Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-10-21

w hdteVer may have been thought of its wisdom
on IT'S hrst establishment or however inconsist-
emit in theory, the hard featured principle of the
| sixteenth section with an enlightened and gener-
Gus commerce may have been deemed ten or
WE'VE years ago, practically At has porked for
| good under Secretary Cobb and his immed late
predecessor. The late Administration saw tine
greatest specie accumulation, and after applying
ice surplus as far as practicable to the reduction
OF the pubic debt recommended concession in
the customs revenue equal to one-ifth the tax
upon foreign imports,-and this adopted on
the eve OF the incoming Of Mr.. Buchanan. The
mo oaincaton on the scale Of the foreign trade OF
have reduced the annual collections for the sup
port OF the Treasury from sixtyfour down to for
weight millions in 1855. AT the same time, Con-
gress shaped the budget Of public expenditures
Tor the new year to consume not only this reduced
revenue, bnta large share Of the surplus resulting
| LON the previous accumulation. -
| A croaklng spirit was already abroad when the
| late Congress adjourned. The Times took ground
| then against the irrational conclusion that the
| federai revenue to be collected under the new
/ tariff was to work mischief to the money market
| II was patent TO the most ordinary sense that
Congress had neither been ind itfrrent to the DOS
sibiliy OF an inconvenient surplus nor failed to
provide for its free distribution. The extraordi-
nary appropriations were not only profuse, but Of
nature to insure an early depletion Of the Trea-
sury after the modified tariff was to take effect
| Meanwhile. II was quite certain that the current
revenue would fall Oft rapidly after the month OF
April by reason Of the strong inducement to the
importer to detain or warehouse his goods in an.
clPation OF the reduced tax after the LIST of uly
The facts came out as might have been uniyer.
sally expected. The Inauguration of the new act
was equally free from mise hef The goods en-
tered for consumption in July prod need less tina
seven millions OF revenue against about six mil
lions in July, 1856. The difference was not equal
| to one-tAird the falling oil in June. There was
no extra accumulation ia the Treasury On the
Nth OF August, when the panic set IN the bal
ance IN New York was less than at the CORE
spending date last season The balance was
twelve and half millions. Ii is now ONLY five
and half millions.
Mr.. Cobb has done his whole duty, and more
To avert the trouble TO the banking movement
He FASTENED and concentrated the public dis.
burseinents, in every possible form He stimu.
lated The sale to the Government Of the public
Stoc KS and In three weeks purchased about three
millions through the New York office of the sinh
iftasnry alone the Savings Institutions availinD
OF the tempting offer OF sixteen per cent premium
10 more than half the sum. And we have reason
20 Know that the Secretary was mainly il not
rmnohy, induced to this prompt action by the en-
a'Ias.ed eondition Of the New York money
MAJ het- Had this embarrassment been exclu.
sVeIy owing to the reduced specie reserve in our
BANKS. IL would have been removed FIVE or sir
~ NC A. neIo.e the suspension Of payments ON
ruesday last oy the generous policy Of the Trea-
snry ana home departments OF the Federal Gov
ernmenf-the lattsr having purchased more than
million OF state stocks for account Of the Indian
bureau.
These are the practical facts regarding the
Sub-Tfeasury and the existing pressure Snch
disbursements ought to have relieved it-and
have removed all cause Of aggravatiOn, had the