The Washington union., 1857-10-01
THE sEcRErARY OF THE TREASURY

We have great pleasure in publishing the following
article from the Nsre York Times, as just and prop
er tribute TO the Secretary Of the Treasury for the
able and prudent manner in which he is managing
the affairs of the important department intrusted TO
his care. We know that it is his object whilst con-
Quoting the business of the treasury in strict con-
formity to the law, yet time and shape its opera
tons as to afford as much benefit as possible to the
mercantile and business of the country. This
has been DONE and will contine to be done-but al
ways in strict adherence to the Lawsuit 80 as TO
afford as many advantages possible to the COM
munity:
SECRETARY CoRB.-Tm MONEY CRIsIs.-Ihe Secretary
of the Treasury has done the community OF merchants
bankers and other business people, real service through
the present trial In money affairs He has promptly and
studously for thirty days past shaped the government
disbursements the largest Of pecunary relief
We have seldom known public functionary, under smi-
lar circumstances to manifest much practical sympa-
thy. We had occasion early in July to commend the
timely disbursements made from the New York sub trea
sury when it anticipated that the first accumulation
under the tariff might work inconvenience to the
bankers But the taken since the close of Au
gust have been douby valuable and ought not to fail of
proper commendation.
On the Gath August, when the panic began in this
city by the failure Of the Ohio Trust the subtreasury
held twelve millions and half of dollars in gold of the
having lost heavily the previous week by export to Eu-
rope Seeing that banks would be greatly strength
ened by concentrating the disbursements at
this point and by promptly auditing and paying the spe
cia and general appropriations of Congress, which were
made to take effect after the first Of July Mr. Cobb has
reduced his balance in New York to the amount of
750 O00 nearly every dollar of which went into bank
The consequence is that to-day the position Of the specie
held by the sub treasury and the banks completely re-
versed and the latter afforded the utmost relief the Sec
retary could arrange for under the law.
These disbursements will be rapidly continued Mr.
Cobb determined, few days since, to reduce the pre-
MUM which he is paying the public stocks unless
they sent in forthwith for redemption His desire is
to distribute his balances far they be appropri
aed to this object to the best public advantage and at
the earliest day possible to afford relief to the money
market The order is that up to the LIST Of Noyem-
ber he will continue to pay sixteen per cent. premium
and the accrued interest for the bonds and certificates Of
loan of l8676S After that date he will reduce the
premium to fourteen per cent One of lead
ing savings banks learn will avail of this notice at
once and having the opportunity to renvest in New
York State stocks to advantage will send on their United
States bonds and certificates for the higher premium The
operation will be equal to much gold transferred from
the sub treasury to active banking use.
There other movements of the Secretary which
have under notice tending to similar relief,
though less Importance The whole effect has been to
popuarize the subtreasury system In of
pecunary trial. and to afford degree of substantial aid
business for which the public largely indebted to
the practical of the head of the Treasury Depart
ment