Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-05-21

$500 000 000 what is TO prevent such party,
after drawing the money from appropratng it to his own
if he be dishonesty inclined and evanting with by
departing steamer for Europef And what remedy and
what security would the Department have if he did SO
Would it not be equally safe and equally within both the
letter and spirit of the Subreasury law for the Secreta
ry to appoint the agent Of the Treasury individual
of known capital and of high credit and standing all OF
which would be pledge for the faithful performance of
the duty and who in additioa would deposte with the
Treasurer the full entrusted to him in stocks of
the United States guard against any possible and
contingency Of loss and when in addition to all
this the Treasury would besdts avoid the expense of
transporting the gold and what is still more important,
the risk of losing the whole amount by robbery, expo-
sons, fire. snags, and sawyers.
1t may well happen that, the many millions which the
Treasury is annually obliged 10 transfer between differ
ent points, of these ranss in coin for half amion
million Of dollars may belost from Of the
above causes in which the Secretary would probably
find it rather difficult congince the pnbiic that he had
adopted the and advisable plan for making such
transfers. particularly AZ was opposition to thc mode
geen Invariably followed under the Subtrea-
sury law by all his predecessors Democrats well
Wings.
But if the Secretary correct in his Interpretation of
the Subtreary law in this respect, why does he not
carry out the principle to its full EXTENT Why does he
not pack up coin in kegs, and ship to the Medtea-
for the needfu expenditure of squadron in that
sea Why does he not adopt the mode for the
penses of tn, squadron the Brazil station and in the
Pacific? Why does he not send agent with gold coin
the bankers of the United States at London through
whom all the diplomatic agents of the United States in
Europe p.d In all the above individuals
employed for The transfer Of funds the United States
and employed too, solely upon their personal
rty through he medium Of bills of exchange purchased
from them by the Treasury and other Departments of
the Goyernma land for the puncual payment of which
bills the Government has security but the response
bty attaching to the capital and credit of the drawers
We can see no obligations imposed by the Subreasury
law to the node of transferring public funds meet
public expenditures, from New York Boston to ST.
Louis New )rean which will equally and for
ciby apply il making transfers for the purpose
from New Yoik to the Mediterranean, Rio de Janero
Valparaiso, London and if the former, in order to
comply with t law requires the actual transfer of coin
under the specil of Treasury agent and at the
risk and under heavy expense the Treasury does
the latter and tie State Treasury and Navy Departments
should at discontinue the purchase of bills of
change by which they make actual advance of public
money to individuals nothing but personal security
and before they opposite the amount with the Government
agents abroad aud should to the present Treasury
mode of packing the actual coin in kegs and shipping
it under the charge of special agent by the mail steam
ere to Liverpool and by national merchant vessels to
the Mediterranean Rio de Janeiro Valparaiso, Japan
and Shanghai
Let the Government at least act consistently the
subject and adopt such one-sded and incomplete
mode, by making far as domestic transfers CON
cerned the portion of the Subtreasury system
st upon the whole Of the business
and refusing the relief and facilities the financial and
commercial operations of the country which be legit
matey extended those interests whilst for the foreign
expenditures directly the opposite is adopted and
one which the parties assumed to be illegal
CARDS home transactions.
We advocate plan which would be attended with the
least risk to the public money but the contrary we
contend that matter what may be the capital credit
resources standing of the parties who might be
poyed in making transfers they should in all be
required deposte security in the form of United States
other stocks the satisfaction of the Treasury De-
partment, amount which would at all times produce
in twenty hours the full in gold which may have
been entrusted them sothat probable contingency
the Treasury could suffer
The mode at present adopted by the Secretary for
making these transfers is universally dsapproved Of by
all the community and we but hope that for the
convenience Of well for the advantage Of
the public interest further reflection Mr. Guthrie
may be induced to change it.
We have gone at length into this subject than
otherwise should have DONE consider it matter OF
very considerable importance to the business commu
nifty, and in which great and general interest is felt
The " Washington correspondent of the Journal Of
Commerce makes the following remarks on the
same subject
The Treasury goes brayely with the new mode Of
making transfers Of the public money. regular corps
Of agents has been established for the purpose Of escort
ing the money from place to place.
"The old gentleman who has of the jobs boasted
at ST. Louis that he saving the Government vast
deal of money and preventing the bankers and brokers
from making any thing out Of the Government Accord
ing to his account he took five hundred thousand dollars
from New York in boxes marked United States muskets
to St. Louis and at very considerable expense, while
any banker would have the transfer free Of expense
to the Government and have allowed the Govern
ment some premium for the job. The same Cerbcrus
down to New Orleans.
The mpracticabty Of the strict construction of the
Subtreasury will be demonstrated, and the nex
Congress will afford remedy, by modifying the act &C
cordiug to the recommendations made time ago by
Mr.. r. J. WALKER, and resisted by the Wings, the
ground that they would prevent the repeal Of the Sub
treasury and force the Government to resort to Ma
tional Bank"
The Convention Of Southern Planters assembled a
Montgomery Alabama on the I'd instant, and adjourned
after three days session. The purpose Of this Conven
ton at Montgomery to organize agricultural
citation Of the slavehoding States which shall hold il