The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-17
The Government Financss-Mr. Secretary
Cobb Taking In Sail.
The following circular from Collector Schell
indicates pretty clearly the effect of the financial
revolution upon the federal treasury. Read

| The following circular from Collector Schel
indicates pretty clearly the effect of the financial
revolution upon the federal treasury. Read
| CUSTOM Houn NEW York, Oct Is, 1857.
sRs-The Secretary a the treasury wiahes 10 obtain
senoe On a. the e,c. which the present
financial condition OF the country will have upon impora
The particular points to which his rq ai,es relate are
the probable amount OF importaons for The next ~ove
Or ssalse. nh. sss probable change 10 TIE price Of
bsbe amount or goods nov In warehouse that will be with
drawn for consumption during tho residue OF The current
FISCAL year, with any other Information that may bear
upon ne subject and Aid him In The preparation OF the
usual estimates for Congress.
Your views and opinions In relation 70 these ters
respectfully solicited. You. ooedient serxa,t,
AUGUSTUS s5HELL, Collector
Thus it appears that Secretary Cobb is taking
in SAIL He has made the important discovery
that the calculations of his predecessor, who was
enormously supposed to be a sagacious financier
are absolutely good for nothing under the ey-
haustng pressure Of this fearful revulsion. He
has discovered that when banks break merchants
fail; that when merchants are FRUSTRATED with
their stores full Of expensive goods they stop i'm
porting, and that with the stoppage of importa-
tions the revenues from the customs fall short
Mr. Cobb has thus found out that with his Custom
House receipts dwindled down to half million
week they will not be sufficient, by a long shot.
to meet the Congressional appropriations of
| eighty five millions for the year. But he has
made this discovery after reducing his treasury
surplus in the redemption of government stocks,
from twenty three millions to six millions. Thus,
in bis generous efforts to relieve the community,
he has reduced the government to the necessity
of a loan.
We have already remarked upon the con-
trast between this astounding state of things
ard the flush calculations of the flush
times Of Mr.. Secretary Guthrie. His suffsrings
were from a plethora Of cash-his efforts were
all, therefore directed to reduce the revenues
and to deplete the sutfocating patient; but with
all the liberal assistance volunteered by the land
sharks and the lobby vulturcs Mr.. Guthrie, as
| late as last December, estimated in his annual
report that by nea July there roaid be he dttress-
ing surplus Of .faty-1iree millions in the Treasury.
1 Mr. Cobb, we fear, was for time deuded by this
magnificent pile. But where is ii now Gone
missiDg-vsnished like q dream. Instead OF
forty .three millions surplus, there will most
probably be treasury deficiency by next July
Of fifteen OF twenty millions. Thus the stubborn
facts Of this revulsiou knock the most splendid
theories into atoms Last December President
Pierce was seriously embarrassed as To the ways
and means for getting rid Of his numerous sur
plus bags Of gold; this coming December Pfesi-
dent Buchanan will most probably suggest the
necessity Of an early loan to supply the wants Of
an empty treasury.
Mr.. Cobb, in this view Of the matter,
is pursuing the right course. The pro-
bable amount Of importations for the next
twelve or eighteen months has become a
point Of vital importance to the treasury
But Mr. Cobb may rest assured that he will have
TO prepare for retrenchment and reform on
very large scale or for pretty heavy loan for
the next fiscal year; and he may rely upon IL
that the merchants who have not had the sagaci-
ty TO take care Of themselves, will hardly be
competent TO give him the exact information de.
sired in the premises. The treasury receipts for
the month Of last July at this port averaged
from customs million and half per week
they are now reduced TO quarter OF million
week. Let Mr. Cobb put the difference into his
pipe and moke IT, and If IL does not make his
bead swim he can stand any amount Of smoking.
Let him next refresh his memory with the pro-
gressive operations upon importations and upon
the treasury Of the revulson of 1887, and he
will discover that his chances for touching
bottom for the next twelve or eighteen months
are exceedingly slim.
Within the last twelve months we sent ou o.
the country some fftyeight millions Of specie,
and credits to an indefinite amount, for importa-
tons, consisting largely Of luxurious goods,
now selling at Lees than the importers costs.
We have an immense surplusage Of such goods
| on had and general reduction Of various
things representing money equal perhaps TO three
or four hundred millions Of dollars II lie quite
likely, therefore, that for the next twelve months
our imports as compared with the last twelve.
will fall short at least TO the extent of the last
years expectation Of gold Of ffty.eight millions
Of dollars Let Us ell do what We can to help
| Mr.. Cobb.