The New York herald., 1862-12-10

~ re publc finances has brought to light I'd
most extraordinary. beyond question. Is the on1
which was yesterday reported to the House q
Representatives by Mr.. Thaddeus Stevens, q
Pennsylvanis. In wall street to-day the prevail
Ing impression that che publication Of the bl1
was hoax, intended to bring hr. Stevens int
contempt. The bill certainly nayer came frosl
the Ways and Means Comaitkeel It would bs
very difficult to frame . financial scheme in whiet
absurdity Of detail should be more closely cen
bined with dishonesty Of prpopsyn general i'm
practicability. II authcfixee 4 new issue o,
$500 900 900 legal tender notes, which would in
sure IN advance Of 50 per cent in the cost o
iving but as it directs the Secretary to use thes
notes in paying OF the temporary deposits anf
buying up the $50 notes and $50 bonds. the
governnent would derive no benefit from tho
issue, though the people would have to endure
its evils. 1t repudiates the solemn pledge
which was given to the world at ias|
session, to the eject that the interest the deb
should always be pata in gold, and directs that il
be paid in currency. When Mr.. Stevens under
took to repudiate why did he stop half way|
Why not repudiate principal and interest together|
What win the world say whom it is seen that th|
Chairman of the Committee Of Ways and Mean
deliberately proposes to repudiate solemn pledge,
on the faith of which people have invested thei|
money In United States stockss Az to the banksl
Mr.. Stevens proposes to tax the excess Of theit
circulation over and above one-half their capital al
the rate Of fifty cents on the dollar. tax Of fiftj
cents on the dollar, enforced within9O days, would
simply break every country banksin this StsN
and most Of the banks in New England and thi
West; would throw into. the market t70I
OOO, 900 a $50, ,O00,0 900 United States stock
held by these banks, and would rendeI
Northern State stocks, on which our Northsrl
bank issues are mostly based, unsaleable at ami
price. The Northern State Legislatures would
have something to say in this matter. Mr.. Ste|
vens also proposes to authorize tho Secretary n
issue bonds-how' many it is not easy TO discover
One section speaks Of 81 900 900 900; but anothe|
mentions "a billion Of bonds" which is 81 ,OO0I \
oOO, ,0OO, 900. 1t doesn't matter much which was n
tended II this bill may be taken as a criterioa
of the amount of financial sagacity possessed b.
Congress, then God help the country! II MI
Hooper, Mr.. Spaulding and the other practice
members Of the Committee of Ways and Mean|
arc willing to follow Mr. Stevens as far as this u
hostility to the plans OF Mr.. Chase, it needs bd|
little discernment to perceive where the goverp|
ment will land ere long. t
1t is very remarkable that N should never hav
occurred to any one to turn to good account. foil
the benefit of the government at the present crisis
the high premium on gold. The pablic revenu|
from customs which is payable in gold, will probs|
bly, yield next year $45. 900 900 over and above th
interest on the debt Why should not this largI
amount OF gold be used by anticipation IT Nj
Chase for instance, offered to sell gold bonds
is to say two years or three years bonds payable
gold-with interest at six per cent, also payable
gold, what price would they command in the mar
kct at present? With gold at l32, would not sue /
bonds be worth 40 125 in currency For a}
purposes Of mercantile men who arc buying o|
boarding gold to protect themselves against !
depreciation of the currency, such bonds woul
answer the same purpose as gold, and would hav !
the advantage of bearing interest instead
costing money to carry them. 1t would be to th}
interest OF our banks, who arc carrying somi
twenty-five millions of gold of their own, TO sc
this reserve and replace it in gold, bonds. Sue
bonds would serve banking basis, like specf
itself: they would pass from hsnd-to hand in Wa
street like gold checks or brokers' contracts fol
the delivery Of gold. Is it unwarrantable to ex
pect That the country could absorb si5 100000 !
month of such gold bonds in the balance Of tn
present fiscal year, at premium a l20 q l26I
Such plan as this would lead directly to the ult
mate resumption Of specie payments, and woul
enable Inc government to derive some adtsntag
from the disastrous consequence OF the first issw
of legal tender notes.
The business of the Sub-Treasury todsy was .
follows s..,s -
l.eceptS ,7Oo
For cr stenss. -. ................... - 200 0
Payments. fSyz, "
Balance Io,ooV,soz
Tie following is comparative statement OF tn
exports (excl,sive of spece) from the port Of Ne,
York to foreign ports for the week ending Decem
bcr 3 and since January L. sgss
iS6o. 1851 1862
For tho week. .S2I47.413 3404 ,e56 s.340 80
Prev ously reported 2 s25 76 124 SIT j l42 90
snce January &s4 .os5,l29 IL s22 ,oos la, ,s33 -
The statement OF the Phadelphia banks, Tor tn I
last tive weeks compares as follows:-
Dsc1 D~ g.
Capitni stock sil ,12l.2s5 if.'2fl95 Inc... SCI
Loans. ......... 2s,is4,,22 33.ss00i0 Dee. .34 90
specie ....s 49,. J,i65, ,S34 5.3s5,15s Dec. so
U,e IN other banks $50 $50 ,9Oe.s00 Dec. - "a
fne ~ her hnnse S91y.3.5 &, 3a3 Dee. .5f5 09U