The New York herald., 1862-12-06

largely, ana boldy and pSrioscaiy on ths aide q ths
Union and The ooasution suprsuacyof the nasioa
merit q Tho scs that The -, which they reared but
unhssitatngiy rsksd, transmitted into unexpected
gains i Y SOLID recommendation OF the suggested
plan that oners the opportunity TO those and kindred
Institutions 70 reorganize their business under
the proposed act and with little loss advan
taEe partacpate maintaining the new and uniform ma
THE GREAT MTLUHSoE or THE BANKING INSTITUTIONS
The proposed plan recommended finally, by the urn
anchorage will supply 70 the Union Of the states Every
banking association whose bonds deposited in the rea
sury Of the Union; every individual who holds dollar Of
the circulation secured by such Deposit every merchant
every manufacturer, every farmer, every mechanic
erested in transactions dependent Tor success on the
attempt rcnd the national unity with the
stability Of which all their interests closely and
it actually existed two years II bo doubted that
national interests and sentiments enlisted by FOR
the Union would have 80 strengthened the motives for
adhesion derived from othor that tho wild
OF secession would have been impossibleS
The Secretary does nos yield TO the phanasy that
public extract good from evil whenever pos.
sble The burdens OF taxation may be lghtened and
aggravated ana made ntoerabe by unwise lsgislaton
In like debt by no means desirable In ITSELF may,
when circumstance compel nations 70 incur its oblga-
tons be made by discreet less burdensome and
instrumental In the promotion OF public and private secu
rty and welfare.
The rebellion has brought great debt upon Us. Il Is
proposed part Of Il in such way that tho
advantage The issue q United States notes s such
but exclusive, is hazardous and temporary. The
security by national bonds Of similar notes furnished 70
banking associations 10 such and s comparatively
safe and permanent and with this may be connected
for the present and occasionally, circumstances may
require the use Of tho ordinary United States
No very early day win probably witness the reduction
OF the public debt 70 the amount required as basis for
circulation Should future arrest reduc
tion ana again demand expenditures beyond revenue,
that day win however at length come. When it shall
arrive tho debt may be retained low interest at that
amount, other security for circulation may be
II ys e a Hns
the absolute representatives and equivalents dollar
dollar OF gold in the treasury safe deposit else
whore But these considerations may be for another
generation
The VARIOUS SOURCES NATIONAL POWER.
The Secretary forbears extended argument the
auxiliary to the power to borrow money as an
agency Of the to collect and dsburse taxes and
an exercise of the power to regulate commerce. and Of
the TO regulate the value OF Con or the first
sources Of power nothing need be said The argument
relating to them long since exhausted and is we'll
needful to say much. Congress cscrbe the
structure, equipment and management OF vessels TO navi
gate rivers flowing between or through different state: Us
mine what currency shall be employed the interchange
of their commodities, which is the very essence Of
rlerce Statesmen who have agreed in little olse have
concurred in the opinion that the power regulate
is in substance and effect powo TO regulate currency,
trainers tho constitution SO Intended H
may well enough be admitted that while
Congress confines its regulation TO weight, lneness,
shape and device banks and individuals may issue
is difficult TO conceive by what prOce OF logic the
unQuestioncd power TO regulate coin be separated
from the power to maintain restore its circulation by
excluding from currency all private corporate subst
tues which affect it's value, whenever Congress shall
1T TO exercise that power for that purpose.
Tho recommendations, now submitted, Of the limited
issue OF United States notes wise expedcnt for tho
as an Of n 70
supply circulation secured BY national bonds and convert
BILE always into United States notes, and alter resump
on Of specie payments into coin, prompted by
favor TO excessive issues OF any description OF credit
money.
On the contrary 1t is the Secretarys fm belief that
by other path the resumption OF specie payments
be SO surely reached and so certainly maintained United
States notes. receivable bonds bearing specie
interest, next best to convertible into coin
The circniation Of banking associations organized
such bonds, be most surely AMI safely main
tanned at the point OF certain convertlbihty into
with United states resumption specie pay
men,s will not thereby be delayed endangered, but
store peace the ample revenue already secured by wise
legislation will enable the government through advana-
geoas purchases Of specie, to replace AZ once large
laion by COIN without detrment any interest," but
the contrary with great and manifest benefit to all nte
rests.
The Secretary recommends, therefore, no mere paper
money schcmo, but he contrary, series or mea-
looking gradual gold sill
the only permanent basis standard and
values recognized by the constitution between which aud
an rredeemabc paper currency as he beevcs choice
is now TO be made
Tak GREAT ELEMENTS OF OUR NATIONAL STRENGTH.
No country possesses the true elements OF a higher
credit-no country, in ordinary times, can MAINTAIN q
higher standard currency and payment than the United
States.
great Powers. The expenditures OF the fiscal
year, oxcltng those of the War and Navy departments,
T. 47s &C. Estm ing those Of these departments
at double the expenditures Of the last year before the
belion they would for the current year had the war
ended before last midsummer anticipated at the
date Of the last report amount 10 the sum OF $50 S45
s34 4s The interest the public debt is for the current
year estimated $25 04l 532 or aud will not probably
g. that The whole expenditures OF the gov
ernment tor the on the supposon Of peace
This aggrega.e must be increased hereafter by
the addition OF interest on the loans OF the
current and future years and by pensions the precise
OF which be forcsgen Estimate the tor
fifty and the latter at ten millions year, and the
total annual expenditures IN peace will reach emitting
Britain during the year ending March 81 1862,
1904 $50; til use Of France for 1852 according
French official estimates will roach sll S23 9o0 and tho
annual expenses Of Russia according 10 the best access
Bile info maon, do not fall short 4 $3.50 600 600.
PROVISIONS REVENUE CONGRESS
To annual exp ndtures, and to beyond
contingency the punctua discharge Of the interest Of the
public debt and tho creation OF sinking fund for It's re-
dcction Congress has provided revenue from customs
reaching nearly seventy millions yetf and
revenue from internal duties which Will not probably,
fall short OF one hundred and fifty millions year.
without reckoning any other resources than those
already provided tho revenue, therefore, will annually
exceed the expenditures by iIty.6ve millions, which
sum may be used for the reduction OF the pub.
lie debt ff, then, the shall be continued,
contrary TO hope and expectation, to mid
summer Of 1864, and the public debt shall
reach the utmost limit now anticipated Of seventeen hun
dred and fifty millions Of dollars, the OF
will reduce that debt during the first year of peace
than three per cent.
WEALTH UNIFIED STATES.
But the American republic possesses immense
which have yet been called into ontribuon The
gold bearing region Of the United States stretches through
near eighteen deg OF laitude-from British Columbia
on the north TO Mexico the southland through
than twenty degrees OF longude-from the de.
c'ivies of the Rocky Mountains to the Pacific Ocean, II
includes two States, California and Oregon four entire
Territories, Utah. Nevada, New Mexico and Washington,
and parts Of three other Territories, Colorado Nebraska
and Dakota. IL forms Of more than million
Of square miles, the whole OF which, with comparatively
Insignificant exceptions tho property Of the naton II
rich only w gold but in silver, copper iron, lead
many other valuable minerals Its product OF gold and
silver during tho current year will not much, II
at a probably. fall very short Of 500 900 ,000