New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-06-14
MIR. CEASES FsNANCE.

We believe tue secretary oil lie treasury
right in tho main features of his new Financial
expe2ient-that more Treasury Notes ough. 10
be issued, aud that part OF the increase
should be in denominations of one, two, end
three dollars. There is no good rcaion for the
authorization of the sum already out which
does not tell as strongly in favor of further
issue. The grcen-bacla are popular; the People
have had q fresh taste OF Il paper currency
which viii pay debts and buy goods alike IL
New-York and Nebraska, on the Aroostook and
the Sacramento, and they like II. After what
we have suffered from Ted-dog bankers and
one.horse brokers for the last twenty years, 1t
is delightful to have currency that will 60
as well on one tide Of river A. on The
other, and that you do not have to looh
over every morning 10 See bow much OF 1t
has collapsed during the night. To buy
YOUR dinner with the air of Il capitalist, aud
learn after you have eaten it that the landlord
won't take any of the money % in yonr
yocket--to walk into a railroad or stage Office
a thousand miles from home and a hundred from
anywhere else, and there discover that nOthiug N
YOUR amp filled wallet viii move you another
rod, 10 matter 10 what direction, are among
the miseries 0f AmrTicsu lie which have taxed
the proverbial good nature Of our people 10
the brink Of imprecaiIoG. We have long
reeded currency which could be transmitted
a thousand niles without cost Or apprehension,
and which would count the same to the re-
ceiyer as to the sender. Such currency We
have at length achieved i'll Uncle Sans green
backs, aud We heartily concur in the pohcy OF
increasing the amount up 10 the e1itn. OF the
public needs.
But d single important point is lett uncoy-
cred By Mr.. Chase's prCect-that OF equation
(absolute or virtue) with coin. u is not 10
be forgotten that the payment OF Interest IN
specie was 10 part Of the Secretarys original
scheme Of issuing Legal-Tender Treasury Notes,
nor yet Of that of the Ways and Means Com
mittec Of the House. IL was literally forced
upon them by the practical good sense oil the
country, which perceived that Paper Cur
rencv redeemable at the pleasure of the ssuer
and paying interest in just such paper-was a
yin.o.wisp that would lead US directly into
general confusion and insolvency. To enact
that pebbles shall be dollars is simply to de-
cree that debtors shall pay their dues with
nothing and that thereafter there shall be 10
currency. The value of the Treasury Notes
to-day inheres in the fact that they are con-
yertible into a public security wherein the IN
terest is payable in coin. Take away that,
and tho premium on specie would rise-nl
other words, the Treasury Notes would depre'
ciate-to rate utterly destructive Of Trade
and Credit through tho arrangement OF all
money values.
Already, the premium on gold hns risen 10
FIVE per cent-whlch means that our Treasury
Notes are that much lower than they should
be. And that they NEED mol be thus dePrecl-
aled is proved by the fact that U. 5. SIX per
cents are selling at rate which proves them
worth more than gold.
As yet, the evils of deprecated currency
ara not generally felt Let the premium on
gold rise a little higher, and they surely VIII
be. Coin Will disappear from circulation De-