The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-09-14

which have gone West. We think it will be found
that, not only will mono Of this circulation come
East Tor redemption, but ut least fifty per cent
more such notes will be imperatively required It
the West for the transaction Of the ordinary bust
ness of that region. At the time the rebellion
broke out the business of the States Of Illinois,
part of Indiana, Michigan, Wisconsin, Iowa,
Minnesota, and part of Missouri kept in employ
ment about $50 000 goo Of circulating bank paper,
some $50 900 600 Of which was local currency,
either issued by safety fund banks or secured by
border slave State stocks, and the remaining
sl0OOO,oO0 currency of Virginia, the Carolinas
and Tennessee, which was put in circulation ut st.
Louis. The whole Of these thirty millions of cur
rency have now disappeared. The Southern bank
notes were sent home long before the period of
non-intercourse commenced. Most of the safety
fund banks have broken, and the currency Sc
cured by slave State stocks has declined in pro-
portion to the depreciation in those stocks. Here,
then is vacuum, created by the war, which must
be filed; it viii take $30,000,000 Of currency to
ill it. No such amount or indeed any amount
whatever, can be spared by Ohio,o Pennsylvania,
or New York, or New England. The currency re-
CURED can only be supplied by the new Treasury
notes, which, being convertible into gold at st.
Louis, CINCINNATI, Chicago, &C., in the West, as
well as at the principal cities Of the East, will be
at par everywhere, and will be eagerly absorbedby
people who have been accustomed to pay TO
knaysh bankers tax Of from to 10 per centupon
every transaction in business. If this assumption
be just, the West will not only retain the
$2O,000,00O of currency already supplied by Mr..
Chase, but will require $40 900 900 more as soon
possible. The further question as TO the absorp
ton of such currency in the Central States and in
New England is not so easily answered. Judging,
however, from present indications, it may be safe
y said that very large amount can be Aoated here
and in New England. AS soon as the demand
notes are understood every one will naturally wish
10 use them in lieu Of bank notes or specie. They
combine the security of the latter with the conve-
nence OF the former They can be turned into
coin at any United States Sub-Treasury or deposit
tory, and half million OF dollars worth eau be
carried in the pocket. Already we hear that some
of the manufacturers Of New England are going to
pay of their workmen in them, and every one in
this meridian is talking of using nothing else. In
deed, the convenience ard comfort of a uniform
and safe currency such that it may safely be
predicted that they will enter into general
and ultimately exclusive use here's perhaps it
~
ty, in the course of twelve months, hundred mil
lions Of dollars might be Goated here and in the
West.
The business Of the Sub.Treasury to-day was as
follows:-
Receipts 81 500 OH 20
FOR customs ........................... 1000 90
Treasury notes. .................... 995 600 20
paymehts 2,S5l OI2 "
Da'hce ....i4,o10zit Is
The EXCHANGES n Bank ,ic
morning were sl4,203,5 5S 81, and the balances
81 POS lG0 so.
The American Bank Note Company arc now
sending large amount OF the 7.30 notes to Wash
ington. Some 81 500 600 TO 81 900 600 will be for
wardcd to-day and tomorrow. The department
will then have full assortment of all the denomi-
nations to meet the rapidly increasing demand.
The Boston Iost says that ''up to Tuesday morn.
ing the Boston banks reported sales of 81 300 600
of the 100 Treasury notes. This is exclusive of
those taken at the Assistant Treasury and of lots
for which negotiations now in progress At
Cincinnati the subscriptions are also going on sa-
tisfactorly, though some capitalists prefer to wait
till they are Issued The Cincinnati Inquirer. speaks
of two buyers who would take at once $500 900 |
could they know for a certainty when the notes are
to be issued.
The Washington Star of last evening says:-
Yesterday morning tho Treasury Department DESPATCH
ed more than i!ioi Of doiats III SNAIL notes TO Cncn-
natl and st. Louis to he expended for army purposes
mainly. There are twenty ctks constantly engaged in
signing the names Of tbs REGISTER and c Treasurer the
''on demand bs-iives tens and manifestations three
hundred Thousand dollars Of which daily perfected
ready be paid out. The services OF than hun.
dred clerks are required to do the s.clrpine" of the
Of all desc gipuis and denominations. These begin
work at nne "A. a., and continue on duty till eleven
PM