The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1853-06-21
From tie Charleston Aercn5.
z. TreasurY.Oper

Z There, has been ,nsuch said within the last
!; fewFy with reference to changes, in the
1. mode Of Transmitting fundsof the United Estates
8 from Que point to another. Some wiseacres
have made themselves merry over the trans.
tatien Of specie from New York to.St. Lou
s iss &c:, and contrasted it with the convenient
method (practiced it appears by, the. last Ad
niinistration9 of giving the money to Brokers
I without security and depending upon their
good kith.and ability to have it at the. right
. point ;when5it was wanted. Ithas been said cf
old that the way tosdestructien was broad ,and
easy Of travel, and that many went thereby Tor
!, convenience. We are. glad to. observe thar
z = Gen. Pierce has chosen. the more rugged path
of dutyeand law. In thesend ALSO, it will be
found to be the path:of, safety,and of profit
Experience has. proved that the, Sub:Treasury
(. law was one of the wiscstF enac ctments ever
: made. It has saved the Treasury from losses,
and above all it has kept it free from specula.
/. tors, and madS il a wholesome check on the
tendency to paper expansionaatd excessive ira
ding Commerce may etnfes a little uudefits
( restraints, but after all Commerce owes it t.,
Z the Sub-treasury law that we have not had a
repetition of the retnisien of 1897
But the broad, roads, not,neeessarik even
I the most convenient, and some things have oc.
I cured lately toillpstrate this. The following
letter from the correspondent of the Baltimore
Snnisin point: ..,>,5g.szzs -
81 81. - s.s-s.s WASHINGTON, June 10, 1853.
: The strict coustructionSofS the. Sub treasury
acf, (which the present Secretary of the T'reas6.
.fyshas. adopted, may be beincouvepient, in prac.
!stice, and it is generally deemed unnecessary
aud absurd to transport specie.from one point
ITO auother, at much expense and risk, when
the transfers could be made 'byresponsible bro.
} kers. But the abuses of the transfer system
Aandsthes deposit system had prevailed to such
a1eexteut that they demanded reform. =. -
- Tie misfortune Of the late administration.
was that they did! not, employ regular aud res
ponsible bankers to- make tranfers, or ito pur-
, chase stocks. They went out oftheir way to
employ persons Of a different character, ON ac-
count of their political or personal relations
STotayoid such efr6rs;tthc present adrninistra4
stionsg geEat, once toea rigid and1correct enforce
nlentfof the law. .rH'
Some time ago, it was known. that the late
. Secretary OF tine Treasury had trusted por.
tionsof fthe@puhlic funds to reinsurance COM
spany IN Columbus, Ohio, and that the institu.,
'stion had failed, without paying the money. Blu,
twas reported that Mr. Corwin would himself
make good the amount to the Treasury, and
subsequently stated that the institution
secured the-suui to the Treasury.
A person who has recently read the whole
correspondence on this subject tells the story
IN a different way. He says that the papers
show the following state of facts, viz 'rhe
President of Bank in Columbus Ohio, gave
to Mr. Minor letter of introduction inform
ing the Secretary that Mr.. Minor was man
of character add standing, and could be safely
trusted with the transaction Of any financial bu.
siuess.
Mr.. Corwiu, therefore, gave Mr.. Minor
draft upon the Assistant Trea er of New Y ork
for the sum Of hundred thousand dollars, with
directions to transfer the same, within GER
tain time to New Orleans. The money went
as far as Columbus and there came to a halt
Some bo@ or other it got into the hands of the
bankrupt Columbus Insurance Company On
ly FIVE thousand dollars has ever been recover
ed by the United States from these repositories
and agents. But Mr.. Corwin had suit brought
against Minor and the bank president who re.
commended him for the job, which suit has ne
yer come to trial. The government, it seems
has no security whatever for this money
Absurd, therefore, rs it may seem to cart
about the public money, in boxes marked u
s. muskets," it is less ex posed to plumber in
that way than it would be under the old system
of committing it to irregular, irresponsible, and
speculating agents.
The official correspondence in relation to the
above transaction ought to be given to the
public. The person who has lately stated the
facts above mentioned Isl a Whig and not now
in Office, bot was till about ten days ago.
IT is stated that advices have been received of
f 1 ustering movements at New York Which
-. O ein hedr rni nnnerts