New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-29

lied by that set, be used in paving con,~a.
orr, for supplies, and for salaries and her (ovs
lnent dues such persons as willing 10 receive
them. With the enormous expenditures Of the Gov.
ernnent to psy the exGa ordinary expenses of H.
war, it requires no extendei calculation IN .h",.
that the Treasury must be supplied from some source
or the Government must stop payment In very few
days.
lon cannot borrow Of capitalists any more norsv
on twenty years per cent bonds, nor on your 3Io
Treasury notes. at the rates fixed by the OF ulv
last you offer to the people and put on the markc,
more TO the big est bidder, IN the pres
emf aspect OF Affairs they would not be TAKEN exccpt
at runous rates If discount. That policy would d..
preeia,e the bonds already taken by the banks and
the people who are most loyal to the Goyennent
ana who came forward NJ your beat friends and ior,
nshed the means 70 much needed during the LIS. few
months 10 organize your Army aud Navy; and h.
sides euch depreciation would greatly increase ~.
debt by requiring much larger amount Of bonds 10
be issued than would be needed If your loans wsrs
taken at par. A loan put upon the market IN H. .
present deiressed state OF United States stoeks 70 ~
followed by other larger loans, is not regarded a,
favorable mode Of providing the means for maintain.
ing the Government at the present time. II baA
been adopted at rst IL Nil bt possibly have been the
best mode but it 10 now too late TO esay that plan
and believe it would he ruinous to adopt il. Tea,
the twenty years per cent bonds would, upder the
pressure ia to IS, 20, %, and - cents. This
would be runous mode of raising the means to carrv
OIL the Government.
What, then, lie to be done The Secretary OF tbs
Treasury in his annual report, does not recommend
the Issue Of demand Treasury notes, although he
points out many advantages that wo1ld result 70 he
Government from tue Issue. lie suggests fro plsns
first, the issue OF demand Treasury notes; and sec-
ond, National currency, occurred by a pledge Of
United States stocks TO be Issued by banks ana asso-
Citations with proper regulations for their redenp-
ton by tie banks Themselves. On the propriety OF
the issue OF Treasury notes by the Government, 10
be put IL circulation money, the Secretary rays:
Tho first of these plans Wa, partially adopted at the last
session o. Couzss ID, provision ruiho .ng tie tcIetsry
10 sue uit.d States notes psy sbe q
exceeding nifty millions OF dollars Ihst provision may be-
CT ended average circgison Of the country
while moderate tax gradually augmented baus notes.
VIII relieve the national from the competition Of loc. ccua.
ton 1t he's been already suggested that the substson
nation FOR currency upon this plan would be sqi,s,
lent loan 20 the Government without interest," s1ce,
the fund kept coo aud without expense except the
COS. Of preparations issue ard redemption whis the people
would gsin the saeioHsl adythsge 81 uniform o1nency
and re e from considerable burden 10 the form Of interest
on debt
! These remarks Of the Secretary were made before
the suspension Of specie payments. The situation OF
The country is now very different from what IL was
TWO months ago. The circumstances have changed,
and the Secretary and Congress will hDdn necessary
IN the present exigency TO conform their action TO
what can be done, and lot to what they would hk
TO do were il Otherwise practicable.
Tae second plan oil tbs Secretary and tie ON
which he recommends for adoption, namely, nstior
al currency 10 be i.sued by banks, and secured bys
pledge of Uuited States stocks, the Sub-Committ1
of Waysa Means have examined with considerable
cure. hill has been prepared and printed for tie
rae Of the Committee, which may, after some moii.
lcaon he ported TO the House for its action. HE
committee have come to the conclusion that how.
ever mertorous tins system may he in providing
ay for funding the stocks of the United States and
however perfect the system may be made oy Con'
gfess IL cannot if adopted, be- made available 'oon
enough 70 meet the Immediately Impending necsu'
ties Of the Government.
This new sys,em OF banking would necessarily 80
into oreration slowly. Tie existing circulation OF
bank in the loyal States supposed to be about
$40 ,0g0,00O This new currency, when Issued,
yorld come iuto competition with the exiting CIR.
cula,on of the banks already established in the sew.
eral Slater; and tue present embarrassed condo
on Of uOuetgTy affairs several months must neces.
sarilv calse before any considerable amount OK
United states stocks would be absorbed by banks
under ttis proposed new law. As an ultimate mode
OF funding -ome part Of the large amount OF Gov.
ernm-ut stock, which has already been IL Jed, and
which mnsi from time 10 time be issued, may %
very valuable: and the national ca,r"n"y srs" ars3
il would, doubt, OBTAIN vide encu'auy", ane
greatly ia.iiIsi- the payment OF taxes ana oshef
dues 10 the Government. Bat with navy and A
army OF $4,000 in the field, requiring, with the
other ex peIses of the Government, an average daily
expenditure OF more than oOoOOO, tins new sys-
tenn Of ranking will not Giord relief TO tie Iaessuy
in time to enable tue Secretary 10 meet the pressing
den ands that made upon him.
The duties received at the different Custom.
Iouses and the taxes levied at the extra session, OF
TINT may now he levied, will be wholly inadequate
10 meet the requirements of the Treasury In the
present emergency, during the next ak months
In Won cannot borrow the money gu !he credit Of
the United States, except at ruinous raies OF die
count, and cannot make the new banking system
available in time, snd cannot realize the amount re.
qu;red from your tariff and tax bills, in wha mode
can tie means be obtained and the Government DO
csuied on IL is believed that the Only WAY in
which 1t can be done Is by issuing Treasury notes
payable on demand, and making them legal tender
in payment of all debts, public and private, and by
ado ua,e taxation, to be imPosed by bilIs. This
will bring into full exercise all The higher powers Of
Government under the Constitution. The Constitl-
ton confers Congress the power Art. acc. ~
ITO lay and cocc: taxes dates iuPo.ts and eIeisrs 70
tho debts ana provide for tie common defense and
wef-fe Of the United States. Z.
Z" To raise and seppo,t arnies
O. To provide aud sainfata Navy.
carryug execution foregoing powers and al ether
powers vested by the Constitution IN the Government Of ne
United States or Ia any Department or officer thereof
1hese are amoug the high powers OF Government,
which must now be brought into full, ample play.
The table which have before me, procured from Tho
Census Bureau, shows that the true value Of The
propery--real and personal-within the United
States, is sirteeH billions, one hundred and efy-Rx
millions, s,E huHdred and sirteen thousand md
sirfy-cigh dollars tSl6, Is, 66.068l.
The power ~ the Constitution to lay and collect
taxes. duties imposts aud excises,' Is general and
unlimited. Congress has the power to levy and cole
lect any amount OF taxes that may he necessary 10
preserve it, existence and pay all its ds5ts. Coy.
eminent has claim, mortgage, in fact, on all this
property, TO that extent. viii Congress do lie duty
oy passing bills To collect these taxes This tbs
vital question. Will Congress have the hrmness
and the courage TO impose the necessary taxation 70
sustain the credit Of the Government ! Direct IA-
alton excuses and internal duties are new features
within the United States. They will be heavy
burdens on the people, bat essential TO sus.nn sne