, 1861-12-13

1pU1eTate tax, ETadual1y augmented On bank |
Hotesp viii relieve TIC nntional from the |
competition c @ Of local circulation. L has |
been already suggested that tho substitution
of National for StatcrurFtTteY. upon this i
plan, wou1a DO equiyal@ntt flo iAan to{ thF
Government without interest. 9ycept1 Oh |
the fund to DO, kept in deEd, and without Ell I
pense except the cost 6<sHregaratson, isFuss
4ie nadatidrr1 ~. aue ~ Iefnr at,,
~ c,r0 md reIieT fTnT rGns;derl1,je hnrisn II
~ 49, - 4,itersst lte ~ I'M Thasa dJr3,,
tasss ao.n. ~, = an3I.1aes " nana;aeria ana
scEeme ron isc derised Ir wI;ch s1,ch - r;rcSs
iot;oI III II 10 ~ oo,to;niv ~ str4os1u cananad
tn the real .neads nf TIA nconje and ,,ent eon.
sfantir cnu;roient fn aIaccff IL nronRt ond |
certain, ree,n1t;a1, N ce;n II Iii hardly All
II 7so;siafirr sanction VA" A@@N
0t - 1'~ on~nn.1ar. - --zo.er
= 49, 4obtAe31oas otsfuhs1A- t7.5s-7-'
The plan, howeser, is not without serious
inconVen1encc and hazards The: temptation,
geF, to issae notes Acknowledgements provision prov
Tor redemption beyond means, however. -carc-
fully provided and managed; tic hazard ofpan-
ics precjpitati1g demands for coin conccntra-
ted on few points and single fund !; the risk
Of Il. depreclxted, :deprciating, and finally
eFlls OF dlshonored public falth and national
bankruptcy; all these are possible conse-
qrence5 Of the adoption Of q system Of Gov.
cEnnent cifeulatian.: :: It may be said, and per-
haps truly, that they are less deplorable than
fhose 1e. OF an 1rredeemahle- bank circulation.
Secretary contents himself wifi observing
that, In lis Judgment, these possible disasters
so far outweigh the probable benefits Of the
plan that he teels himself constrained to for
oeaI recommending 1ts adop1lon.
S UNIFORM cERREScT.
lAe seeonq plat! sugsgstea lelna11s lof ex-
am1paLioa. ~ pr.1e!Pai teaeutes arc1sl1stl-a
sea,an 1i ~, nuss osatios seon.ion aapsss
s.on f 5a ~ y sIsqs ~
assoeaauons ano lnsLnnnons lo Ealcn tney uay
oe deiFereo 1or Issue ana lSd) the security
o. o. lnat redemption by the pledge OF Inc onlted
etatGs stocAs, aoo o~an~2deqnate provision OF
spee1e:
II THIS plan the people, N their ordinary
lormi{y n currency; o. uniformly y1a; r. Sceaf ',fa
= etss!a asI 0ntes a3aa;sti oas atsL
of protection from losses in discounts and ex-
changes; while in the operations Of the Gov
eminent the people would find the further ad-
vantage; Of hrge demand for Government
securities, OF Increased facilities for obtaining
the loans required By the war, and Of some
dimlnutlon N the rate -ot interest, or par
ticipation in the profit Of circulation, without
risEing the peri1s Of great money monopoly,
a further and Important advantage Is tic
people may be reasonably expected in thc in
creased security Of the Union. sprineine from
The common Interest IN its preservation. crc-
ated by HE distribution of its Stocks to asso-
cations throurhout the eountry. as the l,asis
If their cirri,1at;os, -
The seercfarv cnfertains +1,c on;n;o1n that #
| credit circulation in any form be desirable
| it Is most desirehl. in this The: notps tI,us
| ;ssna1 and sscnrod vo1,1i Il, ia ;ndn7nrnt
fo7,,, t,,a safsst cnrrf,,cv u, ~ th;e ao,,ntr
1n a,.os or;o."a5 .,;15 +1n;r roa!!,t;1;41o .a
81 GnSe1niGc,,t ues eyceT,t cnsto1ns 11ou1d ~
| make them. wherever payable. Of canal yalue.
as currency, in every part Of tie Union.
| The large amount Of specie HOW in the United
| States, reaching total Of not less than $275,-
COZ, ,oeo, will easily support payment Of duties
| in coin, while these payments and ordinary
! demands will aid IN retaining this specie III the
| country ns solid basis both Of circulation
| and loans.
The NIole circulation Of the country, ex
| eept limited amount Of foreign coin, would
impress Of the nation, whether il coin OIL
| notes; while the amount Of the latter, always
/ easily ascertainahle, and, of course, a1wayz
generally known, would not be likely to be
increased beyond the rcal wants Of business.
NOT AN usTR1ED PLAN
IT. o,araera. =, o,,;,,;o,, g., c,- oe .,,;,
l t al onmt5a Ia aa'oI y, lni,
- 49, So ae Seuss2 s. ueseass 70 =
llas " aus"4!asc oa teconinie1uatlon ., lro1L
~ hpss.eIlc sta4 H. = i,oI vi "nlraga eneors
.he 1.1tte =. Neh ~ Atu ~ oue " liotc ~ y
ehe Henei osat1e, ~ nas nGeh suoloeteo, ~ ~:
MosI essenlla1 parts, 10 Inc 1est OF expert
nent, and has been found practicable and use
full Tile probabilities Of success WILL not bt
diminished but increased by its adoption unde]
nnI aons 4a ~ LA III A4I tat 4b ,
ae1na5 4Sna.la.s ~ 40 ~ Aaa .Aas tAS p1AA y ~
commended By one other onsideration, which
IN the Judgment OF the Secretary, Is entitled
to much influence: 1t avoids almost, II no
altogether, the evils. OF great and suddc1
+. I rh1nNo in fbn rnrrntry hy 0ffariT1p i1ffrre