New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-04

is divided security, because the depositors OF the
| Bark locke 10 it eqnhlly with the billhoidersi
lie The plan proposed by The Committee coD'em-
plates the ,yporheca'icn. Of the stocks OF Gov
ernment with fewer liabilities, paying larger rate
Of interest, which are specially pledged Tor the
security Of the currency alone. Having thus pro-
vie ed a method by which the ordinary expenses
OF the Government can be paid, aud the interest
upon its contemplated loans secured beyond reasona'
ble dou t; having also provided method Dy wnieh
sound PAPER currency viii be guaranteed to The
/ people, and by which a comparatively clear mar
ket will be secured TO the Government for the nego
laliun Of future loans the way Is now prepared 10
consider the precise measure pending before inc
House. The levy Of the contemplated tax, the
uroper inauguration OF the new banking scheme,
ana the successful negotiation of a new loan, ae
n alters that will require time. I'm the mean while,
the Treasury lie comparatively empty, and the dc,
mands uVon the Government are numerous ana
pressing. To enable the Government 10 support iself
durin2 this interval Of time and TO facilitate the
pegu isliOn OF their loans the Committee have de-
cided to recomneDd the issue of Government notes.
So much has be-n RAID ard wn'ten ard 20 oiscofd-
ant are the views entertained IN regard 10 money
aud finance, that many consider the subject an ~
ticaie one that ii il useles Tor them TO attempt 10
unde stand without attention and time than they
are willing to dsvo'e 10 il. But, in reference to the
preseb, condition OF The country and wants OF the Gov
luent, the may I've stated IN q few words, ana
within the comprehension Of all. Throughout the
North the country ahoUuds with neces ares and lux
urics. The means Of transportation are iDsuilclent
TO convey TO the seabosrd the surplus food now
ready with unparalleled bounty, TO meet all the de-
mands OF other nalions. Our stores and warehouses
are filed with everything required for convenience
or comfort. An army OF more than half million
soldiers il ia the field, and powerful naval force on
tie wht, rs provii.d already with ything needicl
for their comfort and our defense The question we
have IL consider IN, how this armed force which has
brep thus raised and provided shalt be paid tori And
how shall we pay for what II Necessary to maintain
# in tbe fururei There j. TN abundance of every
hing requise for the purpose. The queeon IT, sim-
ply Tow can the Government best PROVIDE the means
] nt nsvinv those who have supple d and may con-
tiune t. supply these forces There are but two
vuys in viii h Ibis can he Justly and fairly accom-
rli,hrd One il by tsSation; IN other words, Gait
luz on every man 10 furnish at once hs JUST pro-
norton of the amount required. Tie other u Oy
loans that is by saing the Of legation OF the Gov
ernuent 10 nav at zone future iine with snch rate
If interest ~ may be agreed upon; thereby al
loving our desceudans 10 thars some portion OF that
buider which 10 incurred rs much Tor tbeir beneh'
e. for ours. Tie Committee d Ways ana Means
recommend loans with taxation to meet TIE interest
and The ordinary ienees Of the Gov rninehli anu
tie measures they have considered are for that pur-
pore. he people are ready, and Wiling and anxious
10 De taxed 10 extent that VIII secure the prompt
payment Of this interest, and sirksng fund that
viii provls Tor The payment 81 The pHnaPai 10
twenty or thirty yesrs. by joint resolution Con-
gress Jas pledged isei to meet Their Nishes IN thh
fespect with great uuGninty ard The thN-bili, ~
mentioned heretofore, IA now beng perfected IL the
Committee, aud will soon be snbLilted. IL 10 pro-
nos,d 10 i,sne 500 900 Goo OF bonds payable IN ~
y.ors with interest semi-anuually, a. the rate Of
rer cent per anbum, upon which the COMMITTEE con
hdenty rely for adequnt- ~ ana 10 hir an ne Gov
eminent al d carry Oh the war uhiii Tue rtbeilOn -
an dued. There would be difficulty IL relying
mon thess bonds lloue, If the parties VITO con-
tracied 10 fufDi-h the necessary supplies, ana
o,her creditors of tie Government, were the par
lies who are slso receive nd hold the bonds tnat
.,e 70 be Issued. Bot, unfortunately, theeo con-
ts,ciors AID Others baye incurred large debts 10
hanks and caIiti IT, v icb they are called uPon 10
nav and have thus far been put 10 Rrclier inoonNe-
nielce by he delay If the Cover ment Ih laJlh.
them. Hence there 10 a necessity Tor money I'M
the object Of tie authority 10 Issue si1Ou OVO
United S;ates roe- not bearing interest, and made
n Ill tender 10 u.y iese creditors OF the tued
States aud enable them 10 discharge Their .'bt-'
In the natural course Of trade ihefe nhed n'a'eS
note, will continue 10 be transferred from ore 10
uo,lr utti they coine into tue hands VI toe baDhs
and toe capitalists who Will not allow them 20 re-
r. Ain long o e IN tier Jo,les-ion. Money Tor COM
uercisl purposes can now be obtained Tor less
ihan i've per cent. Such portion, therefore,
Of the United States Notes ar are 10,
needed for circulation, and cnno' 90 usou
In REGULAR bn,iusss channels IN "a way 70 earn
in,.r,st, will be- returned sooner or later 10 the
/ Treasury Department, To be- converted into DohdS
bearing Interest az the rate o. ris per cent and pay
]
/ IL comlieled, rnd thee bonds OF the Government
will thus he made furnish supplies required u
carry on the without the intervention OF use by
/ the Government oil bank paper. The proportions
az the Committees from Boards OF Trade and Banks
which recently ated Washington submitted to the
Secretary %, tie TTentury and DEFINED by Inn, df-
frr.d fom tie theory Of thin 6i 70 ilr rs 10 re-
opirs that instead ~ tbe i-sne OF the United Nietes
notes. tre banks should be relied upon to iurnifh
the amounts ne, ded The effect OF this would be that
A. hDt4g nust ID. lT9t dlHlO.st OIL uud
tLe morey received Tor them paid 10 the contractors
in other words, thst the Government should 60 into
the mo,ev marke. and negotiate their bonds, WITH
out restriction MS 10 the rate or term, At time
when the Government Is discredncd by the delay
and the difficulties that have occurred IN paying
contractors and oibers taking the notes OF sue-
lended bank, in payment OF theee bonds, and, win
ibese bank notes thus obtained pay oil the contract
ora Tue obvious effect Of such All arrangement
would lie to put the r.ins Of our NATIONAL finances
into the bunds of the bank leaving 10 them the d.
recioa of cur Iath with litle opportunity for tne
Government to exercise any influence on the subject
/ Exactly upon what terms the Government bonds
could be ne o,ia,cd now under such circumstances
no one can cay; hut last Summer, when the banks
made their negotiation with tho Secretary OF toe
Treasnfy for 500 000 they at first refused 10 do
ANYTHING, because the Secretary was restricted Dy
law 10 taking par for Per c-nt bonds, payable IN
twenty wears, and FOR BIO Treasury notes payable
IN thee years. Tuey fueliy decided, though with
great reluctance-intuenced by patriotic regard Tor
the public interest well ar wisely consulting their
Own-to take 500 OOJ 900 Of The ldter though AT
that time rs now, money WIS not worth Tor COM
merciA purposes, more than per cent. IL is now
proposeo IN this bill limit the Secretary 10 par Tor
d per cent bonds, the principal and interest 10 b.
payable in specie its equivalent. ], is believed
/ ihnt there eau he nothing more secure than these
bonds which thuk become, ~ II were,
s,updard Of value in reference 20 the currency.
l., the war Of 1870 the Government paid for rs sup