The sun., 1862-01-21
THE NEW YORK SUN.
TUESDAY MORNING, JAN 81, 1862.
Thc Good NV. Of Todnr.

By reference TO our news columns, II will be
eeen that the series Of important engagements
which we have 80 long looked for has at length
been commenced, at Somersct, K,ntucky, which
Is the capital Of Pulaski county and is located
directly cast of Bowling Green. Both places
will be soon upon the large map Of the southern
states, which was presented TO our readers
short time since. Gen. ZoLLIooFFKR was in |
command Of about 8, 900 rebels at this point, |
which formed the extreme tight Of tho robol |
army in Kentucky. Cen ScHokrFF was in |
command Of q smsller force Of Federal troops, |
who bad reached this place in an effort TO peno-
trate TO Eastern Tennessee, and who |
were there held in abeyance by ZoLLI.
ooYPKR. Meanwhile re.inforcements had
bssn dispatched to Gen. ScnoErFF, and
ZoLIIcoFFRR became aware that his attack |
upon the Federal forces must DO immediate, and
successful, or he would be obliged to abandon
bis position and fall back. He accordingly at
tackled the Union army in camp, at o'clock
A. ~, but after twelve hours of severe fgh
ing was repulsed and his forces defeated, while
upon . subsequent advance Of the Union army,
the rebel entertainments we're found deserted
and their forces to have be,aken themselves to
hasty fight, leaving Gen, ZOLLIcorFER and
BALLIK PEYToN dead on the fell, and aban.
doning to our forces large amount Of ordnance
and munitions Of war.
We shall doubtless receive today further pav-
tieuIsrs Of the engagement, and newS OF the
further advance Of the Union forces.
T"r Financial Propositions Of the Day.
by ssniiny ii.ty q - 'b' SuH-MY DEAR sW ;-w,n
Of the dgrrent ti,i ti,'i ana ,ohos4s under the srS"
issued What are " Daip,,J n ,' P,"I".H . W.
npS S1,v r.' ", Sal Nan H lar ,,r,S,.a,''4y
money M,rxet, and prove advantageous tp -pocu',-
tors In other words What are the pretended oh.
leCton sni advantage II each over the other ~
nance matters puzzle me enough In INV r,un,iu,
room, but these Government schemes plll'e ma /,
fearful degree. Pe'sc cuciiate Ia your next
issue, and obhge j.. ~.
"Demand Notes and Urea sury Notes" arc
at present synonymous, although at other ps-
nods, the ono would signify demand promis-
cory note, issued by the Government, and pay
able in specie the same as bank notes in cur.
rent use by our people, and the other would do
note a bill issued by the Treasury Department
payable short time hence, bearing interest
and with the option pertaining to the holder, of
converting II into Government stocks or bonds
Demand notes thus represent temporary float
ing currency, standing in tho light of govern
mont due bills, issuei for val 10 reeeived Uhile
Treasury notes may be rogar'e cd as drafts made
upon tho Treasury Department. in anticipation
OF expected revenues.
"Bonds are simply obligations of the gov
erumont to pay money within certain periods,
and 70 mos, the Interest thereon at regular in
tervals, until the payment is made For tho
convenience Of small holders this indebted nesss
put into certificates Of sums of o.. 600 a d
less, and these may be regarded In tho light Of
promisso'y rotes ue by the govornuent
"EHchcquer Bills" are sin ply tho Easlisll
tsrm for Treasury notes. These are an ennis
sion from tho English Treasury, 1ticipating
its revenues, and temporarily used to defray
Government expenses
OF all the above, each is very proper in its
place, and serviceable IL confined to It's legiti-
mate sphere, but not otherwise. II Govern
meat Issues demand notes, and redeems the
came In specie upon presentation, 1t will, upon
capital Of twenty milliors Of dollars in
specie, DO enabled to circulate one hundred mil
Lions OF dollars in paper, and thus obtain from
the public loan ot eighty millions of dollar
without interest. In other words tho Govern.
ment enters into the business Of banking, and
supplies paper currency for the people, which
has hitherto been exclusively furnished by
capitalists and private companies. This proje;
has been proposed, but it has never bcen deemoi
wise OF prudent for government thus to ente
into business OF bsnking operations, and at III.
present time it is more than ever hztrd us
both for itself and the leops. lis to be hopat
that any issuo Of demand notes wilt 10 bu,
limited and temporary.
An abundant issue of paper money w)il,
stimulate speculation by depressing its vllu4
and enhancing the value Of other property
This pap'r money would be made receivable
oy Government for war taxes sho lily TO b,
collected, which would secure for il llrs,
class Of purchasers, ~ whom it would answs
the same purpose as money, in plying tn
tAxes assessed upon them. O the otner htui
soldiers ard contractors who u d b, ohHse,
to receive tho demand no es as money, an.
whoss n' cessiti's would obliga them to sell TO
the best price Oh ainlblc, would form a lars
class Of sellers. Between these two classes
speculAtors AID brokers would cor Itinuall,
operate, and constant profit b, realized cut 0
the necessities of each.