The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-05-27

tends directly TO eQuaze the exchange, and the sua
difference, II any remains belongs BY law 10 me gov
ernment No one ran risk anything IN the mauef' an
neither the government nor The merchant can lose any
| thing by il. Both are gamers.
All the The Express admits and yet objects 10 ih
transaction as ilegs-that is not being authorized o.
the clause of The law which empowers the Secretary
the Treasury 10 make transfers Of the public money iron
one legal depository 10 another And what is thu
Transaction which The Express recommends legal anC
csnsures The Secretary for not adopting
Ia The first place. the Express urges that the Secretary
should place in the hands OF a broker in New York
treasury wauan, for half million. be drawn in coil
out OF the subuessury in New York, in order that 4
may be transferred to ST Louis.
In the second place. the Express urges that the Secre
sry should receive from the New York broker stocks
collateral security 10 the amount of half million
In The third place, the Express urges that the New
York broker shall the hall million thus drawn from
the treasury in the purposes OF He shall de-
post in bank interest He shall shave notes with
it, He shall it and speculate upon il as he pleases
Does the Express deny tina, all this is Illegal
OF the public money Meantime, the broker is draw
Ing interest upon tue stocks which he has deposited
as security. He has thirty, sixty, ninety, hun.
dred aud twenty days-the records will prove what
sayiR which TO transfer this money from New York 10
ST. Louis. While pocketing his interest, both on his
stocks and the money, he writes to his agent ST.
Lou is to draw upon him al New York in sums 10 sui,
purchasers the amount of half million His agent is
broker, and charges ST. Louis for his drafts on New
York the full difference of exchange-haf per cent one
per cent or two per ceni the may be- Here is
another handsome windsl the broker in the ,ransac-
tion In this manner. il loss happens. and everything
is done The square, the government last the end
Of the period fixed finds the money wants al 81, Louis
and this transaction. in the judgment OF the Express is
altogether legal and proper, while the transaction by
which, above stated, the Secretary, without paying
dollar out Of the treasury, first received his money ST
Louis. and then gave for its repayment New
York, fdgaut violation OF the independent treasury
law!
Now If the legality OF these two Transactions under
the law be compared. submit TO the Express that
lawyer and merchant can doubt which is the more in
the spri, OF the law. We submit that ii is equally
clear in which OF the two transactions the government
adberes most closely 10 its functions, and rerans
most vigorously from interference with private business
The Express will not deny that the discretion of the
Secretary regard 10 transfers by law limited. first
by the convenience Of the public service OF the govern
meni, and next. in view of the safety of the public
moneys. We aware that state OF things has
arisen and we will not say that il may not pos
sbly arise again. in which 4 resort TO the system OF
transfer drafts may necessary. We do no,
expect such Of things under this administration.
We il does not exist al present. and mean
time canno, doubt that the Secretary has taken The
view Of the law and will be irumpbany sustained
by The people in his construction OF IL