New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-06
NETWORK DAILY TRIBUNE SATURDAY, DECEMBER G. 1862.

n,ovenent OF the revenue end for the establish
ent of the public credit by the discharge, with the
creates, possible prompttude and punctuahty, OF all
public Obligations.
The wh,ie power to borrow money under the act
of July, 1851, to authorize national loan Is now
exhaufie ed The only important laws under winch
means for meeting demands the Treasury can be
had are hose enacted or modified by Congress at its
ast session.
These are of two general clnsses, namely. those
which provide revenue from dntios and taxes, and
thoee which authorize the obtaining OF money by
loans in various forms.
The laws of the first class are ustl, the several
acts imposing duties imports, and 2dl the act to
provide internal revenue.
Tie laws Of tho second class are nsl, the act au-
thorizing the iseue OF United States notes, and OF
six per cen; bonds Of the United States, redeensble
after five and payable in twenty years, 20 the amouot
OF five hundred million OF dollars l2d,) the two acts
authorizing the issue Il certificates Of indebtedness
and the purchase of COIN (3i,) the act authorizing
an additional issue Of United States notes; and an
the act authorizing payments in stamps.
The laws of the first class have been too recently
enacted ard their practical operation and results
ara affected by too large variety OF circumstances,
to warrant any very confident opinions either as TO
the particulars IN which amendments may be re-
quired or the amount Of revenue which nlhy be ex
pecied from them. The year which VIII eapse be-
fore the next regular sethon % Congress viii allow
sufficient time for practical tests, aud viii doubtless
suggest beneficial notifications. H. seems already
pTOuaais that some taxes imposed may b. eiiler
repealed or reduced Ia Tte that session, without
Injury 10 the public service or the puJhc credlt.
Possibly also, some comparatively nuimporlant
changes NAV be indicated useful before the close
Of the present session.
Tie actual and estimated receipts under these laws
for The current fscal year, rs already stated, VIII
amount under the tar.f act TO SIS 0i, 73G ~, aoG
under tho internal revenue law to 50, iJ6.3J3 ~.
The receipts from all other sources, exclusive Of
loans, US estimated will reach $l39j3,7JS A.,
makipga generals ggre gate, including $40 81,
balance from ast year. Of $ioJ $40 %, aud eay'
Ing to be provided from loans, IN rome iosh SUOS-
063 iJ2 o..
lie laws Of The second class limit the issue OF
United states Notes exclusive OF The contingent re-
forye de, osts 10 % 100000, limit TOO amount
receivable on temporary deposit TO sIV3yJJgvO ana
limit the ssle of hye-twslty skies 10 sJyO,Ouu, w.
TIE issue Of certificates OF indebtedness ana OF fFac-
tional currency is unlimited by legislation.
The amount Of United States notes, including
rotcs receivable fSr customs, already itsucd
and IL circulation, or in the Treasury tc The
credit OF Disturbing officers or Of the Treas
urer, was on tina Isl instant =, ~, Ill.
There yet remains, therefore, under lls law
an authority 10 Issue the further snm Of % Or So
lie oun, received deporit, including coin ard
estimating flrtie asi day of November, D. Sf-'95-
go The fur her Gum OF S-O,-ji, t.1 may Therefore
vel Dc receive u. ne lfA.r OF Ni+44'lNl
ias resolod tie sum u 1854 so. Ihs beet lights
lead o. the - innate that before specie payments
to resumed not less than sfDOUtoJ VIII he re-
quireG ny the wants Of tie community. The gul
% $50 1890 not yet isdued, may therefore be
counted on ~ Ru additional r. Cugce. II IL not easy
10 determine what fufii err payments can be u de
n certificates o. iid.Die lress hut II seems probable
that payments Iu that form nay bo safely carried 70
the amount Of SiOJ,O. O,OJO. These payments have
already reached 81 ,J5j al g. and TIE additional
sum Of 90 go iJS - may h,rcfoge he paid n that
WY. What ,,n 10 Justly expected from CONVEX.
mons under the act authorizing the Issue Of i've
twenty fiNss that Is 20 cay, from exchanges by
holder. ~ United States notes for these bonds. al
Tar cnnnot be stated with much Certainty. The
amount received from this scufce from the date OF
tho ac 90 ihc IL instant ost1aing for part u the
last week ~ November. iss $4,000 IL may roa-
f0lllly be expected that S5,tO,ruO will be rc-
ccived IL the act remains uuHodin,d duIiug th. re-
mainier 81 the hsoal year. The sggfegAfc OF nli
iheao suHs, namely tlJl Vl ~. ~, constitutes The
total OF resources available Ter iIe current year I'M
cor cIsiing Laws, except through ,alef garied
improbable under tie 81 Authorizing their Isaus,
Of the hve.twentcs AZ thcir market value
! hese credit rssources with ths actual receipts
from Ike sources, added 10 rcverue In oil iorms.
may supply tie Treasury vita sJll ,biO,2,l 20.
there remains balance oi disbursements y. $40.
~ .Jb O6 70 be provided for.
Howl
The eAsies. mode, doubtless, wonld be an i.sue Of
such an isfue especially IN tie absence At proper
restrictions N corporate CigcrntiOn. would. IN the
Judgment Of tho Secretary, be a. inJuuJus ~ u
w old bo easy. The sddit)n Of ~ vast Voigma TO
the existing circulation would convert a currency,
Of wlich tie benefits have thus Ter greatly Out
well led the inconvenience, ilto a positive oalam.
ily. lie consequences wouli be yasi diminution OF
exports. imitation VI prce- increase a expenditures
Augmentation If dct,, AMI, ultimately, disastrous
deoaI Of tie vefy purpose soagh. TO be attained
Ly 10.
10 certain extent, however and under certain
c.cuEstauces Il limited additional issue ~ Unit O
States oes may perhaps be sa.ely AID advantage
ously made.
The Secretary does no, concur IN tho opinion
tertainod by some. whoso ability aud experience
command deserved respect, that the aggregate cur
rcncy Of the country, composed Of United States
notes and notes Of corporations, is a. this moment
greatly IN excess Of legitimate demands Tor 10 en-
plDyment. Much lesi does he concor in auolher
opinion, not unfrequently expressed Int expressed
in lis Judgment without due consideration, that any
actual excess is due TO Tho isues o the United states
notes already IN circulation.
Gold md Currency.
II is 'rue that gold commands premium in notcs;
in other word, that 20 purchase given amount of
gold greater amount in notes Is required But II
also true that, on tie suspension OF specie pay
mentG ard the substitution fos coin ~ United States
notes convertible INTO ak Der cent specie bonds a.
the egul standard Of value, gold became an article
Of merchandise ,ubject to the ordinary Guc'uatols
Of supply aud demand, and 30 the extraordinary
fluctuations Of more speculation. The ignorant fears
Of foreign investors IN National ard State bonds,
aud other American securities ard the timid alarms
Of numerous nervous individuals in our own coun.
Try, pr nf I'd large sacrifices upon evidences Of pub
lie aud corporate indebtedness in or markets. aud
large puichl IS OF CON for remittance abroad or
boarding at home. Taking advantage Of these and
other circumstances tending 10 an advance OF gold,
speculnOrs employed all the aTts VI tho market 10
stimulate that tendency and carry It to the bighcs,
point. This point was reached on the 18Th d.y oil
October. Gold sold In the market at preniu4l oil
81 per cent.
That this remarkable rise is no. due wholly, or