The national Republican., 1862-11-07

Il may be ADDED, that aside iram o OIL. !,
creased general busine.s Of the oouE.T. ...-
exptuditures and revenue collection. 81 ...
Government augmented Us they have b e
many fold by the war, constitute q very lare
new usa for circulating medium
To what Cxent Treasury note. may b. L.
sued, without unduly iDa,tlng prices d nero
upon many Contingencies, gud con IH,y o.
dna!ly determined by the test Of ezPer,Fn 20
Financial theories, however cautious and atI.
considered, are SO liable TO be disturb d by
circumstances, that II |. not the most wise y h.
are the mos! confident as to snythiug future L..
nCney matters.
II may be laid down, however, ea Il rslcIal
propo.ililr, that certain extent Of iGCr,J-'
paper money In war time is necessary TO lie
ceIve the normal scale OF Iriees agairs; til
tendencies to aLarn aGd depression !lcid. at l..
condition Of war. AID even il paper T.. uu'
Is 50 much Increased as to fsi,. price Dr1
sded the italtiou Is within moderate l!r.,'s
is "a irjary with m,py computations A.
rate, /! s dGrirg war, /: ever, that that cu,. BE-
artificial stimulus TO business activity "a IL
sllowable.
Il !. not get certain, precisely TO hatrX'ar'
ihe Treasury u0tCR 1re an addition 80 IT, T.
me. paper currency consisting {. bark no.
and 10 what ertsnL they are q rubEtitUte f.g @.
So far as thy are tho latter. they OF cour.s. g.
not eWeii the volume Of the currency Ut E
Il tts probable, also, that 10 soine drrr'r. =.
Treasury notes ara pel,her an addition 'o q
old currency, nor u substitute for IT, Dot uC
form au offi2e somewhtt new TO paper alt q. 8
that cf beng tie subject Of hoVrdiDg. Gy..
and silver ara rot low EASILY pvocusab.r l..
tha. or ally other purpose The people h5y
confidence in the Government and the reCti7
ability OF Treasury potes for the in,ern4! tx.
gives them special value. Nobody can frr
see, and nobody will evts exactly know wv.
many millions OF dollars in Treasury Lot,s VII
be laid a'ide and kept tor long peIods 10 4cc
taxes, which, II not paid IN such notes, uug II
paid 10 gold or silver.
The Treasury notes, 10 the form Ia Shicb
they low exist, sre frequ ntly epcEga q o.
Gov. Cbsseo rystem" i would be 1t C.
ctrrect losEeak Ci the hoEtilt!es which arc q.
fag!ng, as Gov Chase'a war" The TGelg4Iy
notes. in the amount It'd iorm in which ", -
tually have them, were never proposed Is q
"systeun' by any body, but have grown 81 c
the progress G! tie wsT, With its various eG-c .
upon National finance sud the old paper roru, :
ct the county.
Wbs Governor Chase actually did propoEa q.
o. stO ~ Tn Traa-,.rp lt,r .-,.
which, while based upon d tonaI stock, t.
held BY the Treasury Department in tius: ~ H.
security Of their payment, az uId bs issued 80
banking ASSOCIATIONS, and be, by them ,reirerar
10 specio on demand. Hotss such as Govern r
Cbaae proposed, have not 8 siggls feature n
common with The present Treasury notes
Goveru,r Chtss's plan became inpgaotca
bic BY The general suspense OF payment, by
the banEs, II beng impossible that n ccnrCrt-
BILE currency, such as he suggested, could flaI
any field while tho ordnary bank olrgea ,
was lIconverlIble and deprecated
Another feature Of Governor Clasa'5 Gr ~
nal plan, or "system," WA the grad Il sup
preston Ct the circulation Of all paper mrln,
except tho notes based upon national go, -
IN otler woIds, hs propo.sd, not u ed1 4~
new NOES 10 lb- old maEs Of orcul ipug per
currency, nut 10 substitute one K I'D of n. g
for anoILer without iag'ear!ug the aggregIlo
The Treasury uo!es, az we actual y have them,
are the result Of nee sslties which were or.
powe!lng They ha's worked weu IN prac ice,
and are satisfactory 70 the country n..B-,t.
able that tue depreciation Of the orduhry fa-
per money Uf The country below the goId st4ra-
ard, would have been quite d, great ~ u Is y
not single Treasury note had sver been l.
sued, NJ mischief has go far followed .uaG
Issue, and we have troubles enough on la-4
without borrowing any from the future.
We resist stoally tho legal tender claus
OF the Treasury no:e aot and stil believe II
10 have been unnec.tsary. But notes of tAa'
description having Detn g:u.lly authorz ID aud
issued, we shall equally resi-! taeir withdraw
from circulation, except by processes difYlsed
over u long space Of tm:. u change e that
sort Is not to be thought Ct until alter The
complete Ie.establishment Of peace