The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-06-17

tie Catholic church, both resulting from the
piops frauds practissd by corrupt clergy under
the sanction of the Jesuits. Have the Protes-
tant church and the Protestant community
of this great metropolis reached pitch of Inn
morality and corruption which blinds them to
the danger Of adopting the came pious frauds
which led to all these troubles in the good old
Catholic church? Can any one give us copy
Of the Sabbath day manifesto against the news
boys, in order that we may ascertain how many
other signatures have been attached to it with
out the consent Of the published subscribers
The New TREASURY L0AN-SrArE OF THE
FNANCEs-The reader will find elsewhere q
statement of the bids for the balance of the
twenty millions loan which was awarded on
Monday last at Washington. 1t will be seen
that the bidders-of whom several offered to
take over million-sent in bids amounting to
twenty nine millions of dollars Some $685.
900 were awarded at four and half, the balance
at four and three quarters per cent. With the
of that portion of the loan which was adjudged
at four and q half was adjudged to New York
bidders.
1t is said that the bidding would have been
more spirited and at lower rates but for the pas
sage of the act which authorizes ten years
loan at five per cent per annum This may be
so. At the same time, it should be remembered
that money is not worth over four per cent in
Wall street, and that the government ought to
be able to borrow as chesply as the fnaaciers
With the twenty millions loan authorized by
the late act, this award will add forty millions
to the debt Of the United States; and there is
but little prospect that even this resource, added
to the small balance now in the Treasury, will
enable the department to satisfy all the demands
that may be made upon it during the ensuing
year. Certain it is that If any unforeseen ne
cessity should arise, the government would find
itself short of means; although there is sixty
millions difference between the financial posi-
ton of tie country now, and the position it
occupied when there was balance Of thirty
millions in the Treasury.
As Mr.. Buchanan said in his last message to
Congress "the habit Of extravagant expendi-
lures fostered by large surplus in the Treasury,
must now be corrected, or the country will be
involved in serious financial dificulties." The
financial embarrassment which has led to a ne
cessity for forty millions additional debt and a
dispendition Of the entire accumulation in the
Treasury, is the natural fruit of two causes
the extravaganza in the public finances at Wash
ington, and the falling off in trade caused by
the revulsion. 1t is itself an accumulation of
the errors of past years. The prosperity and
extravaganza of the years which have elapsed
since the first discoveries of gold were made in
California, are now telling upon the govern
ment-partly by reducing its revenues, and
partly through the increased cost Of every de-
partment.
1t now rests with the government to do what
in it lies TO correct the only one of these causes
which lies under its control. Over the revival
Of business, and consequently the increased re-
venues Of the Treasury, the government cannot
have any more influence than any citizen; but
it does rest with Congress and the departments
to exercise a salutary influence in checking
leaks in the expenditure. Nothing short of rigid
economy on the one side and patient waiting
on the results of revival of trade on the
other, can save the country from very embar-
RAISING position.