New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-16
THE NATIONAL FINANCES.

To ne Hen. saIsos p CHASE SECRETARY i 1red'urv
SIR: Our National Government il in want Of at
least one hundred millions of dollars in money to
meet the immediate pressing demands upon iis Ireas-
ury, and it requires "A million dollars or more ler day
to sustain IFS vast operations 10 crsh the great rebel
lion. Its Treasury is empty, liz ordinary sources Of
revenue are inadequate, its extraordinary measures
for raising revenue from taxation srd Otherwise are
not perfected and iis six per cent bonds ere ceiling
on the market at ninety cent? on the dollar and they
would be likely 10 fall far below that price should
they be put upon the market in quantities sufficient
10 meet the present wants q the Government.
Under .uch circumstance, what should tie Gov
eminent do, frst, as u temporary expedient and zee
ond as a permanent system Of National finances.
Such is the problem now before the country. pro-
pose the following solution Of the fin, division Of IT.
TEMPORARY EyPEDIENr.
Authorize the irsue Of 100000, 600, % more If
necessary, paper currency in addition to the 60
900 600 already authorized by Congress 1t
payable in coin demand portions OF it a, tie dis
erection Of the Secretary Of the Treasury to be pay
able ut each Of the Sub-Treatuy Offices in the loyal
States.
PAY out such currency such creditors Of the Gov
eminent as would take it in payment Of money de-
mand. due and offer IL in exchange for coin at par
at each Sub-Treasury Office Receive II tor ell Gov
eminent dues, and for Elk per cent Government
bonds n par the in,eres. such bonds 10 be payable
semi.annualy in money, the principal in ten years
in money or in other like bonds at the option Of the
Government.
The Offices Of redemption collectively to hold s' a
STANDARD twenty per cent in coin On the amount OF
paper currency OUT while they hold that amount
offer only the demand currency or the Fix per cent
Bonds at par for coin. When tie coin on hand lie but
nineteen per cent on the currency out, offer Gov
eminent scrip at par, payable one year after date IN
money or in other like scrip at same rnte Of interest
at seven per cent per interest and as coin de-
creases one per cent, offer such SCRIP at par IL eX-
change for coin a, per cent higher interest until
the scrip is offered at twenty per cent.
In commencing until the standard proportion Of
coin IL on hand, offer at rar for coin the seven per
cent scrip for week, then the eight per cent Tor
one week eud 10 on one or cent higher interest each
week until the per cent Of coin IL reached, or I'M
Ill the twenty per cent scrip is offered at par.
Redeem the currency with coin, IA demanded, at
the place where it is made payable, as long ar there
ia a dime on hand TO redeem with, and continue to
offer the weniy-percent scrip at par, until there IL
six per cent on the currency out IN coin on hand
As coin increases TO seven per cent, reduce the rate
Of interest on new issue Of scrip one per cent and 20
coptnue M coin increase, one per cent reduce the
rate Of interest on scrip one per cent, until the STAND
ard sum Of coin is on hand.
Each redemption Office TO report daily TO the secre-
sry Of tho Treasury the amount Of coin and currency
il bsld at The close Of the business day. The Secre'
ary 10 order transfers of coin or currency from one
office 20 another aud from and to the general treasury
The redemption olccs to be the disbursing depo''
tories Of the Government, and be dawn upon III
Government disbursements, with the double purpose
of accommodating the creditors Of the Government
and the Government itself.
Tue currency not 10 be made legal tender ar
MONEY on erist,Hg contracts. To Iegisia'a ta
c,ou;,e,t 10 Day shall DO money does DOT prevent
,bo,n becoming vaIueefs, unless prorhions are made
70 mike the promise good; anG II such provisions
ara made snch legislation % useless. IL this cur
rencv shou,d sink in yalde below coin for the wan
u, edsonsie arrangements and provisions 10 redeem
:, ond The Judiciary should hold such act making
| LEGAL tender ubcOnhtibii'Htii Wv
ha obotive. Should the Courts enforce the law, i
wond be legal and judicial robbery, "i'pou' Wv
Moor excuse Of beucGiing the pnbhc treasury.
wo,ld be robbing The creditor for the dement, Vi '"'
debtor interest Of the country.
Tie currency issued under this temporary pun '
be redeemed or funded aud taken out o' cn'"''
don AZ early a, practcaDoi but 10 be pad out oy u"
Government again and again as 1T returns 10 ~
Treasury, until the Government IL able 10 ''"'
it; ultimately, the whole Of It to be rel''" apn
permanent syslem Of national finances 10 s''''''
this plan. ,,ocr,et
Onr Government cannot with safety or pfoPr''t
d.nar, from the fundamental principle Oh n'''"'o
nav its debts, when due, IN money or IN sn equ"'
lent sasfse,ory ~ it, CREDITOR; but III vxw 'Dsi"'