The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-12

Mr. CHASE AMONG THE WALL STREET BRot
KERs.-There is some trouble between Me-
Chase and the Wall street brokers. The threS
great stock jobbing journals Of this city-the
"World, the Flesh and the Devil,n alias the
World, Tribune and the 1smes-have been very
savage upon Mr.. Chase, the Secretary of the
Treasury, for financial operation which he
has effected with some of the banks within the
last few days. 4
1t seems that Mr.. Chase exchanged two mill
lions of seven thirty notes in the Treasury for
two millions of demand notes in the hands Of
the bankers the profits upon the operation being
estimated at something over forty thousand dol-
lars to the banks which gave the demand notes
in exchange for the seven thirty notes. The
brokers and banks concerned in this transact
ton were, it appears, the Bank Of Commerce
and Mr. Morris Ketchum, of this city; the bank
of Joy Cooke d Co., Of Philadelphia, and
the bank Of Rittenhouse, FAINT & Co., Of Wash
ington city, the value Of the seven thirty stock
being six per cent above par, and that Of the
demand notes about one-half, making diff
ference of about forty thousand dollars profits
to the bankers concerned. Transactions Of
this kind, in which one party Il little sharper
than the other In the science Of rithmeti0
are very frequent in Wall street, and
very little if anything is ever said about them.
But it seems there was no blackmail bagged
arising from the secresy Of the transaction, and
therefore these stock jobbing journals think
that they have been deprived Of their legal
rights The government lost forty thousand
dollars and the Wall street brokers pocketed
the difference.
All this only goes to show that the Wall
street operators are sharper than the Secretary
Of the Treasury; but it affords no ground to
make any noise about the matter. The Tribune
ought to be satisfied with the profits Of its gun,
contract the World should be satisfied with
the pickings out Of the famous Cummings job,
hopes for the Senatorship. They have no cause
for complaint, nor, perhaps, has anybody else;
for if Mr.. Welles was right in allowing his
brother-inlaw, Mr.. Morgan, to make two and
a half per cent and if Secretary Cameron was
right, too, in allowing his friend Cummings to
make little something. we do not see how
Secretary Chase can be blamed for allowing
the Bank of Commerce to make little. II,
however, any objections should be raised, no
doubt the House Of Representatives will ena-
BILE the Secretary's friends to pass vote ap-
proving his course.
After all, in reference to the Secretary Of
the Treasury, we must say that he has COM
mitted fewer plumbers touching the almighty
dollar than he has done touching the almighty
niger. With the assistance and good sense
Of the fnanciers Of the city Of New York, he
has astonished the whole financial world, in
Europe and elsewhere, by the stability, the
power and the strength of the government
credit which has been established. Let him
stick to the course of action in which he has
been SO successful, and gradually lay aside tho
negro hereafter. and it may be much better
for him before four wears are past and gone.