Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-05-21
NATIONAL INTELLIGENCER
TRANSFERS or PUBLIC MONEY.

In the New York mercantile community there
appears to be general opposition to the new mode
adopted by the Treasury Department for making
the transfers of public money as being adverse to
the general interests of the business community,
and not giving the legitimate facilitiesahich the
Treasury can afford with perfeae safoty The pub
lie funds, and which the good people Of New ork
think tho T-easury Department should extend to
them. ~ 2
The public journals generally have made their
comments on the subject, but the following remarks
which we take from the Editorial columns of the
New York Express of the 18th, state the matter in
more practical and lucid manner than we have
previously seen
sUBTREAsURY OPERATIONS
The amount of money in all, the Subtreasuries
May 1st was slS,76O,004 and in New York, on
Saturday last, was S6,S69, GILT.
1t will thus be seen that the accumulation OF gold
in the Subtreasury continues very large, with but
little prospect of being diminished until the lst of
July, when about S5, 100000 of the United States
five per cent stock becomes redeemable, and will
be paid off agreeably to the notice already published
by the Treasury Department Upwards ofS1 900, 600
for the semi-annual interest on the public debt will
also be payable in this city at the time, and
nearly much for the same object at Boston, Phi
ladephia and other points. considerable portion Of
the above per cents owned in Europe and large
share the July dividend that payable here is also for
European and the remances for both of these
objects will doubt have the effect of advancing the
of exchange especially at that period the supply of
Southern European bills will have been pretty nearly
exhausted
The present Secretary of the Treasury, it is under
he pla IF oa1l
fers Of public funds the expense and risk of the Trea
sury by the actual transmission of coin those points
where it may be required for public purposes.
This is not only in opposition to the mode adopted
under the Subtreasury law by all his predecessors in
cudng Mr.. Walker but is equally in opposition to the
views and opinions of best informed and expe
rienced financial and banking houses, and may add,
Of the entire commercial community
The Subreasury system when there is large balance
hand works adversely the interest of the business
community and consider it only justifable, but
also the actua duty Of the Treasury Department to
relieve the public from the pressure Of the ys
tem whenever it be done egtmately and with per-
feet safety TO the Treasury
The views Of Mr. Guthrie this subject land his prac
tce thus far has been in conformity are that when the
Treasury requires funds New Orleans ST. Louis, at
other points, and it is necessary transfer the amount
from the Subtreasury Boston New York. the only
legitimate and legal mode of doing it is pack the coin
in boxes kegs and to send under charge of clerk of
the Department other individual, the special
agent of the Treasury the designated point WITHOUT
any regard the wants Of commerce, il the rate of
exchange at the time is such that individuals are
from the high premium bills obliged to send gold from
the same point back Boston or New York, and when
probably the identical coin thus transferred by the Gov
ernment heavy expense and little risk would be
Immediately returned by individuals to the point
from which it had been brought.
An instance of this kind has but recently occurred
where the Treasury from this city to St. Louis
$500 900 in gold expense, stated by one Of
contemporaries Of $3.50, at the very moment when
the merchants of ST. Louis in consequence of the scarcity
of Eastern exchange and the premium upon it, ship
ping gold New York pay for their purchases or
to liquidate their previous Indebtedness.
How much more advantageous would it have been to
the Treasury and the community had this amount been
placed in the hands Of capitalist banker Of this city
made the transfer through the ordinary channels
Of business This they would have done by directing
their correspondents ST. Louis to draw upon New York
for needfu amount by which the merchants Of that
place would have been supplied with $500 900 of Eastern
exchange at a reduced premium, perhaps at par the
$500 of gold withdrawn here from the Subtreasury
would have gone into the channels Of trade afford
ing increased pecunary facilities to the business
risk and heavy expense Of sending this large amount to
such distance unnecessary movement of coin would
have taken place all parties would have been benefited
would have been injured and the transaction would
have been advantageous well safer for the
Treasury for the parties who might have been employed
would have deposited United States other equally good
stockwith the Department collateral security, until
the whole amount paid gold to the Subtreasurer
at St. Louis, and his receipt produced therefor.
As the case stands this $500 in gold has been
sent from New York, where it is wanted, to st. Louis,
where IT is not required by the wants Of and
was probably crossed the way by an equal amount
sent by the merchants Of ST. Louis to New York when
by the other and common-scnse mode of making these
rahsfers the practical result would have been that the
60000 Of gold belonging to the merchants of ST. Louis
ID have been paid into the Subtreasury there in ex
change for equal amount withdrawn from the Sub
treasury at New York. and not dollar Of coin would
have be moved from either city, and the mercantile in
erests o. both places would have been facilitated and be-
neted in stead Of is the case being embarrassed
by the operation.
The Secretary 1t is said, that he has legal
bority TO place the public funds in the hands of ndivd
nails to be thus transferred other places but when he
appoints clerk OF the Department any other odivid-
ua TO take charge of transfer in eoin condes il to
one of the Express for transportation does he nt
place public funds in the hands Of individuals and trust
to their honesty for the safe delivery When he gives
Of these parties the draft Of the Treasurer Of the United
States upon the Subtreasurer 1t New York for 800