Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-05-28
sUBTREAsURY OPERATIONS.
FROM THE NEW YORK EXPRESS.

The Union" attempts reply TO our article on
the subject OF Treasury transfers, but We do not
think a satisfactory one.
Z Onr remarks were not intended to advocate the
interests OF any particular individuals who might
be directly or indirectly benefited by adopting the
old mode OF making Government transfers, as fol-
lowed by Mr.. GUTHRIE's Democratic and Wing
predecessors, but our object was to facilitate the
general business of the community, so far it could
be legitimatey done, with entire safety the Treasury
and without the latter mourning any risk expense
whatever
We still assert that is safer for the Treasury and
tanly more advantageous to the business community
make the transfers in the mode have advocated than
on the plan now followed by the Treasury Of transporting
the coin from place to place.
Every one prefers to trust his money in the hands Of
man worth million of dollars and in high credit to
who entirely destitute of pecunary MEANS even there
was equal confidence in their moral honesty In the for
mer case there is security in of loss by accident
negligence in TIE latter have resource Of the kind
And where is the possible objection any violation Of
the Subreasury law, If the Secretary appoints Mr. A.,
banker worth million Of dollars the special agent Of
the Treasury to transfer $50000O from New York
to st. Louis, instead Of Mr. b. clerk in the Department
or Mr. o. an express firm, the personal character and
integrity OF all being equal But the plan we advocate
provides still greater security for we contend that
without any reference to the capital and credit of the
party employed he should be required deposte as col
lateral security the full amount in United States other
good stocks until the transfer completed and the
money paid that there cannot be any contingency by
which the public Treasury could suffer If the late Wing
Administration its Democratic predecessors have been
in the habit of making such transfers without such COLA
tera security what may have been the wealth
VIII
transfers have been made successfully and safely
with jeopardy national oss the mode is decidedly OBJ
jeconable if censurable When therefore, the Union
urges any objection to the plan which we in common
with the entire business community, think most advisa
be must find other reason than the risk of loss
the Treasury for this mode is absolutely without risk
whilst that adopted by the Department attended with
both risk and expense.
The Union statement that the merchants
of ST. Louis are at present transporting gold to New
York. that if private individuals find it safe and advsa
BILE to adopt this course it is likewise for the Govern
ment bat this is begging the question and not to the
point The merchants Of St. Louis adopt this course from
the necessity of the case and because they have other
mode of getting funds New York whilst the Govern
ment which wants $500 900 in St. Louis refuses to &C.
cept that in gold from the merchants that place.
exchange for like sum in New York, by which all par
ties, well the community at large, would be accom-
modated and by rejecting this mode oblge the St. Louis
dealers to send the amount in go at great expense and
risk New York. and the Government incur the
by sending their gold from New York to st. Louis.
But since our late remarks the subject fea-
ure respecting has been developed, learn that
the drafts of the Treasurer of the United States the
subreasurer in this city have appeared in the bill mar
kes of Charleston and New Orleans in order to
funds for the public expenditures at those points These
drafts presume not sold at less than par and
it's regards both expense and risk apreerabe mode
to the transportation Of coin but where in the Subtrea
sury does the Department find authority for thus turn
ing bill broker and entering into the exchange business
in competition with private individuals II these Urea
sury bills Of exchange thus being negotiated in the
above cities, presume we shall soon see them in Wall
street and in State street. and the Subtreasury system
become grand shnplaster establishment for promo
ting the paper circulation between the different
cia marts Of the Union When the subject Of making
mint certificates issued for gold bullion receivable for
tom-house dues discussed last winter in Washington
some Of the faithful objected to it being species
of paper currency, though the gold was actually in the
hands Of the Government and the plan only enabled the
dealers in gold bullion realize their cerf-
few days than if they obliged wait
until the mint had actually coined it Some of our Demo-
cratic friends could strain at that gaat but swallow the
present camel of gigantic system of Treasury bills of
exchange in every section of the country
The Union did not deny in its article of Friday
because it could not deny t-that the practice of Mr.
Corwn in transferring public money that of Mr..
Walker during Mr. Folks administration, viz employing
individuals make the transfers Of public funds but
the editor contends that under the peculiar circumstances
Of the country it then in necessary to do
So and particularly in consequence Of the large amounts
which the Mexican required should be transferred to
the Southwest and especially to New Orleans. We do
not exactly the force and application Of this
ing but should rather imply from it. the necessary
suit that such Of things rendered il
say to transfer coin rather than to through individual
agency 1t was publicly known at the time tsat indi-
vduas were thus employed but Of the Wing presses
ever censured Mr. Walker for IT, did the Union any
Of It's Democratic contemporaries find out that it then
violation Of the Subtreasury law, but which, it appears
is the fact according the Union when the
is pursued under Wing administration.
The Union says the operation Of the Subreasury sys
tem as regards the keeping and transfer Of the public
money only intended to apply to the United States
and not to transfers and disbursements for of the
United States abroad but where it finds any distinction
in the above law unable see 1t aludes the
inconvenience and delay which would attend the ship
ment Of coin abroad, but do that there would
by one Of the mail London than in sending
Il to St. Louis New Orleans, Santa Fee or Oregon. If
the United States require 10000 for diplomatic
penses London, the Treasury Department pays that
amount to banker commercial house of high credit
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