The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-19

knew 70 little, how much less must the directors
have known! If the bank could be robbed Of
over 100000 without arousing the suspicious
of the paying teller and cashier, how much
would it have been possible to take without
alarming the directorss Apparently, the whole
vault might have been depleted before the d.
! rectors would have given sign.
We recur to tie subject again for the purpose
of reminding our readers that, three or four
years ago, on hints which we received from a
very reliable quarter, we stated that in more
than one Wall street bank, defalcations to large
amounts were then lying hidden and would one
day be discovered. Our statement was strenuous
| ly and vehemently denied by the officers of Sc
veral leading banks, among others If we mistake
not by the President Of this very Union Bank.
| These financial authorities were perfectly furi-
| GUS at our audacity and insolence. Three years
| have elapsed since then, during which time no
less than three heavy defalcations have been
brought to light in the banks which we de-
nounced. What must the public conclude the
! next time these bank presidents assert their in
nocence, or the soundness Of their institutions:
| --- -----
l 8sAeSssS~eV.A @.~eS~e.S~~
Steamers.
According to public advertisement. the Col
Inns Liverpool line of stesmships-the Atlantic,
Baltic and Adriatic-were to have been sold
| yesterday at auction; but for some reason the
sale was postponed to the. LIST Of next April
| The Bremen line-the Herman and Washing
ton-were to have been disposed of in the same
| way two or three months ago, but the panic
| put off their sale till a more favorable oppor-
| tunity..
| Thus it appears that at this moment
when the governments Of England and
France are more actively engaged than
ever in promoting and sustaining lines of
ocean steamers in all directions, so as to mo-
| nopolize the trade Of the world, our government
has succeeded in prostrating and destroying all
| our American lines Of ocean mail steamers, by
the nggardly and unwise policy which distin-
guished the last administration and the last Con-
gress Unless the present administration and
| Congress bestir themselves to correct this evil
our boosted commercial prosperity will speedily
be nothing more than myth, and the American
| flag will be confined to river boats and fishing
smacks, with an expensive naval establishment
to protect an American commerce which has
| ceased to exist.
| With the exception of the contract with the
Collins line of steamers-and which the pro-
prietors of that line are unable to continue since
the withdrawal of half their pay-there is
| not single American ocean mail contract now
in force The contracts with the California
| lines, the Havre line, the Bremen and South
| ampton and the Havana have all expired.
| A temporary arrangement has been made with
| the California line, by which the service is con-
tinued until Congress makes some disposition
of the matter; and the Collins line is subject to
prosecution for not continuing to ruin all con-
cerned in it, by carrying the mails at the re-
duced price. Such is the present condition Of
our ocean mail service; and up to the present
time neither the Committee on the Post Office
and Post Roads Of the Senate or House Of Repre-
| sentatives have taken the subject up for con-
sideration. The question is very simple one.
IL is merely to determine whether the United
States shall quietly give up to England the SUI
premacy of the ocean and the carrying trade
Of the world, or that our government shall, by
wise liberality, assist our enterprising citizens
| in disputing this threatened monopoly.
The last administration, whilst it connived at
the most enormous land stealing, made point
Of opposing in every shape any legislation
| which had in view the extension Of our COM
| merce. We have confidence in Mr.. Buchsnan's
| experience and judgment, and we there
| fore cannot believe he will permit
continuance Of the miserable and die
honest policy of his predecessor but will en-
| courage our commercial development In every
| proper manner, az the true source Of our nation
al wealth. BY this we do not mean TO urge the
establishment Of every line Of ocean mail
steamers asked for; but where 1t can be demon
| strated that the establishment of o line Of
steamers would open to the United States
| large commerce which is now diverted from US
| by the existence of n British line, and where an
American line can be established with the aid
of O moderate assistance from the government
for the conveyance of the mails, II il clearly the
duty Of the government to extend that aid.
In the assistance which the government Of
this country is called upon to afford in the eco
nomical establishment of lines of ocean steam
ers, by guaranteeing the payment Of moderate
sum for short period for the conveyance Of
the United States mails, IL is but fulfilling its
organic duty; and the argument that in every
case the amount Of postage should be sufficient
to defray the expense, is absurd. There is a
wide difference between mail service within the
United States and on the ocean. In the former
case the whole object of the establishment of
mail routes is TO accommodate the correspond
ing public. The government Of the United
States derives no benefit from the establish
ment Of post Offices, beyond the public
convenience and IL is fer this reason
that IL is sought to make the Post Office De
partment a self sustaining institution. Yet il is