Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1862-12-11
New York Herald .n the Treasury
ReDOr(.

The report of the Secretary of the Treasury
sets at rest the long agony of Wall street on
the subject of the future financial policy of gov.
eminent. Mr. Chase pronounces emphatically
against further issues of legal tender paper
In bis opinion set t0M BE- HRtoise, RnLsSS cir
cauastaaces greatly change, 20 authorize til,
increase Of United States notes beyond the lin
a. non tired by lap," His reliance for the
amounts of money required for the prosecution
OF the war, over and above the product Of
taxes, land sales, &c, is upon loans. In the
words Of the report; ....
Our chief reliance, aud the safest, must be
upon loans. Without any issues of United
States notes beyond the amount now authoriz-
ed, it seems certain that loans for the whole
amount required for the current year can be
readily obtained at fair rates; and it may be
confidently hoped that before its close the re-
sources Of the country will be SO we'll under
stood, and the restoration of its territorial in
tegrity so well assured, that capitalists will not
hesitate TO supply whatever may be needed for
the subsequent year."
This clear and emphatic language will set at
rest the anxieties of those who expected that
Mr.. Chase, while not recommending more pa
per issues, would at the same time frame his
report in such manner as to give Congress an
excuse for authorizing them. The aggregate
expenditures for the current year are set down
by the Secretary at $788,5l8,777
The revenue as follows:
Receipts from duties, taxes, land
sales, &C., = $lSO,a95, 345
Realized already from loans, 200,129,717
To be realized hereafter from loans
authorized, l3l ,02l ,l97
Deficit, 2T6,9l2,5l7
Total, $7SS,51S,777
To supply this defcit-which the increased
receipts from internal taxes and duties will de-
crease very materialy-the Secretary expects
to realize $4,000, 900 by the organization of
banks under the scheme unfolded in his report
and $25 900, 900 by charging the banks for
temporary deposits. The balance, of about
$500, 600, 900 by enlarging, he feels confident
that he can raise "by loans at fair rates, with
out any further issues of United States notes
beyond the amounts now authorized" He
would prefer that the bonds to be negotiated by
him should be three years seven thirty notes,
convertible into 500 bonds, bearing six per
cent. interest. He merely asks of Congress to
authorize larger issue of bonds than was au-
thorized at last session, and to remove the pres
ent restriction on the sale of bonds below par
These are the leading features of one of the
most important financial statements that was
ever issued from Washington. There are 9TH
er matters in the report, especially the point
referring to the gradual and compulsory with
drawal of all existing bank notes from circula-
ton and the substitution of Uniced States notes
for them, which will demand comment hereaf-
ter. At present the far more important fea-
ture of Mr.. Chase's policy-namely, the aban-
donment of the paper money system, and the
return to sound methods of finances likely
to engross public attention, to the exclusion of
all other topics.
The news of this changein our financial pol
icy will be hailed with delight throughout the
country. Its first consequence will be de-
cline in gold, which will involve correspond
ing decline in all those articles of merchandise
which have been inflated by the imitation o
gold or the depreciation of the currency. The
very rumor that Mr.. Chase would oppose fur
Their issues of paper, caused decline of three
per cent. IN Gold this morning. Mox-
en- article Dec. 8.