The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-22

ocean mail steamers, DC. This retre0cllcent viii
be the withdrawal Of twenty. five millions from
the active specie circulation of the country
equal TO the abstraction Of an available business
circulation Of one hundred millions from the
channels Of trade. Then, again, all these re-
treDohments 10 the public service are to be made
at the very time when, from the thousands Of
men thrown out Of other eup'oyments, tie pub
lie interests and works indicated, of all kinds,
could be prosecuted most economically to the
government and most benefcially to the relief
of the country. A suspension of the
work upon the various pubic sources
Of employment we have named will in-
evitsbly entail heavy losses upon the treasury
from contractors damages, wear, tear and de-.
cay, whereas, liberal appropriations, 10 view of
the increased value Of hard cash, would result
in great positive savings to the treasury.
The true policy, therefore, Of Mr.. Cobb-econo.
nomicel and politicsl-is not the retrenohment be
proposes; but, If anything, more liberal mar.
Gin OF appropriations to the public works in pro.
grese, and to every department of the public SER
vice, so far at least, as the faith of the govern
ment is committed This policy may involve the
necessity Of loan, perhaps, Of twenty five mil
lions; but let it be made, and it will be contri-
button to the country equal to a hundred mil
lions Of active business capital. The wholesome
reaction from this substantial source of relief
would soon be felt in positive relief to the trea-
sury itself; whereas, from the ruinous contrac-
tons proposed BY Mr.. Cobb, the treasury must
inevitably suffer its full proportion from the loss
OF Its revenues
Nor can we undertake to insure the public en-
dorsement, under this financial pressure, of
treasury relieving duty upon those prime
necessities-tea, coffee and sugar. On the
contrary, no government measure would
be more universally acceptable at such
tine as this than the total abolition Of the
duty en- sugar. If Mr.. Buchanan contenplates
any increase upon the tariff on any imported ar
ticles as an expedent for replenishing the treasu
~, let him be cautious at least in enlarging toe
consumers prices Of tea, coffee and sugar. 1t
would be better to borrow few millions for cur
rent necessities than to add penny pound to
the poor mans tea, sugar or coffee for the relief
of the treasury, when the poor man is without
employ ment, money or credit, and when the
treasury can command millions of ready cash
upon its own terms.
We hope that our sagacious President and Nh.
Cobb and the whole Cabinet will deliberately
study the causes and consequences Of our past
financial revulsions, especially that of 1887, the
actual and imperious necessities of the country
for positive sympathy and relief from the gov
eminent, and the ways and means for affording
this relief, instead of reducing the treasury and
the financial operations Of the government to the
ruinous standard Of the prevailing panic. The
government should rise with the necessities of
the crisis and if i. fails to do 50 the experience
of the isolated policy of Martin Van Buren, may
be realized again. We cannot separate the du.
ties of the government from the interests Of the
people.