The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-04


shackles oftreason. They came from all quars
tiers of the country, at the call of the Union
men of the city; and, though timid and doubtful
at first, when warmed up by the addresses Of
Governor johnson and other Union speakers,
they began to recognize the value of the gov
eminent they had disregarded, and the wicked
ness OF the rebellion into whose jaws they had
fallen. Tennessee, then, with her rebel de-
Tenders ba1led and the authority of the United
States restored there, belongs to us again.
The same is true of North Carolina, as recent
events prove. The United States has Cover
nor there in the person of Mr.. Stanly, a wise
and discreet official, as is abundantly shown
by the record Of his executive action, furnish
ed by our special correspondent at Newbern in
his letter published this morning. Governor
Stanly, Immediately after his arrival grasped
the designing fanatic abolitionists who had
been despatched from New York to North
Carolina, with a strong hand, and by few we'll
timed official papers caused them to respect
the State laws with respect to the matters OF
opening schools for negroes and harboring run
always slaves. In point of fact the schools
have been closed and the fugitive contrabands
restored to their owners, pending. the final set
Element of the great questions of policy in
volved in the war. Messrs. Colyer and Helper.
two abolition chiefs, Immediately left Newbern
in disgust for New York, to the great de-
light Of the faithful Union inhabitants Of
the place and the rapid extension Of
the feeling of loyalty in the State.
North Carolina sees her ports opened,
and the people are showing, by the nomination
Of such men as Graham, Gilmer and others to
represent them in Congress and the guberna-
torial Office, that they are heartily tired of
rebel oppression, and are anxious to return to
their allegiance to that flag which has fostered
and protected the Old North State for so many
years. !
The National Currency-Necessityo OF Its
Extension.
We are glad to hear that it is the intention Of
the Secretary of the Treasury to call upon Con-
gress to remedy the great want of the country
and the chief defect in the late act authorizing
the issue Of United States Treasury notes. The
great want Of the country throughout its whole
length and breadth is uniform stable curren-
cy, based upon unquestionable security and adj
mitted authority. Such currency, limited by
Congress, issued by the Treasury Department,
secured on the national faith, and convertible
on demand into the best securities in the world,
is already supplied by tho United States Trea-
sury demand notes.
But the chief defect in the act author.
izing this currency is that the denomina-
tions of the notes are too high; for tho people
require for everyday circulation, notes Of .
smaller denomination, such as ones, twos and
threes. This want we hope to see supplied by
Congress without delay. It is q measure inn
peratively called for by the wants Of the coun-
try; and. contrary to the shallow views Of one
Of our contemporaries, 1t will be measure in
accordance with the soundest principles Of
political economy
The system of currency inaugurated by tho
State Of New York has proved the best in the
world, rendering New York bank paper a.
sound and solid q currency as gold it.
self, and infinitely more convenient. But
there is one great defect in the New York sys-
tem-namely, that it is local, and its benefits
hardly extend beyond the State itself This
defect will be fully remedied in the admirable
plan proposed by the Secretary Of the Trea-
| sury. The Treasury notes will be secured ON
the national securities, in the same manner a.
our New York paper is secured on the securf-
ties Of the State of New York, and they will
therefore be as far superior to the latter cur
rency as the national credit is superior to State
credit. Again, the currency of the State Of
New York is limited to the State; but tho
national currency will form uniform system
Of circulation throughout the Union, which ID
the very desideratum the country stands in need
| Of In this respect, great as have been the inn
provement and security introduced in the New
York system, this application of 1t to the whole
country by the general government will be an
improvement similar in extent to the superiori-
ty Of steam power over horse power. The plan
proposed by the Secretary Of the Trea-
sury is in fact the simple and we'll
tried plan Of the New York system Of
perfect security, generslized and extended
throughout the Union by the action and on
the faith Of the national government It is the
conversion Of o local benefit into a universal
one, like the application of steam power in lieu
Of horse power. 1t is no experiment, as some
shallow journalists pretend it to be- If the
system has been found to answer perfectly
when used by single State, and applied
only to that one State, much more 1t will
be better when used by the national gov
eminent and applied to every State in tho
Union. The new system Of Treasury de-
mand notes has already proved a perfect