The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-02-03

which induce him 70 favor the emission Of ous
hundred and fifty millions in fnndsblo
Treasury Notes, without interest, and to be
made legal tender. The views Of Mr.. OrDYKE
arc entitled 10 particular attention, as ko is
known to have msde tho question Of finance a
matter Of special study for y-srs, and his name
has even been mont ionod in connect ion VITA tho
| place row held by Mr.. CHASE. Ho 1, tho au-
tboS, too, Of q work on finance, and with him
originated tho project Of bullion bank, which
was not long Stree assitatod. The fact that Mr..
OrDYKE now fsvors departure from tho old
| JACKSON doctrine Of hard money, would indi.
cate that no has modified his views somewhat,
to meet the present emergency.
Tho proposed issuo Of treasury notes Mr..
DrpYKu believes 10 10 indispensable 10 the
msintonsnce Of the credit and honor OF tho Gov.
| ornmeft I, ~ II cannot make taxation available
in season to provide for its rapidly accruing la
bilites nor borrow money except at heavy
discount and great injury 10 its credit. Tho
| loarirg debt Mr.. OrDYKK tells US, Is supposed
TO 10 upwards Of $50 900, 600 already, and will
doubtless roach one hundred millions before
means Of payment can 10 provided by any Of
| ine nut lutuh pIOpoHtt. luo pubtf NIChlkDTH ho
cl,moroJs fOr their pay are suffering serious in
COW, nianee and loss for want Of it, and good
faith and sound policy dematd tina, Govern.
ment should pay them With proupuuio. Fur
thornoro the issue Of Treasury notes will Gre.
b ate capital and enrich tho Govornmont to tho
extent # the i'sucs without absorbing any oil
tho capital Of inoiS iduals, while it will equIi1o
domestic exchange throughout tho country.
The aversion TO it, Mr.. OrDYkE thinks, Ia
not well grounded, as II lie measure wise in
itself apart from It's necessity Statistics show
that about twenty dollars por head, Of money,
in some form, is required in a commercial coun-
try, to make tho exchange Of money for other
commodities an exchange Of equal value.
Upon this basis, wo need, estimating the
population Of tho loyal s,ates al 20, 0O0, 600 a
CURRENCY Of 500, 1000, OO0.. Prior 10 the late
= | bank SUSPENSION we had Of coin, bank deposits
! and bank circulation, about that amount 1t il
now much less, because the su'pnrson AZ one,
At b,nishod most Of the coin from circulation an,
10 also diuiuiah,d tho circulation Of bank nstt
y, This leaves fitting opening for GJyernmon
OF paper money. 1t is needed 10 fill the exisiin,
o, vacuum. al think, says Mr.. OrDrKF, " nearly
producing any sonsible effect on prices or on tn
q circulation Of bank notos. Tho issue of $3.50,
10 600 OOO as proposed, would, however, at Hrs
., slightly enlarge the currency, and thus onhanc,
~ prices bt it would DO merely sufficient to give
Il healthy stimulus TO business, and thus enabl,
o tho community with facility and promp,itud,
= to pay their debts and tho heavy taxes which
;, await them. \, d even this stimulus would no
y DO Of long continuance for tho Goyornmcn
money would ultimately displacs an equ,
10 amount Cf coin and bank notes.
1t is not from the use Of this kind Ct NOR oy
It that danger is to be apprehendod, Mr.. OrDYKr
1t assures us but from its abuse, as in the reckless
a issue u Government paper money in the Rovo
N luton. Grost Britain sustained an almost un
interrupted war against MADISON for quar-
OF tor Of century, with no other money thar
to psper made legal tender, which was for mos
x Of that long period nearly at par wirh specie
y and at no time more than twenty-five per cent
rs discount.
Ne at is important however" Mr.. OrDYKl
{, adds "thai this measure should 10 blended wi
n liberal and prompt taxation. Congress propose
= to raise by this means one hundred and ffty
10 millions per anrum. l should greatly prefe
}, two hundred millions, and trust you will 8,
x advice. 1t is easier 10 raise tina. amount by
~ taxation than to borrow l., for taxation compel
% economy. hope, also, that YOU will urge upoI
r. Congress the shsoluto necessity of prompt nc
b. ton on the measures Of finance, for every day
- delay is attended with grave danger to tn
public credit.