The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-13
NEWS FROM WAsHlNGT0N.
WASHINGTON, Junn l2, 1852
ruE sew panANp rnEAsuRY NorE alLL.

THE REV DEMAND TREASURY NOTE BILL.
The excitement in New York about tire proposed
thorzaton additional $3.50 coo 900 OF United
notes. is regarded hsro BY the facts Of
the The whole nominal circulation of the United
States notes at this time is only Silt 500 COO There
the Treasury to thu credit OF disbursng officers
about s32 900 goo, leaving about half million with
which to meet drafts from tho departments. or the
sl17 OOO about 81 900 900 being the Of the
| demand notcs) practically withdrawn from circu4-
tion and boarded for payment Of customs o. the pro
posed new issue therefore, s57 100000 may replace
| tho amount thus boarded and about $40 900 goo
will be withheld from issue to meet possible
demands for temporary deposits beyond tho immediate
means. Thus ST. 900 900 will make practical ad
dton to the circulation
1t is we'll understood. also, that tho Secretary will in
no event issue any part Of the notes. If authorized
excepting small notes to take the place Of large pay
ments to the soldiers other creditors preferrng
them. SO long the duties on imports, the in
crease Of the temporary lean and the con
version Of the United States notes already is
sued into fvctwonty par bonds yield enough
TO meet the daily expenditures. During the presoEs
week. thus far, the income these has
than met current expenses The conversions alone have
supplied more than half million OF dollars day. ana
will probably increase under the circumstances. Very
little will be made Of the additional authority pro-
prudent to guard against possible exgences by giving
1t an expansion Of the currency which may take place,
and therefore will not be attributable to the Treasury
department, to whatever else 1t may be ascribcd
Inc new demand Treasury note BILL authorizing the
issue OF an additional one hundred and fifty millions Of
demand notes will take precedence OF all other business
in Congress. disposition manifested to pass it
without delay.
Tho admirable management Of our financial affairs by
In xtnre and
unexampled SUCCESS OF all his recommendations
necton with the public nnances inspired universal
confidence IN his ability, and induced willingness to
comply with his every request in connection with the
Treasury department. In which has already wrought
many reforms at first startling from their novelty butso
smooth working, thoy put in operation
that all wonder at their simplicity and excellence
The proposition that the engraving, printing and execu-
ton OF those notes shall be done the Treasury Depart
ment, with machinery and materials belonging exclu-
sively to the government, after the Of the
execution Of tho notes OF the Bank Of England, il
regarded as a wise provision. although it is much
doubted il II will provo economical than the,
mode OF doing such things by contract. There are
other reasons, however which recommend this measure
Step by step Mr. Chase developing the grandcst sys
tenn OF maternal finance conceived and which will
only immortalizs his name, but whom fully carried
out will give to this country stability OF credit and
financial prosperity unequaled by any government
the world Tho national banking project the capstons
Of the whole system, alone remains to make il harmo
NOUS, simple and selrsusta;nng whole enduring
tho government itself and source OF continuing
and prosperity in the monetary affairs Of the nation.
THE TAX BILL IN TIE HOUSE.
The Tax bill u speeding tho way to its final pas
sage. It's immediate reference to-day committee Of
conference expedes s progress to become law during
next week There are over three hundred Senate
amendments to be considered. Most Of them unim-
portant. There is quite array OF agents and repre-
sentatves various interests attendance hoping
have chance, before the Committee Of Confs.
renee to mako their points, but Is understood that
the committee will hear arguments but decide all
questions upon tho information already adducsd.
IMPORTANT LETTER FROM THE SECRETARY OF rHn
NAvY-IRON-PLATED SHIPS or wAR-NECESSrTY
OF PREPARATION FOR THEIR CONSTRUCTION, ETC.
Tho following letter has been addressed by Secre
tsry Of the Navy TO the Naval Committee q both
Houses -
NAVY DEPARTMENT, Juno 0, 1852
SRI had tbs honor to address the Naval COMMITTEES,
under date Of the 25h Of March last the subject OF
amorod Ships and the necessity preliminary
in tho future construction Of vessels for tho
vice Tho fact that radical change has commenced
the construction and armament Of shipswhich change
in dispensos with the that have hitherto
existeds obvious and 1t question for Congress 70
decide whether the will promptly take the
natory steps place country in the front rank Of
It is unnecessary that should recapuia,s the sug-
gesons contained in my letter OF tho 25th Of March;
but would again call your attention 70 thsn
my desire that Congress should action be-
fore its adjournment the subject only OF supply
ing itself with the armature and heavy ordnance for
ships but Of the substitution by the OF iron
for wood whole in part, in the construction
naval vessels II has hitherto been supposed to be the
true interest OF the to build its ships
owar and to manufacture the arms and most Of the
tces which ara requisite for the naval This
necessity has arisen chiefly from the fact that
| naval vessels and naval purposes and objects
| are in many respects 80 essentially differ
snt from those of mercantile marine as TO place
them out Of the usual line Of private enterprise The
government has consequ ntly TO extra cost for
it Is Indispensable that vessels, guns, machinery, and
sveryth ng pertaining to them should be Of the bcst
quality, reliable and always ready at any moment
The has several large Navy Yards for build
ing ships and the introduction Of steam which
ry for, and made applicable TO- all naval vessels
sructed compelled shops max
ing}tcam machinery. But these shops inadequate
rnc snO NAV snu or some VIII %
the larger portion Of tho work that will be required
is generally conceded that vessels for lighting
purposes must be heavily plated with iron, they
not built entirely Of that material. In this in most
costly fabrics economy reached through durability
Iron ship building Is new in this country, but few per-
are engaged in IL, and 1t Is novelty la navy
yards Heavy iron beams, shafting, and thick iron
| plates can be procured from only two or three
parties and then in limited quantities and subject 70
great delay individuals have little use for iron OF such
magnitude as the navy must have, and there mast un
avoaby DO great outlay to for the execution Of
such work. With only tue navy for . purchaser there
be competition, and tho government will be
PEELED under such circumstances pay almost price
| the mills and iorgss may demand. No inconsiderablo
portion OF iron ship be made aud procured 1t tho
ordinary mills, and far be done, IL may DO
| the best policy be supplied but the heavy and
psnsvs portions DO Procured unless tho
prepared to execute the work. VIII be
| subject to imposition, and Its vessels TO marked In
i fsrority.
Other nations whose wooden ships of-war far exceed
our own in number afford 70 lay them aside, but
are conn ced to plate them with iron At very great
cost they are not Of the disadvantage this
proceeding but It is present necessity II must be
borne In mind however,, that those governments which
are striving for supremacy sparng expense
TO strcnxthen themselves BY building iron vessels and
Already their dockyards undergoing the necessary
preuaration for this change in naval architecture not
withstanding those governments have their
command the greatest experience and the most
sxlsnsys anu complete machine factories that
private enterprise produce These facts