The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-06
From the Charleston Standard
SECRETARY COBB.

The financial crisis which has upon this country
is likely to be met by Mr.. Cobb in such manner as to
make his administration the most prominent and brilliant
under the sub treasury system He is man OF close
Judgment very practical and prompt in carrying out the
convictions of his mind. Few other men would have
been prompt to throw into circulation the large amount
of specie which lay idle in the vaults Of the United States
treasury But the country needed it. Mr.. Cobb imme
diately saw and recognised the necessity and Immediate
y acted The result of his action thus far has been
clearly stated by the New York Times that publish
the article in full
ssThe Secretary of the Treasury has done the
nifty of merchants bankers and other business people
real service through the present trial in money affairs
He has promptly and studiousy for thirty days past
shaped the government disbursements to the largest
measure of pecuniary relief We have seldom known
public funconary, under similar circumstances, to mani
fest much practical sympathy We had occasion early
in July to commend the timely disbursements made from
the New York ubreasury when it anticipated that
the first accumulation under the tariff might work
inconvenience to the bankers But the measures taken
since the close of August have been douby valuable and
ought not to fail of proper commendation
q 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
twenty two and half millions in the city, the banks
having lost heavily the previous week by export to Eu
rope Seeing that our banks would be greatly strength
ened by concentrating the disbursements at
this point, and by promptly auditing and paying the
special and general appropriations OF Congress which
were made take effect after the lst of july Mr. Cobb
has reduced his balance in New York to the amount of
OOO nearly every dollar of which went into bank
The is that to-day the position OF the specie
held by the subtreasury and the banks is completely
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 premium
which he Is paying on the public stocks unless they are
sent in forthwith for redemption His desire is to distribute
his balances far they be appropriated to this
object the best public advantage and at the earliest
day possible to afford relief to the money market The
new order is that up the LIST of November he will
nue pay sixteen per cent premium and the accrued
interest for the bonds and certificates of loan of
After that day he will reduce the premium to fourteen
per cent.
One or more of leading savings banks, learn
will avail of this notice at onc, and having the opportu
nifty renvest in New York State stocks to advantage
will send their United States bonds and certificates for
the higher premium. The operation will be equal to
much gold transferred from the subreasury to active
banking use'
There are other movements of the Secretary which
have come under our notice tending to similar relief
though of less Importance The whole effect has been to
popularxe the subtreasuy system in season of severe
pccunary trial. and to afford degree of substantial aid
to business for which the public largely indebted to
the practical sense of the head of the Treasury Depart
ment
But the seeing Secretary did not confne himself to
the relief of New York To be sure that the central
fortress that had to be maintained But other places at
the time received prompt attention. and we find
the St Louis Ledger that the crisis there is
over and among the that tended to alleviate the
pressure was the rapid outpayment of money in the sub
treasury No less than $17O 900 paid out in single
day. The editor says 'Money has thus got to be
plentiful and those who heretofore pressed have
been able to meet their engagements punctually The
coin in the banks has considerably increased during the
past week. and will doubtless be largely increased
the next week that may expect the banks to lie
able in short time to offer extensive Accommodations in
the way of discounts Gradually have men more conf
dence in each other and matters fast assuming their
accustomed security