The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-07-25

influence IN relieving the money msrkst and do not yrovs
50 beneficial anticipated By the provisions of this
act the President has the power borrow the credit
Of the United States such of money he may
deem proper &c., instead Of issuing treasury notes. but
the liability Is that the full amount authorized will be
raised by issue Of treasury notes. bearing nominal
rate Of interest.
The currency of the country requires an accession 10
its volume of this amount and in this shape to rsiss the
average value and to quidate balances between differ
emit sections of the country by regulating domestic
exchanges.
An addition to the circulating medium to the full ex
tent Of the issue will be secured, if merely nominal
rate of interest is paid those redeemed from me to
time ere to be ressued but to exceed the original
amount They will be addition to the currency much
sought after account of being receivable for all 60
vernmsnt dues and will certain but limited extent
check the demand for bills of city banks for that pur
rose
THE LOAN AND TREASURY NorE BILL.
Be it enacted, &c. That the President of the United
States hereby authorized to Treasury
be issued for such the exgcnces of the
may be redeemed to cause others to 30 issued
but not exceeding the of $40 900 600 of this omission
and other IN the aet eu
tied An act to authorize the issue of Treasury notes.
approved the 18th of October, 1897 except that the
thory hereby given to issue Treasury notes shall
And be further enacted That the President, i in his
opinion shall be the interest Of the United States to
do, instead OF issuing the whole amount of Treasury
notes authorized by the first section Of this act may Dor
the credit the United States such an amount of
money he may deem proper and issue therefor stock
of the United States for the thus borrowed in the
same form and under the same restricted, mitationa
and provisions as contained ia the of Congress-
approved April H. S42 entitled "An for the extern
sion of the loan of 1884, and for addition of Ave mil
lions OF dollars thereto and for allowing interest
Treasury notes due:" Provided however, That the
sums borrowed together with the Treasury issued
by virtue of this act shall not in the whole exceed the
of ten millions Of dollars And provided further,
That commission shall be allowed paid for the
tho 81 tine l0. .Sa he y act ss
longer than ten years from the issue thereof.
And be it further enacted, That tho Treasury notes
and the stock issued under the provisions of this act
shall not bear higher rate of interest than six per cent
per annum and part thereof shall be disposed Of at
And be it further enacted That no compensation shall
be made to officer whose salary is fixed by law for
BE- sySnd Ss
by the act herein referred to.
This bill called for by the real exigenciss Of the
country and will relieve the government and the peo
pie from vast deal Of financial and commercial embar.
rassment. We have fears Of the currency becoming
deprecated by the circulation Of these notes. or Of the
volume Of the circulating medium becoming too inflated
II the banks relieved in any way by this policy Of
the government and have abandoned all fears of an i'm
mediate drain of the surplus deposit in specie they
will not, under existing circumstances be disposed to
expand very largely resort to system Of business
different from that pursued for time past they
have before them the Independent Treasury BILL which
will pass next session of Congress, If it should not get
through and become law this term.
The Independent Treasury BILL with the most liberal
specie provisions and with the full issue Of treasury
notes in the market would operate very great and
important check upon the banks The existence Of the
ten millions treasury notes in the market, would bring
easily into operation than it would otherwise be. but
with all this the banks woud hardly dare expand and in
fate any of their movements to any great extent
1t is anticipated BY the opponents Of the independent
treasury BILL that the issue of treasury notes will annu
that act and make imperative that will be for tho
present abandoned This, however is not probsbls and
II the opponents Of the tariff bill wise or had
the least TACT they would their strenuous efforts
to bring into ration simultaneously with the I'D valo
rum tari-n the event Of its passagehe independent
treasury bill in its most stringent and restrictive state
The adoption of the independent treasury act would be
greater protection to every important domestic interest
Of the country, under tho operson Of the new ad
valorum tariff than they have ever realized under the
present bill
We have for long time advocated this policy We
have repeatedly proved concusvey that the value and
volume of the currency had more influence in regula
ting foreign importaons than ell the tariffs ever pro-
posed adopted. If the wings in Congress would use
all their influence to the value of the circulating
medium by reducing its volume and place such resric.
tons upon the banks would place the currency
upon complete specie basis while the democrats were
tnkerng the tariff they would annu all their reductions
and protection to the manufacturing Glasses
greater than they have previously enjoyed pro-
lection far beyond being reached by any change In
the tariff that It would be permanent
There Is ridiculous inconsistency In the political
principles Of both parties. The policy they pursue In
regard to one measure into direct conflict with
those pursued upon other measures According to the
democratic creed, low tariff will produce small or
large revenue which may from time to time BE- 10.
quired When the surplus was large, the CRY
was for reduction in the tariff for the purpose Of r.
ducing the that the country involved In
heavy expenditures and is obliged raise lean by IN
issue Of treasury notes. and mere revenue 10 required
reduction in the tariff il demanded for the purpose Of
increasing the Here is an inconsistency that
that would make any one but politician blush. On the
other hand according to the creed of the whig party
protective tariff necessary to build up and establish
manufacturing interests and inflated currency in
necessary to establish proper system of credits and a
ford facilities to carry commercial pursuits They ap-
psar lose sight of the fact that inflated and dspre-
cate6 currency aunuls the protective features of their
trris eHscualy than any thing slss-that one of.
sets the otherthat they not consistent with each
other. There 10 ignorance in legislative halls IN
relation to connected with commercial y.
fairs both foreign and domestic that truly lamsphi.
1t is not astonishing these laws imperfect,
Old BtOck Exchange.
$4,000 Ohio &c. 1900 ssX $50 shs HArlen1R saL