The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-11

. PHI Gold Mine b3O IL 200 do. ...... 81
do. .b30 IA 800 do 80
IN Copper co. lao Ga s soo ddo'.....s,a 80
There were private transactions to day in Potos
d stock. This is a company which has been in active
ration time in Potos Missouri where it has large
ct OF most valuable mineral land The product of ore
Is far has been exceedingly large, and the company
We in quiet way realized most satisfactory results
,re heavy sales at the mining board Of Lehigh
c. at advance Saturdays rates Since the board
higher prices have been paid. Mining securities are
idly improving in public estimation.
he receipts at the office of the Assistant Treasurer
port of New York to-day, Oct. 10, amounted to
4 ,096 90 the payments were 1874 096 59-leaving a
ance on hand of 81. 345, 1872 4S.
Secretary of the Treasury has issued circulars under
of October g. 1853 that the department is prepared
purchase at any time before the first Of December
700, 600 Of the stocks redeemabe in 1862 and 1856
the first named, a premium of 10 per cent will be
and for the latter So per cent premium. Interest
The par is allowed from the first of july 1853, and
in addition. Also the Treasury proposes to purchas
700 900 Of the debt maturing in 1867 and 1865 at pre-
IN Of q per cent. The terms the same as the 70
|ption that has recently been going forward.
cording to the last official report the Treasurer of the
led States there deposit TO his credit in the
us repositories Of the government, upwards of thirty
ons of dollars This immense sum was composed en-
" Of gold and silver, which, but for the operation of
law leading to such accumulations, would have re-
led in the channels of commerce, either in active cir
tion or as addition to the present basis Of the
e system Of the country. The provisions Of the In
dent Treasury law require the collection of the go
ment in gold and silver and the deposit of
rtain hands, subject only to such disbursements as
rom time to time appropriated by Congress- Any sur
over and above such disbursements is SO much with.
n from active employment. Under this law, we are
fore subject to serious drains upon the supply of
GUS metals. The for some time past has far
ded tie current expenditures Of the government,
The accumulation has been very rapid. The amount
ecome SO large that the government has set about
ing ways and means to depete the treasury, and if
bic relieve the pressure upon the money market, so
it has been caused by the Sub Treasury system.
his purpose the Secretary of the Treasury has issued
ular, requesting certain parties having practical
nee in such matters to furnish the Department with
information will lead to proper understanding
adjustment Of the subject.
only way to reach the existing evil is through the ia
he independent system perfect as it can well
cannot point out defect in its numerous provisions
objection and disbursement of the government reve-
gold and silver is just and proper and should not
hnged under any circumstances; but the collections
d not at any time, be far in advance Of the dis
ments surplus of more than one million of dol
t any time, is evil, and drain upon the supply
and silver of the country not contemplated by the
ators of the system. We are not in 8 condition to
such draft, and it is anomaly in finance which
Ter nation has experienced. We require medium
Neither extreme is in accordance with our inst
with our financial condition and resources-and
st by all means avoid plethora well as scar
The Independent Treasury system is not the cause
superabundancs Of coin in the hands of the govern
treasurer That act merely provides for the safe keep
ID disbursement OF money. 1t has nothing to do with
urces from which that money is derived. We must
o the tariff fer this regulation. 1t Is only by
ph revision of the tariff act of 1916 that we can
ate or remove the difficulties under which the fnan
Id commercial classes Of the country are now labor
70 begin at the foundation, must change in part,
1, the system upon which duties are levied. The
prum system has nearly or quite exploded. An ex-
&c Of seven years has satisfied all practical men
is the cover for all sorts Of rascality and favorism;
is irregular and unjust in its operation; that it is
IMPLICATED, and leads to litigation, delay impositions
sorts Of annoyances; that it is in fact, defective
hout and never should have been adopted. In 1916
partially new feature, and as the governments OF
ountry have ever been particularly fond of expert
It was accepted. fair trial has been given, and
failed utterly We now disposed to go on the
extreme. We are under the impression that the
system, throughout, would do away entirely with
IN. la;p If md tha hu air NJ
stom House upon new and better basis 1t would
" and facilitate the collections Of duties render
iustment of the different rates more easy
away entirely with the disputes and doubts
now attend almost every entry. 1t would operate
at all times, at all seasons; under all changes in
all fluctuations in fnan ciaal affairs, 1t would re-
naltered. Many Of the ramifcatisns which now
aston house business SO onerous would be re-
and the government would be relieved from the
rable suits which have accumulated rapidly
he ad rolorum system.
uld be well for the Secretary of the Treasury to
attention to this feature in the present tariff
set out with reform where it is most required
alter once disposed Of, 1t will be comparatively
arrange the rates Of duties TO be levied. One
bject in the contemplated modification Of the
It Of 1916, is to simplify, much as possible, the
on OF all revenue laws. That is great point, and
t it will receive that attention from Congress its
ance demands. 1t will be very difficult matter
se all parties, in any modification of the present
It. An increase in the list of free goods would
bss be more acceptable, as it would conflict les
cal interests than any alteration in the per cent
how levied
Q decision Of the Court Of Appeals, declaring the
railroad act unconstitutional, it is easy to foresee
ent Of the most serious EN- to all our
Al railroad companies, and to more alarm
In the troubles which must oyerwhelm the
prk Central whose whole organization and issue OF
nd bonds, were based the authority Of the law
eed unconstitutional. 1t is here worthy of re
rs an evidence of the grossness of the power
in the amalgamaton Of this company, that they
united continuous roads, but they took in others
es-giving them full credit for the entire amour,
capital, with an advance Of fifty per cent not
hdng there had not been expended a cent on
of construction. This decision puts stop to all
inanciering more capital stock or bonds can
q by railroad companies for any purposes and the
oan recently made by the Hudson River Railroad
y, and the negotiations and renewals in constan
by the Erie, are new without vadity-solely
ut on the integrity of future boards of directors
It be evident to those holding the bonds and nc
IS of railroads. especially all those which are now
circulation under the authority Of the law pro
unconstitutional by the High Court of Appeals