferable on de-
been used West building the Chicago and Miss sppi Rail
road, the bank ceasirg to do business at home.
Reports OF the Dank, UW1gnt IN n4nO6
$s5too Of its means subject to sight drafts and his
failure in New York Of burst the bank Our city
banks and bankers saved themselves by timely demand
of specie at the bank The 5000 West has yet
been heard FROM We happened to DO in the vicinity of
Dwghts Railroad last Thursday when $50 hands were
discharged for want OF money to The bills issued to
the Q. p R. G. peculiarly married. having the St.
Clair cred Back " with the figures and 10 stamped in
blood. It is said Mr.. o. has million and half Of pro-
pery in his hands-enough to pay several times his liz.
bties, If 1t could be converted. In the meantime,
bill holders must be the prey of brokers and sharpsr
- a hoUn fuafe fhA ali IF hia hank -hn
has just returned from New York He says the crcula-
ton of the bank when he left Masson about $780,
000 thinks $50 has since been drawn out leaving
$3.50, 900 yet In circulation.
Mr. Dwight returns to the bank the 5000 900 bonds of
the Fttsburg road which legally part of its assets
much will 60 for the benefit Of bill holders The road
ready to redeem Ia coin said bones they
in possession of the bank There will then be $3.50
upprovidsd for.
The receipts at tide water, Of the principal articles Of
produce from the opening Of the canals to and including
the 7th inst, have been as follows