The Mississippi Creole

More of the Government Bank Notes Paid to Kearney's Army.

We recently noticed the technical—and it was merely technical—defence of the Union for the issue of Treasury drafts. We are now astonished by the information that nearly a million of dollars in this Government Bank paper has been issued to the Paymasters of Kearney's army! This Government Bank is to be disbursed in places remote from cities and banks, where it cannot be presented immediately for payment, and thus bearing the earmarks of a bank note circulation—issued as the shrewd cashiers of banks often issue them, as far as possible from the place of payment! Let the reader note the following article from the St. Louis Republican:—Cincinnati Chron.

"Will the Union dare deny, that Major Walker, Paymaster of the U. S. and attached to the Army of the West, under Gen. Kearney, was furnished with one half million of dollars in Treasury Drafts, for the purpose of being disbursed in payment to that army in Santa Fé? Will it deny that they were printed of uniform denominations, and partook very strongly of the character of paper money?—Will it say that a free circulation, by disbursement in Santa Fé and California, is the shortest and speediest way of obtaining payment from the deposit banks upon which they may have been drawn? Was it not anticipated, that these drafts would be disbursed to the army in Santa Fé, or sold possibly at a heavy discount, to American traders, who might have specie funds at command, which they might desire to place, without much risk, in the United States? The Sub-Treasury law, passed subsequent to the delivery to Maj. Walker, of the immense sum of Treasury drafts, to which we have alluded, provides, that when means are furnished to a disbursing officer in drafts he shall cause these drafts to be presented at their place of payment, and properly paid according to law.' Will the 'head of the Department attempt to secure the honest execution of this law, by providing funds, and recalling these drafts? or will he run the risk of their depreciation in New Mexico, as they must do, under existing circumstances, if an attempt is made to cash them, to supply the wants of the Army? It was very convenient thing for a failing treasury, and the deposit bank upon which they might be drawn, to issue perhaps a million of dollars, (for Major Spaulding is believed to have had the same description of funds.) in Treasury Drafts, to be circulated beyond the territory United States, where they could not be retained for several months for payment, and might be withheld for years, or so long the army remained..."