The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-20


taxa the governments promise 10 pay at the
lowest rate of interest. This would he dire ct
application to capitalists and the notes whe 4
issued would go ints their Golfers q 60 much
safe investment. To- the public at losge they
would be Of no service whatever.
Bat there is another object 10 be attained in
the issue of Treasury notes by the government.
1t is desirable that while the public serves the
government in this matter. the government
should endeavor to meet the wants Of the whole
community, and not of that particular class
alone which is seeking safe Investments
We have country larger than all
the countries of Europe put together,
throughout which there is now the greatest
need Of q circulating medium available
for remittance from one point to another at u
triHing cost. This necessity is met now in va
rious ways, at q positive loss to the public. We
have bank bills which are sent from Dan to
Beersheba, and back again to Dan, the brokers.
who manage the business shaving them from a
quarter to five per cent at every point. and
making fortunes by it. Then we have bankers
who draw their own bills both ways, for which
they also charge very pretty per centage, and
TO add to the interest Of the thing, stop pay
ment occasionally, and buy up their own paper
at SO much on the dollar. Finally, we have a
safe but limited medium of remittance in the
| government land warrants which are used for
this purpose to a large extent, although the
value of them is payable by the government
only in public lands at the land, Offices in the
far West. They have very nearly a standard
value at which they are bought and sold in
every city, town and hawket in The Union.
| Now, If the Treasury notes are Issued bearing
six per cent interest, or any other rate that
shall recommend them to capitalists they will
be at once boarded, and render no service what
ever to the community. But if a nominal rate
| of interest be put upon them, as for instance
one-sixth of one per cent, which Is easily
calculated, or not worth calculating at
ALL they will go at once into cir
| calation, and do yeoman service all
over the country, without expense to the
government. They will be more available to
travellers than the present local issues of bank
bills, more convenient to carry than specie, and
more secure than private drafts; they will
serve the trader eltner as current 1unQS al nome
or as bills to remit to his distant creditor ;
they will pass current as a circulating medium
everywhere without the doubts that now attend
the bank bills in use, as to what is the rate of
discount OF whether the bank is sound. We
trust, therefore, that the House will amend
the bill so as to authorize the issue
of these Treasury notes at merely no.
minal rate of interest, to bring them
within the law. If the rate of interest is left to
the option of the Secretary of the Treasury, he
will be beset by horde of gentlemen with
| plethoric pockets, in search Of a safe invest
ment, who will befog the whole question with
assurances that the public wont take the notes,
| and that he had better sell them to them in
| large amounts at round rate. Let us have
the Treasury notes in small sums and at nomi
nal rate Of interest, and let the government pay
them out as money all over the country. If it
will do this, the man that will not receive them
in payment of a debt will make the fortune Of
any Snowman who will exhibit him, notwith-
| standing the hard times.