The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-05


ours is serious embarrassu in the exercise of the
appointing power The weakness OF tho seosssionist in
fessedly the in which the President has
made appointments to Office No successful op-
80 an sns s be @ upon
| of the democracy look to measures ard to the
Of an administration in respect the
terests OF the country and if any individual wrong
justice has been done they likely to re-
pair it quietly themselves than to embark an oppos
ton which endansers the ascendancy of the party and
puts the of its principles peril this reason
it seems to the leaders of the secession movement
have committed double 6rst, in supposing
that they will the sympathss the people large
along with them and second in forfstng their claim to
ment this State as fear they WILL into the hands Of
our political opponents. Besides gentlemen there are
those which nuke the support Of adminstrs ton de-
pendenon the degree in which it nisers personal
y upheld by regard to the public ends in
volved in its success. The moment begin to inquire
in what manner ou, private interests affected BY
sustaining the adminstraton-or, in other words what
we are to gain by make the honors and
emouments Of Office, and not principle, the test of
yoIczaThat is the very thing that is doing.
Cen Dn-iam afraid some Of the leading men who are
inquiry themselves and that they go into opposition
because they cannot ans ger it satisfactorily.
voE,Yes, and they want to go into the spoils too.
Gen Dx-But as began by saying did net intend to
tion for few moments to another public matter of great
interest to US and the country l mean the opera.
Is
as l shall call il, to avoid crcumlocution. No
thing exemplify clearly and forclb,y the
operation of the system recommended to Con
leatng and sing the public in specie,
and keeping it during the intervening time in the hands
of public scers than the condition Of this city during
the last six months in respect its pecunary affairs
On the l7,h Of May last when took possession Of the
Assistant Teasurer's Office in this city receipted for
&c. 1856 3d. This amount up pretty steadily sub
ec to occasional consderabe5fu and particu
ary about the LIST of July when the Ave per cent loan
of 1912 redeemed to $40 20 on the 23d Of
September To-day it is only &c. 497, ,sl1 ss. From May
almost all business legitimate and ilegmate-n trade
banking, and land speculation Under the
impulse impulse gwen TO commercial enterprise the Treasury
than seven millions of dollars to than millions
Ian increase OF three millions and half of dolars in
about four months. This rapid accumulation of coin,
and the enormous sum of ten millions thus withdrawn
from the reach of operators checked in very alutary
manner the general tendency to overacon Spectators
could not command the money they required carry
and extend their transactions Merchants peed
to their orders foreign goods Debtor banks
for baan obliged to contract their dscounts
and as the food OF specie poured into the Treasury
hausted and Of the bolder adventurers we're left
high and dry by the receding tide.
NoItE-Who has done that better than Azariah c.
Flagg2
Gen. DIx-This was the first good influence of the
sub'reasury system, gradually drawing specie into it's
vaults the banks extended their operations and
stimulated the spirit of enterprise and speculation and
checking the tendency to excess by law certain
those which govern the material world. The second
good influence of the system was as salutary as the
first and the result Of the nfalble law The
accumulation OF ten millions of coin in the treasury
here made money scarce and valuable most stocks fell
in price, and the interest paid for the money
rapidly and to rates. In all such cases hold
of stocks which maintain their price, ,empted
to sell for purpose Of realizing the higher profits of
of the United States The government had offered high
premium for them. The holders surrendered them and
took the surplus coin in the treasury in exchange BY
sand collars were drawn out Of the sub treasu in six
weeks and thrown into Wall street to relieve the
in ia nd
mecia adventure. 1t is indeed the only relief Wall
aas hahs I'd. only 5 5ssf it, possibly could have had
would have been scarcely less than that 1887 Ii
had been in the vaults Of the banks, they would have
constituted basis for discou ats to five six times that
which would have involved banks spectators and Iegiti
male dealers, in common ruin This, then has bsen
the twoold beneficial action ofhe ubtreasury system
to draw specie to ITSELF speculation has inord
Datey extended and to pour it back again into the chan
nels of commerce when it Indispensable to sustain
the reaction The ebb and flow Of the tide Of specie
been alike salutary-it saving influence without
which the enterprise of the country must have sustained
have regulated its operation wisely and surely has
been regulated by the law of Thus while in
three months been complaining of the accumulation of
coin in the ubtreasuy has been silently working out
other remedy en- % could have reached Sitting at my table
every day during the last six months watching the influx
and efux of specie, knowing where it came from and
where 1t went, / have been able to appreciate bet
ter than other possibly could the sautary
ton Of the system and asa New Yorher could not help
thinking now and then that it New York President
who gave to the country and taked his public repua
tion upon its Great cheering) lam unwilling
to conclude what have said this subject without
bearing testimony to the prompttude and unscrupulous
exactness of the Secretary Of the Treasury in official
intrcourse h him. which has been constant and en-
braced variety OF the most important matters, of
them not strictly connected with my Office. have not
only felt the that he has been guided all his
public acts by an earnest desire to promote the best in
of the country but that he has been by
unwaverng determination to carry into his de-
me- In w mn
rigid economy regarding the administration of the
finances ths existing condition Of the Treasury the
most important function Gen. Pierces adninistra-
the % country s'' d.ps1sn.n aa sssoass
has ia len to who has just appreciation of his
official responsibilities The administration OF the State
the Koszta principles have been regard
the right Of self expaa,ion which command nearly the
proved bV bs m
ance with the public law of civilized Statos No man
can doubt with this case before him that our relations
ton with armness and ability or that Individuals of
foreign BIRTH who have united their dsstniss to ours
citizens. (Applause) There is one subject which
wish to single wordthe compromise measures The
democratic party in this State has declared its approba
tion Of them settlement Of the slavery question,
which not to be disturbed The desarston has been
aSSs Sy IT. snd ana in viii good wS T.
know you viii allow me to say for you, in the Ian
the that we will
tion, Gin out OF Congress- And now fellow citizens
will only trespass further your attention by brief al
luson to topic whichI take with great unwlingnes
but which connects itself separately with the
sion that it deserves from public consideration, to be
referred to- allrde to speech made at Syracuse the
LIST inst by Mr. Cooley the candidate the
for the Office Of Comptroller, the most important Official
position in the State The whole character of this speech
vent and denunciatory in the extreme but these
per- ions of IT, which, dstasteful they deem 1t
proper TO read to you ard to incorporate with what
have to say do that they may 60 to quarters which
they might possibly not otherwise REACH proc2 of the
malgnity with hich the administration is opposed, and
the private character of the President Ia assaile3.
VoIcE-Three groans for Cooley
This call responded to by Of the most unteri
fed In such udcrous voice that the audisacs laughed
| heartily
Gen. Dx-The President is designated By Mr.. Cooley as
"a 6fthrate country court treach petfogger of
New Hampshire, who, BY accident simply, happened to
reach exalted position only to disgrace it and