The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-10-08

difficulty in raisng as much money as will meet ali the
treasury notes which may be wanted
II, however, there should be, as there was in 1914
combination g break down the Treasury il can in such
case und the treasury notes at six per per annum,
fly the public creditors as well as the specie provided
notice be issued holders transmit the treasury notes
to return certificates Of stock by mail thus superssding
the necessity o. Employing agent, in the matter
cent small as h. should not Be borne by the creditors
who entitled to be paid in gold and silver the only
currency known 70 the laws and constitution of the
This, however, y q question to be settled between
the parties, in ne way Affecting the great question Of
To guard sgsnst complaint, n the agent. of the go
vernmsnt should - instructed to make their contracts
on e me oOSsn
isrred. from the facility Of dividing and reaisng
expect whsi bank note. in this Country ever possess
ed that quality surely not the notes Of the old United
to effect that obeot could not BE- done without ' sub
vertng great prncips the influence Of supply and de-
exchange hence Il varies " iii the season The price
Of treasury notes Sl.sys a. par at washington must at
little below tho price Of checks drawn by best
banks, and on par with mercantile sight exchange.
They rule below the price Of bank checks because of
the risk delay and expense Of sendng treasury notes to
York or Boston TSis difference modified BY the pet
the uncertainty ofthsir continuing to do TO- difference
will exist Should they discontinue to receive them the
difference will be increased to lal per cent and the
crops come TO markees ieu Of or per cent in Ex-
which, Of nscessity win reduce the price Of Trsasufy
In considsrnE the .abjsct a. science, it should be
remembered that the same will carry treasury
notes up to and above par at ell places where exchange
In order to UNDERSTAND he excellence of the treasury
note system t only neceassry to compare the difference
between the present discount OF hall per cent with
the risk and expenses Of Transporting specie from Boston,
New York, Philadelphs, and other places where the
government may have IT, g New Orleans, santa re- Ma
amoras, Camargo, MonGerey California and other places
where II may De reqo1reo Inc saving OF ume would OF
seii more tnsn LOT tne nan per cent. and
sury notes would be hprod compensation OF the half
per cent Inc Insurance. Hegnt ana prlmagc ana otneT
amount 10 three times such discount
These views are, to my mind 50 plain that they
cannot Iau 70 put an end 10 Al debate on the supec
with every man who possesses due share Of common
senso.
the ps.:sx. ofho law aushornS the issue Of millions
and that only one million had bean issued leaving to
DO inferred hersfrom that the government had 6sen un
able 70 issue them and was embarrassed or iund Inc
reverse OF this was the fact the government had an
abundance Of funds in the treasury and Therefore hay
sued nor offered them. "a.
IN me HersIa OF tne otn instant speeknG o. treasury
no.es. you gay notss oesnng an neIe,! as
ngn as mat authorised, would be taken up ny caPitss
anu ino ASIDE as ana tnat case
could be no more or less than the same q direct loan
the country alled with their notes to the snouns Of
TWO hundred millions Oh dollars Are not tncr o neia
aIse ior eaIs wlnout p1inB ts4S.e1 ~ 'Ic
banks and when returned, are they not naeued. Of
new notes IN Lieu 'neIeoi put into also
provided for BY law in the case OF the treasury noses
~ u.on snoso us sove.nmen, avw iI.e.ess - ~
aessury no.ss msny u 'nose .Ics. a;, o sif
less and would EXPLODE IN case their credIois snooAa
demand payment Why then should the government
wioh gooo osyona .ne P9ssiout.y U oouD., sny" i
teTes on us notes 10 De USED ior the same purpose
rsmances, treasury Notes are lsr SAFER, aud Gon
1 ",
are payable 70 sraef WINE osnA notes are maze
70 bearer BANK notes can only 20 hsd IN sma ra
eScspns sne places wherS e S;s. are
IoSaea anu 70 seno mem from such places 70 uls.an
cities the discount would be ten times as great as tna
The currency which the people want !. the one that
s can pass par stopping 70 cacu'a'e
AL these are powerful reasons why treasury notes
should not bear interest," and more imposing argument
which no doubt has as i should have done operated
Win the distinguished gentleman ct the head Oh the
nnsncs department OF our government IS the tax which
would ue imposed on the treasury by mskns the notes
pear interest the interest Tor the time would require
Tor them 70 go TO the army and be retsned to Washing
ION wcuia De lar greater man tne amount tnat would pc
requisite to indemnify all the public creditors for the
loss sustained by discounts.
ne herase VI the ION inst also contains the iohow-
ing observations -
INC experiment Oh issuing treasury notes bearing q
no'na rae o. mterest mas oeen made, and thus lar Is
an aooition We must admit that we are grievously
ussPPon.eu Ia 'he result VI TINS nnanciai movement on
the part Of the government We supposed with others
,S a JS ~ h 20 esgo.ly s4ugn. a.srCna
10y wouu e.1 ~ u,1Sn " ,io PsPet ciIcuisucn VI a9
tney would De least par and DC useiul
not only IN introducing gradually and easily the specie
OF the treasury act but IN FUR
nsng medium Tor the regulation Of our domestic ex
changes
ms Is giving up the ship without struggle Why
SO soon abandon system promising great results with
OUT giving the close investigation merits and lar
| experiment
Had Congress provided for the receipt OF the treasury
notes In payment OF all public Dues and OF lands sold
and made them redeemabe at sight with specie, whether
they had matured not or had the government issued
them payable demand, preceded their issue with
ngton the 18th ins of the difficulties you refer
to woud have occurred hence think you were wrong
Ia cainng tne experiment an abortion.
wen mi8nt you say tnat me immortal Fuitons ap-
pcsuon steam power nad iaiied because an artizan
% IN ms.ing tne pertinent mad omed screw,
nen me enect OF nc omission exnoaed nseu a. tne
III 81 .ns wheel. was ~ once re"ea'ed' ano
''T rS poss wcns smoo.niy on"slo; 4.
;,hs - nv my aoom " no .s Una. LeasS - noss
,wans L " - 10, ANY % al uo pu " so'o."
t ;,, Nv is w .. 10 aa ne 49,.
~, o~ " s1'p. " .:caeoi. s -, oJ
ne eue,s pet'y opPosea inc sio,ious war " a