Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-01-29
From the Washington Union.
The Purchase of United States Stocks by Secretary

From the Washington Union.
The Purchase of United States Stocks by Secretary
Cobb.
The following article, from Thompson's Bank Note
Reporter paper entirely neutral in politics. is inserted
here act of simple justice to the distinguished head
OF the Treasury Department:
In conversing upon the present condition OF the U
ted States treasury and the issue OF treasury notes. we
not unequeny hear the Secretary of the Treasury
Sured for purchasing in during the panic, so large
amount of United States stocks
This censure however, is invariably from superficial
TeaSOners, or from political opponents The large
amounts purchased were from savings banks and had
Mr.. Cobb declined to purchase delayed in nego
tiang for lower price, the panic would have resulted
in mObs blOodshed and general breaking up fsavings
banks not only in this city, but throughout the country
We will not deny but that the honorable Secretary
might have, by being penny wise and pound foolish,
saved some four to six per cent on about two millions
Or by refusing to purchase the balance on hand would
have been some two millions larger for short time but
the consequences would have been these
Il. Millions of loss and suffering by the poor and
middle classes.
2. large depreciation in national credit.
3. An augmented stagnation in labor, trade, and
commerce.
d An increase of crime the natural heir of distress
and disappointment.
s. By augmented stagnation in commerce, and a
prolonged depression in business the government would
have lost 1858 than the total amount
Of stocks purchased during the panic.
The determined faultfnder may at the idea of
all these consequences hanging upon the two millions OF
gold obtained from the subtreasury drafts given for
the purchase of stocks With such we have space to
reason but let the unbiased look at the statistics of our
savings bank-the amount of deposits-the number OF
depOsitorS-the class of people depostng-the amount
Of mortgages held as assets all Of which in case of fail
would have to be paid Or foreclosed Then let him
but think of the state public feeling public panic
pervadng all classes at the time Mr. Cobb did that-the
best act the government could doand then if he can
say it was not wise act say have respect fol-
him statesman political economist, phianthopist
or Christian
THE New YORK UsURY LAws-There is bill before
the New York Legislature of which the following is the
substance:
Section l. No grant, transfer, bond, note bill of
change, contract agreement for loan forbearanc5
OF any money, goods things in action, shall be void by
reason OF any paying receiving agreeing to pay
such rate of interest as the parties may agree upon
Sec. 2. That in all where the rate of interest
not mentioned it shall be deemed and taken at the rate
of per cent
Sec. 3. No more than per cent. to be charged OF
any judgement renderd after date Of rendi ton.
HORRIBLE MURDER.-An Irishman was murdere
in Johnston county N O., few days ago, by John j
Massey and Haywood Rains. They beat the unfortu
nate man to death with sticks and gouged his eyes out
The murderers effected their escape Whiskey was tn
cause of this bloody deed
The AMERICAN MINISTER TO CHNA.-The Hon.
Kong correspondent of the New York Times, annOun
cling the arrival of the u S. steamer Minnesota says
Mr.. Reade and suite are quartered on the ship HI
was received very cordially by the authorities and tn
people here and has been called upon by Lord Elgn
Sir John Bowrng, Admiral Seymour and other digni
tares Numerous military honors have been showerC
upon him. for awhile the amphitheatre formed by tn
mountains around Hong Kong smoked like battle fell
In consequence of powder burnt in his honor.
We understand that it is in contemplation at the Wa
Department to despatch Lieut. General Scott to tn
Pacific coast with view of arranging for military oper
ratons against the Mormons from that side. This i'm
Porant movement has not, however, at this time, beer
definitely decided on
Capt James McMcIntosh United States navy, ha
received pepatory orders for the command of the HON
squadron, OF which the steam-frigate Colorado, now
course OF preparation for sea, will be the flagship
ssSE&M -.-. Union.