The New York herald., 1862-12-05


of reinforcements by stopping en,istments.
ing the War Department, therefore, and we hope
that he will take occasion to fully complete that
history Of military Encouragement Of which the
Prince de Joinville has written the 6rst chapter.
and General Halleck the second.
Congress ana the Curreacy.
Now that Congress has assembled, and that il
time is short, it is expected-nay, demanded
by the country that the two great matters most
deeply interesting at this critical moment to
the nation, on which it may be said our welfare
and success mainly depend, shall receive, if not
exclusive, at least paramount and immediate,
attention. We need hardly say that the two
great and most pressing subjects which now
claim the immediate action Of Congress are the
currency and taxation. Let us hope that the
interminable nigger question is now at last scs-
tied and disposed Of, and that, having received
all the attention possible in the Presidents
Message, it will not, be dragged into Congress,
at least this session, to the exclusion Of legiti-
mate and necessary business.
Such are the two questions and matters Of
business which it behooves Congress to take up
forthwith and to arrange and settle on sound
and honest basis We say honest, emphatically,
because there are in Congress men devoted to
sectional, corporation and trading interests
who we fear would, if they were able, divert
the action Of Congress from popular and patri-
otic action, in view of the great interests Of the
great people, to special, mercenary and dis
honest action, in view of private interests and
trading and corporation advantages.
Our observations and our fears apply chiefly
to the currency question: question which
must be taken up and must be settled by Con-
gress without delay; for it is certain we cannot
60 on long as now; we cannot safely be left TO
drift at the mercy of chance, with the helm In
the hand of wild speculation, and the vessel Of
State headed towards quicksands and breakers.
Having limited to Congress its present duty
and business, we will make few brief and con-
else hints also in reference to the course and
direction whichits duty ought, we think, to pur-
sue What, we would ask, is our present
position in reference to the currencyf
We have before us the spectacle Of two
antagonistio powers engaged in one and
the same Misunderstanding irredeemabis
paper money. One of these powers is Con-
gress itself; the other power is q scattered, un-
connected force of above thousand banks and
trading corporations: The issue Of demand
notes by authority of Congress is, it is true,
subject to limitation-the will Of the majo-
rity in that body; also its notes issued are, u
not redeemable in specie, at least convertible
into government securities. But the issues Of
the other power we have mentioned, now that
the banks are relieved from the necessity Of
converting their bills into specie at the will Of
the hol der, are absolutely without limitation
This alone and Of itself is great evil 70 the
countryside unlimited issue of irredesm-
able, irresponsible paper money by more than
twelve or fourteen hundred banks throughout
the country. When to this great issue, which
there is nothing adequate to control. where all
kinds of banks, solvent and insolvent, good and
bad, honest and swindling are all conlounded
together without distinctivensss, without any
ready means OF ascertaining which are genuine
traders and which are wildcat swindlers-
whom to this evil of redundant, irredeemable
issues is added over and above the issue Of
many millions of Treasury demand notes, the
deplorable situation, may be compared to some
respectable gentleman attacked in the streets
and knocked down by gang of rowdies; then,
IN tie melee, another crowd rushes forward 70
assist Linn; but no one can tell who are his
friends or who are his enemies; among them all
and by them he is thrown down, jumped upon
and trampled nearly to death. Thus IL is that,
II the United States demand notes are-as we
verify believe they are-bettcr ten tho:sand-
fold than wildcat paper, yet it makes no dif-
ference: they stand upon the same level; they
are in one word, like all the others, irreaeems-
be and the whole body together, Highland 0imsy
as The body Is, combine to effect weight
under which the respectable Uncle Sam is be-
ing crushed to death. Such is the result Of
keeping bad company, and of removing tho
proofs and symbols of gentlity: the rascal ID
confounded with the true gentleman; in other
words, by the removal of the test of redeem
ability, the best banks are undstinguishabls
from the worst, and the worst paper floats in
our midst on the same terms almost as the best.
1t belongs to Congress to look for aad apply
the proper remedy to this great evil, which 10
beginning to press heavily upon the working
and industrous classes This terrible redun-
dancy Of issue and overflow of paper money
produces a depreciation Of the value of money.
and an alarming augmentation In the price Of
all commodities. The rich can profit by ala
this and become richer; but tie effect upon tho
poor is that their little income, whatever IL be.