The New York herald., 1862-01-29

coin at par. different dates in July and
August, six per cent two years. notes TO
the amount Of. ...................... l4,oi9,Os4
There borrowed, at par, in the same
months, upon sixty days six per cent notes,
the sum Of. ACKNOWLEDGEMENTS. l2,s77,75o
There WAS borrowed, at par, on the 10th OF
August, three years seven and three-tenths
per cent bonds, issned for the most part to
subscribers to the national loau. $4,000 900
upon like securities 100000
There was borrowed, at par, for seven per
cent, the 10th OF November, upon
twenty years six per cent bonds reduced
to the equivalent Of sevens, including n-
There have been issued and circulated OF ''''
Treasury notes, payable on dsmaDd.... $4,000, 900
Making al aggregate debt in various forms,
to January b, 1852. 'saoc, ,7s4 els
estimate that the amount required up TO =.
July l, 1862, viii be-. a4a 2s5 1857
Total debt estimated July l. 1862 $3.50 ,ooo, 900
estimate for the fiscal year up to July l.
1863, il the war continues TO that time :. $50 900 900
Total Indebtedness, liquidated and unqui-
This estimate exceeds that Of the secretary Of the es
snry by $500 900 900 July 1863 This however, in
cudes all indebtedness against the whether
funded or not and all ACCOUNTS in process Of being audited
ans s6ch as are passing through the hands Of the
ing officers There now over 800 900 900 o. accrued
indebtedness, in dfereat FORMS that should be paid
early day With this large Indebtedness and
with the prospect that (upess this bill adopted the
government MIl put the market TO the highest bid
der, still further issues of bonds amount OF $3.50
600 900 10 $500 900 000 10 pay expenses July
next i y not expected that even the present price Of
tinted states stocks can be maintained il forced on
the market at this time. We have the alternative
either 10 so into the market and sell bonds for
what they viii command. or ~ pass this BILL fpd
some better mode, II one can be devised 10
raise means TO carry the The Secretary has the
means OF deiraying the daily expenses required be
dbnrsed from the Treasury for only few days longer
He has ON hand about fifth OF the loan made in No
venber last, small portion OF the demand Treasury
note authorized by the act OF uyssy $40 900 900 not
issued, and eu,h the hg
ler cent and three siStylve hundrcdths per cent
Treasury notes authorized 10y that act be used in
paying contractors for supplies and for salaries and
other government dues 10 snch persons a. willing
receive them With The enormous expenditures OF the
government 10 pay The extraordinary expenses of the
ii requires extended calculation that the
Treasury msst he supplied from some source or tho
government must stob rkyment very few days
You cannot borrow OF capitalists any money on
tweny years so an per cent bonds, your seven
thTeeten'bs Treasury notes, at the rates fixed by
act OF July last II you ofer the people and put
the market $500 900 900 more, 10 the highest bidder
ia the presca aspect OF affairs, they would taken
except al ruinous rates o discount That policy wonid
dsprecate the bonds already taken by the banks and
tie people who most loyal To the government and
who came forward best trends aud furnished
the iouch needed during the last few months %
organize your army and navy: and, besides such de-
preciaton would greatly increase the debt by requiring
ssa m.se 1g s@YR as S :. usd Than w.ad be
the market the present depressed state of United
stocks % be followed by other la,ger loans is not re-
saFds az asor:Ss ,s mode q PESvs hs means igI
Y
had been adopted at rst might possibly have been the
best mode: but il is too late 10 essay that plan, and
% Hd Be c.os rTnSos Scsas T nsaS aaS ss. . % ss
sure, aI seventy nve seventy. sixty and even ATTY
cents Ins would be runous mode OF raising the MEANS
+ ss s's s% Ss ss Ss sSs
recommend the issue OF demand Treasury poiss
although he points many Advantages haf Would
% ,s s. fS o sssns as 's ,
second, national currency, secured by pledge or
tons, with proper regulation. for their redemption by
the banks themselves On the propriety " the issue "
Treasury notes by the government TO be put in crcula
top a. money the Secretary says'-
Tn. frs. q these pans was partially ..osied q. . s
tsry United states notes payable coin an
may eItepded the average circulation
OF the While ..s ess: der ss aSa1s srsn ny
OF local circulation u hs. been already suggested ihs,
plan would be equivalent loan 10 the government with
interest except the fund 70 be kept coin and With
dcnpcn while TIE people would gain The additional .d
vantage Of uniform currency and relief from consde
rable burden in De form OF interest on debt
These remarks Of the secretary made before the
suspension OF specie payments. The situation Of the
country - not very different from what IL two
months The circumstances have changed and the
Secretary and Congress will nd II necessary in the pre-
sent exsency conform their TO what can be
| done and what they would like to do were II
ober~ se practicable Tho second plan OF the Secretary
and the which he recommends for adoptionns,ney
by pledge OF United states socks-the Sub Commit
| Tee 'of Ways and Means have examined with con
siderable bill has been prepared and printed
for the Of the committee which may, after some
modification he reported 20 the House for it's action
The comtntee have 10 the conclusion that how
meritorious this system may be in providing way
funding the stocks II the United States and however
perfect the system may be made by Congress cannot
II adopted he made available enough to the
mn ediately impending necessities OF the government
This system Of banking would necessarily 20 into
operation slowly The existing circulation Of bank notes
in the ioyal supposed be about $40 900
This currency when issued, would come into compe
esab shed n the several states aud in the present
barra-sed condition ~ monetary Affairs several months
efessary eapse before any considerable
OF United stocks would be absorbed BY banks
| der this proposed law. A. an ultimate mode Of
funding part Of the large amount OF government
rom time 70 time be issued II may be very valuable
aud the national currency issued upon would no doubt
obtain vide circulation and greatly facilitate the pay
beDt of taxes and other dues the G0vernment But
with navy and an army of 800 900 the field requiring
with the other cxpenRos OF tbs qovernmDt average
daily expenditure Of more than 81 800 900, this sys
TEN Of banking will not afford relief Treasury
time TO enable the Secretary meet the pressing de-
mands that are made upon him The duties received at
the different custom houses and the levied the
extra session. or that may now be levied will be wholly
Inadequate 10 meet the requirements OF the Treasury
the present emergency during the six months II
you cannot borrow the money the credit Of the United
make the new banking system available IN time, and can
,slze the amount required from yo and tax
tile ID what mode the means he obtained and the
government he carried on " is believed that the o. iy
wa, in VII CHI bs done s by issuing Treasury Dotes
payable .p esmaHo, aho Ioashr them eeai ,sDasr IN