The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-10-17
The New Popular Currency Of the United

StatrS-
Tae Federal Government having ben
driven 10 every expedient for the purpose of
raising the wind. it is amusing To sec now its
apoiogists and champions at The North cry
up every new experiment, albeit from each
hollow scheme, each lower deep they sink
into q "stiii lower deep OF pecuniary despe-
ration. The ''new popular loan is the lat. st
wrinkle, on which the Ryaio harps AS fol-
lows:
The Secretary OF the Tressnry has a!readv
issued Treasury notes, without i'll terest of
the denomination of five and ten dollars, To
the amount of several millions These nores
are payable on demand at any of the Sub.
Treasures OF the United States. are popularity
known as demand notes. and are eyery-
where seized upon and used by the people with
great avidiiy. The act OF Congress under
which these notes are placed in circulat ton
authorizes their issue 10 the amount of fifty
millions OF dollars, aud al the assembling CT
Tie next Congress this amount will probably
be increased 70 one hundred or one hum
dred and fifty millions. We shall thus
.nanguraie, and, ia effect, shall really
haye-a National Bank, established upon
a basis universally popular and incou J.
troveru5ly sound, safe, and healthy, Tba,
these notes sufficiently secured no one
can for moment doubt. The issues OF our
very best banks are now secured by the de-
posi-. of United States stocks, and if these
stocks are good securities then the de-
mand notes Of the Government which issued
these stocks are also good. But about this
there Is no question:. Inc people must lese
confidence in the Government notes and of
that loss of confidence there has thus far
teen not the slightest indication this side O (
the Atlantic. As far as security goes, there
lore, these demand tlotes excel the issues Of
our very best banks and completely out.riyai
the issues of any OF our banking insti. .u lions
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 q word the conn
try Is responsible Tor the payment OF It's de.
hlAnd notes.
Nor Is the superiority OF the Government
demand notes over those OF our banking insti-
tutions less apparent when we consider them
as circulating medium. The issues of our
Northern banks amount altogether 10 about
one hundred and fifty millions Of dollars -
Now. of this sum not more than twenty -fivs
millions are circulated AT par, and ths remain.
der OF this large issue is subjected TO q dis
count OF from one to tea per cent Beside,
this, bank notes which ar. perfectly good in
one State, are either largely discounted or n re
entirely valaeless la another State and thus
we nave the necessity OF frequent exchanges
and OF "a great crowd Of ill and ex chnnso hr,'
kers, who reap fortunes from the evils OF our
banking system, as many worse people do from
the evils oi hnmanity. A national uniform
currency, like these demand aotes, obvia les
all OF these evils At once The notes pass Al
par anywhere within the United States. and
thus there y no necsrsity for discount or dis-
counters, exchange or exchange brokers In.
deed, when the system is fairly tested, we np-
preneau tnAt there will be no difIlculty ia
using these notes, instead Of specie. 1pr tor-
et&ll payments.
The necsssity Il such : slssional currency
10 ielt here, but II Is stll more evident Ii some
Of our Western States. Ia Illinois, Tor exam.
p'f, the eank lssQes were very generally -