Newbern weekly progress., 1862-02-11

Il thew are taken into Wall street and sold
peremptorily, it is a moderate estimate to pre-
diet that they will be ha ,sked about unsuc
ccSSfu}tv, from Office 70 Office at thirty 10 forty
per cent discount: for it is utterly bevonl tie
consunptIve capacity OF this any other Fl
ranciai centre TO take care of nine millions a
week of any paper, Of any kind, however
good.
Even if theT could be sol,i at 50 10 per
cent discount, the banks would lose, a. blow.
30 to 40 per ceat of their 800. 600, 600 now
invested in governml ut securities and on the
other hand, the government would have to
pay so much more for evcrythlug,it needs, as
Contractors, in Offering estimates, would, of
Course, take into accOunt the loss on the treas
ury notes. This objection must prove fatal TO
| the scheme and it is hardly necessary to OBJ
Serve that tie provision making the new notes
interest bearing j. a mere needless expense to
! the government, aad wh2tever notes are issued
| mnSt necessarily pass from hand 10 hand for
! their face. and nc one Will derive any benefit
| from the interest except the last holder. The
tirSt impulse nf the House C"unlittue of Wavs
and Means was based upon Souader principles
than this scheme of the bankers The com
mlttee proposed an issue Of treasury notes,
bearing no interest made Il legal tender, and
convertible at any time into United States
SKIES. 1t only required provision that these
notes should be redcemaoie in coin, at the
pleasure .ot the government, to make this pro
joct nearly perfect as possible under the cir
crmstanceS especially with a system OF taxa
ton producing at least sl5G, COO, 900 per an
n nlnl.
The notes paid by government to contrac-
cors would go in.o the banks al over the
Country, and would be paid ont by them like
any other currency Every year at least $780,
00e, 900 of them would be withdrawn from the
banks by tax payers and paid into the Sub
the Treasury Department would be able to
cancel a portion every year, while another
large amount would naturally be converted
into United States skies hv their holders -
This process would go on until no more notes
were left atloat than were required for the or
diuary wants Of the people as national cur
rency. 1t is argued that such an issue as
this would canse gold to rise to a premium. -
1t is estimated that the loyal S:ate> Oh the
Atlantic contain not less than $500, 900, 900 of
gold coin, and we are receiving S32, OOO. 600
annually from California. As al this precious !
metal Is OF 10 earthly use except IS curretl-
cy. and every million boarded costs its owner |
$TO,Oto a year in loss of interest, how high |
is gold likely TO rise2 1t is reasohable to ex-
pect that the holtrs Of these $500, O00, coo |
would resist premium Of five per cent?
Would they resist four? Would not three be !
9 more likely figure to bring oIt coin?
barrassirg the government N the most annoy
ing manner, by ctamouring about the evils Of Il
paper currency, and insisting that Mr. Chase |
shall pay coin, w1ch he hasn'J got and can't |
get. Less mischeivous people tnan these are
in the right pace--in Fort Warren To SAY I
shat specie currency Is better than paper
currency is Is palpabIe tr,Istn as to say that /
virtue is better than vice, sobricty than Intem |
perancc, common sense chan folly. Every body !
admits that issues OF paper money great
evil, that Suspensions Of specie payments are
very bad, and that it is extremely ohiectioGa- |
bic to make asything but golt and sil, cr le- !
gal tender The question is, which is the !
greater evjl-to issue paper ana make it he
ga! tetIdeE or to stop jhe war and cknowicdge !
the Southern Confedsracy? One the other |
must be done, and at once Borrowing jrnpos- |
SIble taxation too SLOW the issue Of exchc- +
qner bills, to be slaughtered in Wall street. too
pFodgal; there ren;tius but one rtS0 lrce-fhe /
Issue 0: Treasury notes, made legal tender
unless We are prepared 10 lay down our arms |
and admit the dissolution of the Union. The i
dilemma is unfortunate, undoubtedly; but in .
our present circumstances 1t is unavoidable. /,