The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-02-04
, IN the credit otlhs Government, sup


W uld have important advantage over bank pa
nor, beinR receivable for Government dues, and II |
was not The banks could not drive them oit Of |
ciruuaii VA. The whole theory 81 the plan was 10 |
provide e,ilum " currency betWesn the Govern
Int nj and the tax payers, aud the tax onnsumtra.
hut ~ the nuts would circulate also in pr-
v.te buaineea The substitute differed essentially '
frnn the IT'LL The relied ON force, the o,htr IN
ortdit-the one Looked ~ the oiercon u Law and
the army, the other " thu coercion Of taxation lie
would rot vy,c ~ bring down upon the people the
tp'c r,ha ~ fro1d currency, enormous taxation,
aud public dcb never " be exting,iished.
NJ. Hooper, tRep( Of Mass, stated that three
moasurcs lad been c.,nsidered Ia tia Committee,
viii tr anne extent connectcd together, and
Nrr mItchrnHve ryscm, by which, II - be-
I've, tsl the Goyctnnent will bc enabled t. IrDrure
the necessary o. the Fuccesstul prose- alton u
the var, willie ~ the same time the hutthen upon
the csIhul " the country will Delight. ard the pub
lie viii he ucurutt' Ia @iine lnnI Nrtant particlNs
The q rst of Nir-e " tue one nov bcf 70
tho HOUSE 10y which the Secretary of ITrea4uty -
authorized toiA-uc United StAtes ca mott oNosci
| one hundrtd sud hhy million ddars ia amount
| tuCludnig thtsr authorized 10y previous ltwH,l ~
denr mina,nns MT less than Eve dollars. They
not T. bear intcrcst, lat are u be Issued AMI
cciytd monty, Convertible, at the option Of tie
holder into So per cent stok ~ tho intel 5tder,
ne principal and uterest being payable either here
or abroad and these notes " lie legal tend ..
The seoond measure consAts Of tar TIL which
shall. with the tariff ON imports, Insure annual
81 dollars. The third IL n national banking law
| which will require the deposit Of United staieS
stock security for the bank notes that circu-
| latei M currency.
The tax lin Il now Icing perfected In its details
II propOses n moderate rate Of taxSton upon most
Of the articles Of necessary consumption, with higher
rates distilled liquors and other articles Of luK1-
~, on legacire aud probates, passengers 10y rail-
| roads and dher canveysnces, newspapers, and tele
4 graphic me.sagos. From these sources, taken In
conneCtiun with the tariff upon imports, IL IA conf
IDENTIFY expected, aaer most careful Invest CATION,
| that the Government will derive AN annual revenue
| Of at least one hundred and hny Millions The or
| binary expenses Of the Government do not exceed
\ seventy-hve millions, Which, being deducted from
the estimated rev, nue., Will leave an amour, SUN.
cient ~ pay interest u nix pe- cent upon loan
Of twelve hundred and fty million do lars, ~ near
ly three hundred milton dollars more than the est.
mates Of the several Departments Of the amount ~
the public dclt ut the end e another fiscal year. "
| tho state " affairs should remain the same.
Thu tax bill will give 90 the bonds Of the L 4.
the character ~ much desired by capital
| bts, tina, Of sure Interest paying security
| with such character there would be no
| harm done II the principal were never pad, far
~ those holding the londS are concerned, because
capitalists In the aggregate do not for the pay
ment ~ their principal. The amount Of debt u the
| British Government Ia ~ great that the most
grine political economist can devise no method by
| which can he extingui-hed; hut yet the bonds
| representing that very debt Of great value
| Capital seeks them for Investment, because tho in
| tcre't h sure and the only reason that they ara
| ever he NV par Is, no, because the payment e the
| principal IA or less hopeless, but because the
rates of interest In the market at the time being
higher than the rate provided for in the bonds There
sanother advantage attached 10 this scheme II
uun. A. the surplus after dCdu,ting the orlinaryex
pcns's of the government, will lie more than sum
ctcnt " pay the interest upoa any debts which the
| United States has Incurred or hereafter pr,,-
| IDses a. contract, VIXEN this rebellion sh all have
| teen suhducd and peace shall have once again
| spread her wings over the land, the revenue will
Increase with the prosperity Of the country, and the
excess viii operate a sinking find, by means of
which the WIZ led debt can be gr Iduly cNtngu shell.
| II wing thus, We believe, provided wise syttsm
Of taxation which should enable the government n
| barrow ~ the money which II may need, at flr
rttes, h proIsHe In order 10 give still further a.
I.Ia n lt lot n .l
| needed reform, H. recommend general baukin ,
| law The views VII ella have been considered in
| framing that Till will serve b. rive "A clearer Ter
stan ing " ~ provisions. For nearly thirty years
t, | the country has been without unn rn bpaper
, | currency Ahn'Nly all the business OF the country
a | h done by means u paper specie being SELL IN
used except ia the payment ot balances, the incDn-
y,uirncrs resulting from tits want have been very
, | reN. The travelling puhliS remit ers ~ small
/ | inns 10y mail, AMI the lah ring classes who often
r, ceiye their ray In uncurrtnt funds, chiefly cSpe-
= | ri'uoe those Inconvenience, In order g. relieve
tai- want IL b. nec ss'ry to give 70 the paper cur
a | D ucy three qua inoRuns;
flf-t-lt mus, be- wei. secured Second-It must
| have governmental endorsement or gtTtntc
a Third-lt must bee guarded, as far AZ possible,
| against arbitrary Increase
These requisites have al been provided for in
the BILL The paper currency Is Ia he sec'iroi by
Q d"p"it, with inc government OF 'nitei state
y stocks, tie market value of which shhl be elud l.
tie amount Il the ncy ISSUED and the govern
mtn upon the receipt of sucL security, II o. certify
\ ON the 'e o. the notes for currency that the same
and IL To- take them In payment Of oil taxes, excuses
" | and other dues, excepting only iur duties upon
, | imports. L,Stiy, the government caunot increase
. tie amount of the currency except upon the app'r
a | cation - Lamb, aud TIE banks rAnnpl iu reese II
except upon app iohtluu 10 and dcl"stiuS security
80 | with the government II Inns been suggested that
A. far as tie government alone interested /, th
objects ch It had g. Rsu could be attained IN NJ
"a eipi,r and less expensive manner the p'perN'r
culatod Boa IhG country being Ia reality loan from
"a the people without interest, Il would be cquit'h.
" and iusi that the government should take this lol
~ directly into it, own hands and furnish All the pa
"a Ter circulation, instead Of allowing the benefit 81
"a Il g. private iatiuus and individuals But IN
committee deemed It more wise u attain their pr,
l pns,d ends II t,sglle, without disturbing eXts,
Ing institutions ~ habits, or doing anything tina
might inuiously affect private interests. The cui
- reucy isthcrefure left t. the hauks they are on,
required 10 delosit security Tor IT, ard 70 certS
=, established rulos AMI regulations prescribed In III
~ | bill In order u conformity Of management
:. tr the common benefit Of the banks themselves an
IN | OF tbs pablo.
m T,many ~ the banks these requirements will n
be difficult Of performance, as they already ho
Id stocks of the United states which they will he
rn -rty " pledge. In exchange for tue restriction
ce | imposed upon them, the banks will ENJOY the ben
ITO fNe'l anil permanent Interest up N their h,
VI p,th ecated stock. can odor Of nationality" ~
on Webster called H. Ia aso impaired 10 their bills, e.
/ abling them h. circulate wider and farther than b
NO | fore, and what would become constant drain
az their specie is checked 10y the consent Of the go
eminent 10 receive theirnotes in satisfaction Of
| dues. They are secured all the hensfts of the o
| Cpted States hanks, without any OF those ohIe
| tonable features v hich arouse opposition,
This measure will, therefore, give h. the pe n
1T that which they mott desire currency which shi
ore not only purport IN be money but shall actually
ers | money in n broader and more positive sense tn
are the notes Of the Bank ~ England, high tn
I'D | are in the tsumAtiun OF the Commercial world,
his the reason that the entire capital OF the tank
>. England Is ested in It's Government stocks, pa
'od ing very small Of interest, and up,R the
ads stocks based, therefore, the ultimate security
es their hills, which In divided security, because Z
md depusitors u the Bank look H. II equally with
lies bilho,ders while the plan proposed 10y the Gu
on mitt,e contemplate the hypOthecatpn Of the St
Of 81 t;vyerHment with fewer ltabiliti =, paying
larger rate e interest, which are specially pleig
te's | FOR the security ~ the currency alone.
pri The leyying of the contemplated tax the prop
ion, | Inauguration Of the new banking scheme, and
or Eccess fll citation OF new loan, are matt
vice / that will require time. In the meanwhile
hn | Treasury Ia comparatively empty, and the dema1
un- i upou tie Government numerous and pre7si
SER t. enable the Government TO support itself dur
| this interval II time and to facilitate the uegnt
was ton Of their loans, the Commit ee have decided
was recommend the issue Of Government notes, for r
oh- | NJ ms that may he stated in few WORDS ana
md, | within the comprehension of all.
ask The question We have u consider is, how
On armed force which has been raised shall he =
l frg And how shall we pay for what Is necesS
airy h. maintain In II in the futurtf There IL an 40
~ dance ~ every thing requisite for the purpose
Ne | question: is simply, how can the Government I
NP' | provide the means Of paying those VINO h"Ve
9eS pied and may continue u supply these forces!
hlh | There are but two ways IN Nhlcl thlH can
4 Ia. alaA IN ia - NuN Al