Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-12-23
flor the TnteIlireneer.1
CURRENCY. 10. 8

NO d
Since my former communication appeared in
the Htelligsneer, Recommending an emission OF
treasury notes, Mr.. Hunter, from the Commit
tee on Finance, reports n treasury note bill, adj
vising its immediate consideration and adop-
ttion. This bill authorizes the President to
cause such sums to be issued as the exegencieS
of the public service may require, but not to
exceed at any time the amount of S2O,OOO,OOO,
nor to be of less denomination than $50. The
first issue is not to exceed $6,000,00O, the rate
of interest on which, is to be fixed by govern
ment, and expressed in said notes, to be redeem
ed after the expiration of one year from the
dates of such notes. Should this measure pass
into 4 law, without any restrictive clauses that
may have a tendency TO impede the transfer OF
these notes from one holde to another, the bill
may well be regarded as a boon TO the CONNER
cial interests of the country. 1t will be the
most reliable paper money we have, and this
consideration alone would, / should suppose, be
sufficient to remmend it to the trading comtnu-
nifty. But it will have another advantage, this
money will bear interest at the rate, probably,
of six per cent per annum. $6,OUO,OOO only
are to be issued on these conditions, and $l4,-
900, 900 to be disposed of at par TO the bidder
or bidders, who will make the exchange for
specie at the Owest rate of interest. There can
be very little doubt that if the government
chooses to issue the whole $20,O0O,O00 on the
same conditions they propose tolssue the first
Sc, 600, 900, that the whole might be exchanged
for specie Immediately, it is distributed through
out the country to the various government Off
ces or private banking institutions, for that pur-
pose; especially If the denomination was lower
ed to $50 as n minimum instead Of $50, as at
present liked upon. If these notes are to bear
interest at six per cent per annum, 1t will re-
.quire but n very simple calculation to ascertain
their increased value from month to month as
they mature, rs it will be just one half per cent
DusP IlOnfh Lot rs take for instance n SA0
note, the Interest for one month will be twenty
five cents, !. e.-the value of the note is increas-
ed TO $50 %; at three months $25 20; six
months $5l 30; twelve months S53. 1t will
thus be seen that holders of treasury notes rea-
Uses a profit on their money, whilst our gov
ernment gets an ample supply Of specie for the
use of the public service, and at a rate of
interest as low or lower than it conld be
obtained from the ordinary ''moneY LENDER
| do not doubt that government may obtain
gold and silver to the amount of $4,000, 600, in
exchange for these treasury notes, at a less rate
of interest than six per cent, na large issue of
$50 notes were distributed throughout the cOun-
try, they would, l think, be exchanged readily
for five per cent, a difference to the country Of
100000 The bill provides ''pains and penal
ties" for forgery, such q provision may be very
seTviccable so far as it goes; but the best pre-
tentative against forgery is to manufacture, il
possible, n bill that cannot be counterfeited, and
u IL " HoPeu Tue party Ill whose nanuS Tue
matter is entrusted, will not fail to call TO his
aid the utmost skill he can procure to carry
this desiaeTGtum into effect. This may appear
to some, a matter of minor Importance; but
would it be regarded a small matter to crush
the mOnstrous evil, that now paralyzes the bust
ness community, forgery of our paper currency
The Severest penalties will never effect it, (eYen
capital punishment'0 have been tried in vain;
skill and ingenuity, however, may accomplish
what penal enactments have failed to do: at any
rate let US hope the government win try what
can be done. This movement of issuing So
O0O,O 900 can only be regarded as a first install
nent of what will be done hereafter for so
small a sum as the above will be caught up
with avidity and retained by the present hoard
ers of gold and silver. We hope soon TO see all
the stock redeemed, comprising the $25, 100000
Of public debt and converted into a "circulating
medium" in the shape of treasury notes, bear
ing the same rate of interest as the ST, 100000
may be fixed at; but the ~exigencies of trade re-
quirc that u very considerable portion of it
should be of u lower denomination than $50.