The national Republican., 1862-10-24
FINANCIAL.

20, to which it was temporarily reduced by
certain well meant but deusive efforts Of the
banks and the brokers. The banks refused
to make loans upon gold, and the brokers
did not permit it to be sold at their regular
boards But gold is very good security to
lend upon, and il not received as collateral by
the banks, it is, and will be, by private capi.
tslists. And as long as it is u thing which
some people have to sell, aud which other
people are under the necessity Of purchasing,
it is certain to be bought and and sold II not
at the brokers board, somewhere else. 1t has
been found impossible to control prices Of CON-
modities by laws, and it is equally impossible
to control them by such devices as we have
referred to.
A very respectable paper, the n. Y. Post,
makes the extraordinar. rggestion that the
premium on gold is enhanced By the privilege
which isofered to holders Of it to loan it to the
Government at interest. Undoubtedly, this
offer gives q slight value 10 gold which it
would not otherwise possess, but it was the
only alternative for something which would
have enhanced the price Of gold still more.
The custom house 'u'ies being for the present
paid wholly in dema ID notes, aud gold being
imperatively needed to meet interest on the
public loans, the Secretary Of the Treasury
must either have gone into the market and
purchased gold, or have resorted to the expe
dent OF borrowing it. To have purchased
the amount needed, would mauifestly have
raised the premium more than borrowing it
does.
Various visionary expedients are proposed,
10 diminish the premium on gold.
One is, to reduce the amount of Treasury
notes in circulation.
Another is, TO withdraw them altogether.
Both ore impracticable 10 view Of the 6pan.
cial necessities Of the Government, and it is
not probable that either would be successful,
even if practicable.
Undoubtedly, il there were no Treasury
notes, there could be no depreciation Of Treas
ury notes, but how would it be with what al
ways has been and still is the common cur
rency Of the country, bank notes and banl
credits?
That currency deprecated in the war o
lel2.-l5, utthoW Treasury circulating notes
quite as much, or raore, in most parts Of tb
country, as it has now wnh Treasury circula
ting notes. And it was the banks which stop
ped payment in this war before the Govern
ment did, and when scarcely any Treasury
notes had been issued.
There has been DO experience 10 this, or II
any country whose experience can be usefu
to US, which justites the belief that such wa
as We ure engaged IL, with its vast disburse
ments, and .oans, and taxes, can be carried O
without the use OF some kind Of paper
Let US SEE, what sort OF arguments are ad
vaneed, to make US believe that bank note
constitute the most desirable paper.
In circular OF S. Hallet a, Co., publishes
10 New York paper Of yesterday, we fn,
the following:
There can be no currency Of paper whlcl
does not represent correep undipg values pi per
sonal properly actually ex.stIng-propeTty ii
toI u Ittlns II for immediate Cousum lon.-
A h.l: Did 10 a title deed 10 a cOrrespvndin
pvTt'u nt tte capital Of tt Bank issuing it,
The bank, TO have It's notes Obtain circulation
must have Its assets in suoh shape that the,
Can be speedily coaverted into gold. The bill
ofsuch bank are merely used TO transfer IL
capital from hand to hand Where they 20 nc
make such transfer, IN consequence of th
nf nf hA h. sh...r l.,
be taken, or the reai on that it is the substanc
not the symbol, wh ch is the object sought"
The people Of this country know, by lon
and bitter experience that bank bills ar
frequently nothing more than title deeds
70 so much moonshine, and that they crculat,
not so much from apy real confidence in thel
as from custom and necessity. So long q
they are redeemed iu specie, they may
preferable to Treasury notes which are nc
redeemed. But we take it,; that the re,
choice, so long as this war lasts, is betwee
the paper of suspended banks and irredeem
BILE Government paper, and of the two thing
II ID the latter which is better entitled to CO
6dence, SO far as security for ultimate paymel
~ concerned. lp other works, ever ythir
which may be said in favor Of the advantag
Of o convertible bank currency, is altogeth
aside from the mark, because we can have
such currency until peace il restored, 1t
on ipconvertible currency which we are
have at ull events
The true way to improve the value Of @
currency, including both bank notes q
Treasury notes, is to prosecute the war wi
vigor, or in other words with success, sic
vigor will certainly ensure success
We pass by as deserving little notice, t
Efforts Of certain partisan sheets, to hold I
Secretary OF the Treasury responsible for ,
misfortunes Of Our f"ancial position. Tt
officer, aside from IT, small expenditures
his own proper Depa .neut, aud into viii
he has introduced the most rigid economy, /
nothing to do With the disbursements of t
dsyouriug war, except to provide, in the b
way be cau, to meet them. And it is O
because he has the shoulders OF giant, d
be has not br oxen down long ego, under