The weekly sun. (New York [N.Y.]) 1851-1869, 1861-12-14

iiiihs of ono per cen, on the real and pcrsn1 Al
property Of tho loyal states, will produce forty
fcur millions f dollars 10 which sum tho pro-
posed income tax will probably add ton millions.
The whole sum will be lililc moro IN an onc-.iX,h
OF the surplus earnings OF the county.
The circulation Of the bunk, VI the United
States, on the LIST day Of January, 1851. vas
computed 10 be S2O2, 00O, 767. OF this ctSuli.
tion ti50 600, 600 Ia rOuud numbers, Wa an
states nov loyal, including West Virginia, aud
so, 600, ,0OO H. the rubrlliods s,l'es. Tho whole
ot this circulation cunsti,u'cs a loan win ,ut
interest fem the people to the hank' costing {
them uOthiNp except tho expense OF issue and
redemption aud the intcrcs. up tho spcc, kept
On hand i1r the after purpose AMI il Il sctNts
con liberation whether soufd priicy DO, not re-
Quirc that the sd nuia.CU Ct this loan bo trans
ferret, in part 90 least from the banks rcpic-
s,ntinr oul, thr interests Of tho siockt oldarS
o the Cover mcnt iepreseu ting the asgrs gate
int ats uf thc whole itoplc.
II has been vol qu STONED by the uost cmi.
mont statesmen whether currency or uu K
intes issued hv local iu itttiors uui iuc s.,to
laws is not, ir lac' rr,hi'i ct ly tnc ., / u ]
Constitution. Such emissions certainly tli
V.thiu a., p't.. nor vi'H. thr or f l'c
corsti'uiord ,'uhi'i icl It tr, c...t Cd. ,.
bills Of credit h., th' s'nlys. .ul %. tl' 1.,. ,..1s
~ ihcm OF an Tin, t'r.r. r1t anil l.,l
coin t,uier IT, ttNtu"ut ut u,rs s.
However this may .r. it Is TOO CI a. o. lu
reasonably dispptsi ''hN G'ucre = uHd ~ its
cor stitulicril powers to lay taNct ~ 10 :.liic
commerce, ard TO fc.,ul &c tire value OF O.. in,
p sstsfcs ample an ho'ity 20 control TIC c.,dii
circulation which cnt"'s sp largely into the
trsI sac'ors Of mmcrc6 ami Affects la % m NY
WAYS the value Of coin.
In the judgment Of tie S'crctars, 'hN TIM
has arrived when Csngtess siU id cNc,cis, ia -
authority. The value ut the cai.tinl. hank mote
circulation dcfe.ds on tbc laws OF thirty tour
States and the character Of sum0 si<tcnn hum
dred private corporations. | is usually fur.
ni,hcd in greatest proportions by Institutions OF
least actual capital. JiculaiiOn, commonly, is
in the inverse ra'io Of solv,ncy. Wcll.tounlei
institutions, of large and solid capital, have, IN
general comparatively little circulation While
weak corporations almos, invariably seek to srs-
tain themselves hy obtaining from tho people
the largest possible credit in this form. Under
| such a system, or rather lack of system great
fluctuations, aud heavy losses in discounts and
exchanges, arc inevitable and not unfrequcnt-
lv, through failures Of thN issuing ns tutions,
| considerable portions Of the circulation become
suddenly worthless in the hands of tho people.
| The recent experience OF several sta'ci In tho
valley Of the Mi Misissippi painfully illustrates
| the truth Of these observations.
But the possible disasters nhich might boial
the plan, so far wei CHS with the Secretary tina,
| he fOrbears TO recommend its adoption.
The second pl An suggested remains for exam
| ination. It's principal features are, OsO a cir
| culation of noies bearing common Impression
and authenticated by common authority
| (2d) tho redemption OF these notes hy the ASA
| Citations and Institutions to which they may b'
delivered for issue; and (}l) the security o
| that redemption b. the pledgo Of Unite,
States stocks, aud an adequate provision o. spo
| Gle.
In this plan tho people in their ordinary
business, would find the advantages OF uniiOrm
| i,y in currency; Of uniformity in security; q
ciiectual safeguard, if OIL ctual safeguard is pos
siulo, against depreciation; and of prJtcc inl
from losses in discounts ard exchanges; Will,
| in the operations Of the Government tho pcOpl
would find the fur,her advantage Of a large DC
| mAnd for Government securities, of incrc tso'
facilities for obtaining the loans required by tn
| war, aud of some allcviation Of tho burdens N
| indt ,try through dimnution in the rate of IN
tcrest, or participation in tho profit of cirru
lA,ion, without riskin6 the psrils Of grca
money monopoly.
A further and important advantage U IN
| people may bo reasonably expected in tho II
creased security Of tho Union, sprinRing froI
the common Interest In It's preservation, create
by tho distribution Of its stocks TO association
throughout tho country, ~ tho basis OF the
circulation.
The Secretary ontertains tho opinion that II
credit circulation in any form be desirable, II
most desirable in this. Tho notcs thus issu,
| anu HcCufcu WOultl, III MS judgment, form u
safest currency which this country has ever OF
joycd; while their reccivablity for all govern
ment dues, except customs, would make then
wherever payable, of equal value, IA a currency
in every part Of the Union. The largo amour
Of =, ccfe now In the United States, reaching
total Of not less than two hunirod and seventy
five millions ofdollars, will easily support pas
ments Of duties in coin, while these paymon
and ordinary demands will aid in retaining III
specie in the country as a solid basis both
| circulation and loans.
Tho whole circulation or the country, cxcel
a limited amount Of foreign, would, after Il
lapse Of two.or three y1ar', bear tho impress
the nation whether in cpir or notes while I'll
amount of the latter, always easily ascertain
hle, and, of course, always generally k1ow
would not be likely 90 bo increased beJ ond q
real wants Of business.
He expresses an opinion in favor Of this pll
with the greater confidence, because il has Il
advantage of recommendation from eNporiouc
, Il Is not AN untricd theory. In the State
New York and In one or more of the other stat
Il has been subjected, in its most essential par
/ | to the test Of experiment, and has boon ioul
practicable and useful
: The probabilities Of success will 10 increas
A | by it's adoption under national sanction aud
:. tho whole country.
: The Secretary ioo's up the actual eNpen
Q | turas Of the first quarter Of the coming yoa
o and the estimated expenditures for tho rest
d tho year as follows:
l. For tho first quarter tho actual
II expenditures were.....,.,.. SJS, ,239, 'JJ
v For the ID, 81 and ith the esti-
| mated expenditures, under ap-
, propriations already made for
[ public service, including civil
I list, Interior, War and Navy
q Departments, AMI public debt
4 | Bnd interest, are ....,..,,.,. 3O2, ,O50, 'bl
4 | Md the estimated expenditures