Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-10-13
WASHINGTON NEWS AND GOSSIP.

HE ADMINISTRATION AND THE BUSINESS
CoNNUNIrY.-Among the most intei esting signs
Of the times is the unanimity with which the
opposition press are just now shewering praises
upon the financial policy Of the Administrc-
tion-of the Treasury and Interior Depart
ments-so far as that affects the interests O.
the business community. The truth is, the
manner in which they have virtually unlocked
the doors of the Treasury of the United States,
and relieved with its contents the most pressing
wants of commerce, without violating either the
letter or the spirit Of the Independent Treasury
law in so doing has been the means of staving
off universal bankruptcy on this side of the At
lantic. But for Secretary Cobb's timely trans
fer Of coin to New York, and his proffers to
purchase United States stock on liberal terms,
when its equivalent is SO much more needed
by the holders than the stock itself, the New
York banks could not possibly have been in
position to hold on as point from which res
toratlon Of specie paying may shortly be initia
ted. In the adoption of the policy in this con-
nection upon which the Governments monetary
affairs have been managed, they have demon
strated that the Independent Treasury system
is not only a safe one, so far as the custody of
the public funds are concerned, but eminently
a wise and benifcent one, 80 far as the inter-
ests Of the community are involved, in such
business commissions as this under which the
country is now suffering. -
Some around US are predicting that it will
not be long ere the Government suspcnds specie
payments, basing that opinion on the fact that
wonderful falling off has suddenly taken place
in the amount of money paid into the New York
custom-h house for duties. We regard the falling
off in question as being but temporary. Just
now no merchants are taking goods from bond
unless after having sold them by sample, and
all of them are bonding such as are arriving.
because they cannot at this time lay out Of the
money (duties) necessary to get them into their
own warehouses. To fancy that the rate Of
payments into the New York custom house will
continue as small as during the last week, will
be to argue that because of the financial con-
vulsion foreign goods will not be used in this
country. The convulsion may for the time be-
ing lessen the quantity purchased among us;
but not materially, because, though the cities
are more or less affected by the state of none
tary affairs, its influence is hardly felt beyond
their boundaries. In New York, of course, all
in trade cndcavor just now to pay out as little
as possible, and therefore the payments into
the treasury are thus affected. But, as the Gus
toners of New York demand goods, the custom
house must necessarily receive it due, furnish
ing in due time an ample supply of money to
meet the accruing wants of the Government
For years past the surplus in the National
Treasury has been great bug bear in tho eyes
of the very parties most benefited by the facts
of its existence, and Of the legitimate use to
which it has been pat. If it can all be law
fully devoted to the purposes to which Secretary
Cobb has dedicated it 50 far, its use thus will
be god-send to the country insomuch as it
will obliterate the great cause of the increase
of corruption in the National Legislature We
really know of nothing more likely to benefit
the country in the end than this depletion of
the Treasury, which destroys the great incen-
tive for combinations to accomplish improper
financial Legislation.