The independent press. (Abbeville C.H., S.C.) 1853-1860, 1857-10-09
Tho Monetary Crisis.

Secretary Cobb is winning golden opinions
nnoas tn 'sc Of tho North, whose duty is t1
have cash (coin) in hand Mt this time. To lIfs
foresight, sound liberality and promptness Of
action do they, for the most part, attribute
the abit; Of the New York hunks, to nav
specie, just now and thus to pave the wny for
the speedy and general resumption else sewhere.
The New York Times explains the train of cir
cun,stancca which Inns jnst proved him to be
the "fricn'l in nccl" to the community ut
large without in any manner compromising
the public interest or transgressng the strict
line of Democratic official rropriety az follows.
Such narrative from such source will
prove IA valuable to Secretary Cobb's future,
rs it is unexpected; y .
"rhe Secretary Of the Treasury has done the
community of merchants, bankers md other
business people IL zeal service through the
present trial in money affairs lie hns prompt.
lv and stulionsly for thirty Days past shaped
the the government disbursements to the iar-
gcst measure of rrrininIy relicfi, We have
seldom known public functionnEy under sim
liar circumstances to manifest much prac-
teal sympathy. We had occasion early in
July t" c"nmcnl the timely disbursements
made from the New York Sub-Tfeasury, when
it was ANTICIPATED that the first accumulation
under the new tariff might work iueonyen.
fence To the bankers. But the measures ta-
ken since the close Of August have been doub-
ly valuable, and ought not to fail Of proper
On the 9th Of August, when the panic be-
gan in this city by the failure of the Ohio
Trust. the Snb-trensury held twelve millions
and q half of dollars of gold Of the TWENTY-FIVE
and n half millions in the city-the banks hnr-
ing lost heavily the previous week by export
to Europe. Seeing that our banks would be
greatly strengthened by concentrating the
Government disbursements at this point, and
by promptly aiding anil paving tho special
aud general appropriations Of Congress, which
We're made TO tako effect after the lst Of july.
Mr.. Cobb has reduced his balance in New
York to the amount Of 81. $50 900, nearly eve
rv dollar Of which went into bank. The con-
sequence is that t." day the position Of the
specie held by cSubtreasury and tho bank.
is completely reversed. and the latter afforded
the utmost relief the Secretary could arrange
for under the law.
''Thcsc disbursements will be rapidly con-
tinucd. Mr., Cobb determined. n few days
ing on the public stocks. unless they are sent
in forthwith for redemption. Ills desire is to
distribute his balances, rs fnr nsatlicy can he
appropriated t" this object, to the best public
advantage. aud Mt the'chrliest day possible to
afford relief To the money market. Thss new
order is that up To tire first Of November he
will continue t" pny sixteen per Gent prem
ium nnd the accrued interest for the Bonds rn,l
certificates ot loans Of lSG1-'GS. After that
date lie wlll reduce the premium to fourteen
rcr cent One or more of our leading savings
banks, We learn, will avail Of this notice, at
once, and having the opportunity to re-invcet
IN New York state stocks to advantage, will
send on their United States bonds and ceYtsfi-
Gates for the higher premium. The operation
viii he equal 10 to much gold transferred
from the Snb-Treatnry to active hank use.
"Ihere nrc other movements Of the S.cre-
tary which have come under our notice tend
ing t" similar relief though of less Importance.
Tl,,., vI,.,1.
Sub-Trcnsury system. in season of severe ne.
cunnry trial. nnd to afford degree of sifbs
stnntnl aid to business, for which the public
are largely ind btcd to the practical sense Of
the hoad Of the Treasury apartment"
Washington Erening Star.