The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-04


cas-. Of their own slaves But where is the pari
tv with re proclamation Of Fremont, or the DO.
Utica, condt,, of the North, in which there are
no slaves. Finally. the mild Christian servitude
nv which Tho nacroes are held at the South is
as different from that CT vel slavery which pre-
vailed in Greece and Rome IS darkness Is from
light
The arguments, therefore, by Which the 1r'-
be,ne, the Erering Post and Mr. Sumner sustain
Gen. Fremont are utterly fallacious, and In re-
moving him from Missouri at the present time
the President has done the best possible thing
at the best possible moment; and the next best
thing the President has done is the appointment
In his stead of General Wool, whose political
character is free from objection, and whose sue
cess in war and long military experience emf
nently fit him for such a command.
The New Popular Currency or the United
states.
The Secretary of the Treasury has already
issued Treasury notes, without interest, of the
denominations of five and ten dollars, to the
amount of several millions. These notes are
payable on demand at any Of the Sub reasu-
res of the United States, are popularity known
as "demand notes." and are everywhere seized
upon and used by the people with great avidity.
The act Of Congress under which these notes
are placed in circulation authorizes their issue
to the amount of fifty millions Of dollars, and
at the assembling Of the next Congress this
amount will probably be increased to one hun
dred or one hundred and fifty millions. We
shall thus inaugurate-and, in effect, shall
really have--a National Bank, established
upon basis universally popular and incontro-
vertibly sound, safe and healthy. That these
notes are sufficiently secured no one can for a
moment doubt. The issues of our very best
banks are now secured by the deposit Of United
States stocks, and If these stocks are good secu-
rites, then the demand notes Of the govern
ment which issued these stocks are also good.
But about this there is no question. The pco-
pie must lose confidence in the government
itself before they can distrust the government
notes; and Of that loss of confidence there has
thus far been not the slightest indication this
side Of the Atlantic. As far as security goes,
therefore, these demand notes excel the issues
of cur very best banks, and completely out
rival the issues of any of our banking institu-
tions whose circulation is guaranteed only by
State stocks, or by investments in real estate,
or in the stocks Of various railroad, mining or
other corporations. In word, the country is
responsible for the payment of its demand
notes.
Nor is the superiority of the government de-
mand notes over those Of our banking institu-
tons less apparent when we consider them rs a
circulating medium. The issues of our Northern
banks amount altogether to about one hundred
and fifty millions Of dollars Now, of this sum
not more than twenty-five millions are circulated
at par, and the remainder of this large issue is
subjected to a discount Of from ono to ten per
cent. Besides this, bank notes which are per-
fcctiy good in one State are either largely dis
counted or are entirely valueless in another
State; and thus we have the necessity of fire.
qrent exchanges and of great crowd Of bill
and exchange brokers, who reap fortunes from
the evils of our banking system, as many worse
people do from the evils of humanity. A
national uniform currency, like tLese de-
mand notes, obviates all of these evils at
once. The notes pass at par anywhere within
the United States, and thus there is no necessity
for discount or discounters, exchange or ex-
change brokers' Indeed, when the system is fairly
tested, we apprehend that there will be no diff
Guilty in using these notes, instead Of specie, for
foreign payments.
The necessity of such national cur
rency is felt here, but it is still more evil
dent in some of our Western States. In Illinois,
for example, the bank issues were very generally
secured by deposits of the State stocks of Sc
coded States These have of course deprecated
largely, and in some cases are entirely worth
less. The consequence is that the banks Of
Illinois have been obliged to wind up their
affairs and stop business, and the State is left al
most without a currency. United States drafts,
payable to order, have been circulating there
for some time, and, instead Of being presented
to the Treasury for payment, have passed from
hand to hand as money, until their backs and
faces are covered with endorsements, and they
arc almost equally valuable as drafts and as
autographed collections.
| The evils of this want Of recognized cur
rency, of large discounts and Of frequent ex-
CudIScb, tucSC kVVclLulcHb ocHitsuu iOeCo ASiiV-
dy, ard it is no wonder, therefore, that they
have become so very popular, and are in such
great demand that they may be called "demand
notes. in double sense. The full amount Of
fifty millions should be issued as quickly as pos
sible, and when Congress meets this amount
should be largely increased Thus we shall
have National Bank without the disad-
vantages and drawbacks Of the old, unpopular
system, and with all the advantages to the 60
vernment and to the people of a recognized, re-
liable, national paper currency.
THE EVENING Posi- ON Our MORNING DAnIEs.-
The Post contends that it is getting along as
well as could be expected in these war
times, but it is somewhat concerned as to the
condition of our city morning dailies It says
that ''as soon as the advertising declines the
journal ceases to render an income, and it must
either contract its columns as the Tribune and