Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1862-09-20

under the belief that the interest would be paid k
other interest and have encouraged this belief by
stating that would recommend to Congress tina
| the interest should be paid annually. l earnestly
! nope that Congress will approve this recommends
ton The payment could be stamped annually or
| the note, without encambering 1t with coupon
and IN this way it is believed the objects intended
| by tie issue would be effected.
| would also recommend that the notes be issued
of a less denomination than ono hundred dollars
The large amount Of money in the hands of private
capitalists is the fund which must induce to be
| loaned for the uses of the Government From the
war tax returns and from estimates as to such States
as have not yet made complete returns, this fund
may be set down at seven hundred millions and one
of the best for procuring the use of part OF
by the Government seems to be through these notes
| which answer the double purpose OF currency and
investment
have, also. to report that the acceptance of de-
posits on call at per cent has operated we'll 1t
will be seen that near thirty millions have been de-
posted in this way thus proving at the same time,
the confidence of the country in the Government
and the advantages of the plan.
1t will also appear from the statements herewith
that there have been issued about S46 900 of notes
under five dollars. These notes are in great de-
mand and the issue of them may be extended to ten
millions.
The issue of the large amount and various de-
Guilty which calls for the intervention of Congress
1t requires the services of 29 clerks to perform the
various duties involved in the issue of these notes
OF these about 70 are employed in signing; and it
will be readily seen that the chief security intended
by the signing is thus reduced to but little practical
value. 1t is difficult for any one to bear IN mind
the signatures of so many different writers but
ness, absence and designations, it becomes imposs-
BILE.
These embarrassments have been increased by the
efforts of our enemies to counterfeit the notes. Or
ganized plans seem to be in operation for introdu
cling counterfeits among US by means of prisoners
and traitors and printed advertisements have been
found, stating that the counterfeit notes, in any
quantity, will be forwarded by mail, from Chestnut
street. in Philadelphia to the order of any purcha-
ser.
Under these circumstances, it will be necessary
to change many of the plates and to make new is
sues The change would be more complete by dis
pensing with the variety of signatures, which are
attached to the other notes. l am informed by the
engravers that the signatures of the Register and
Treasurer might be engraved in fac sime and print
ed and by stamping an elaborate engraving in col
ors on the back of the note, the security against
countereits would be greater than 1t is at present
The expense of the issue would be diminished by
dispensing with the numerous signing clerks, and
its more prompt execution would be secured. IL
order to make this change, the authority OF Coh-
gress is necessary The laws against countereiting
if not already sufficient must be made to embrace
these notes In this connection, too it is proper to
bring to the notice of Congress that the penalties of
the law, while they apply to any person found in
possession of counterfeit blank notes. with intent
to utter them, do not seem to embrace notes which
are completely filled up and ready for circulation.
The situation of the country made it advisable to
remove the printing and engraving establishments
from Richmond, shortly after the last adjournment
of Congress. The distance from the seat of Gov
eminent at which so delicate business must now
be conducted involves the necessity of greater ex
pense and of greater ability and higher character
than those of ordinary clerks, in those who must
superintend. would, therefore, respectfully sug
gest that this Department be made separate bu
reau, and that Chief Clerk, with an appropriate
salary, be charged with the superintendent of its
business at Columbia.
The war tax has been paid by the several States
folIo