Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1862-03-28


dtrect!onH will be inserted until forbid and charged
Notices Sor Political Meetings to be charged in ali
Marriages, Noticesof Funerals, and announcements
Of sermons, so cents each. nouvlI-'60
The Proposed National Currency.
In concert with the secretary of the
treasury, the Congressional committee Of
ways and means have prepared three
measures for the regulation of the .fiuan-
ces of the. Government and country, that
are already winning approval at home and
admiration abroad, as wisely adapted to
the emergencies of our condition. The
first of these measures is that already
adopted by Congress, to authorize one
hundred and Fifty millions of treasury
notes and five hundred millions of Gov
ernment bonds to meetthe extraordinary
expenses of the war. The second is the
tax bill, now under discussion, to raise,
with our tariff, one hundred and fifty mill
lions a year, which will meet our ordinary
expenses, pay the interest. on the debt cre-
ated by the first measure, aud provide II
s'ukiug fund for itsearly repayment, Tie
third is measure to previde national
currency, and this will be brought forward
SO soon as Congress has finished the tax
and tariff system. The best explanation
and defense of this third measure We find
iu the speech of SIr. Hooper, the eminent
merchant and inancier, who represents
Boston in Congress, and has become "a
prominent member Of the Committee Of
ways and means. This speech elucidOtes
the Whole financial scheme of the Govern.
meut, and has been commended in, the
English journals for its comprehensive
ability aud large familiarity with the sub,
jects discussed We extract from it the
part relating to the currency system, with
the simple remark that We believe it fore
shadows a most grateful aud useful rovo.
luton in the currency of the country:
"For nearly thirty years the country has
been without q uniform paper currency.-
AS nearly all the business of the country
is dcne by means of paper, specie being
seldom used except in the payment of bal
ances, the fnconVeuiences resulting from
this want have been very great. The
travelling public, remitters OF small sums
by mail, and the laboring classes, who of
ten receive their pay in uncurrcnt funds,
chiefly experience these inconVeniences.-
In order to relieve this wantit is necessary
to give to the paper currency three quail
ficRtions
"First. 1t must be well secured, so that
the people may feel that they are sure of
obtaining its value when needed.
SECONDLY. 1t must have q governmen.
tai Endorsement or guarantee, so that the
people everywhere may be able to disLin-
guish it, and the government prove its con-
f1dence in II by taking it in payment Of tax
cs, assessments, and other dues.
Thirdly, II must be guarded, US far as
possible, against arbitrary increase.
'.Thesc requisites have all been provi-
ded for in the proposed bill. The paper
currency is to- be secured by deposit,
with the government, OF United States
stocks, the market value of which shall be
equal TO the amount of the currency is.
sued. There can DO no higher security
known to the government, and its perma-
nent value hns heretofore been shown
The government, upon the receipt of such
security, is to certify on the face of the
notes for currency, that the same arc sse-
cured by pledge of the United States
stocks, and: is to take them in payment OF
all taxes, excises, aud other dues, excep-
ting only for duties upon imports. Lastly,
the government cannot increase the amount
of the currency, except upon the applica-
tiOn Of bank, and the banks cannot In
crease it except upon the application to,
and depositipg security with the govern
ment. Ei
aft Inc beo,, su0roaFCd tLot n. g., -.
the government alone was interested, the
objects which it had to gain could be at
tanned in an easier and less expensive
country being in reality a loan from the
people without interest, it would be equi-
table and just for the governmentt to take
this loan directly into its own hands, and
furnish all the paper circulation, instead
of allowing the benefit of it to private as
sociations and individuals. But tho COM
mittec deemed it more wise to attain
their proposed ends, if possible, without
disturbing existing institutions, OF hab-
its, OF doing anything that might iuiuri-
ously effect private interests The cur
rency is therefore left to tho banks; they
are only required to deposit security for
it, affd to submit to certain established
rules and regulations prescribed in the
bill, in order to ENSURE conformity of
management for the common benefit. of
the banks themselves and the public. L
ITO many of the banks these require
ments will not be difficult of performance;
as they already hold stocks of the United
States, which they will be at tlliberty to
pledge. In exchange for the restrictions
imposed upon then,l the banks will enjoy
the benefit of a fixed and permanent in
terest upon their hYpothecated stocks