The New York herald., 1862-12-20

Tuesday next, " be till January B.
its consideration postponed until Monday.
NEW O. ficE-AsssTAsr o0hNlssio2ER.
On motion Of Mr. sARckANr, lrep) OF CAL resolution
was adopted iussrucring tho Committee Of Ways and
Means 70 inquire no exIedieIcy prcyidng by law
for the office OF Assistant Commissioner OF Internal Re
for the Pacific States and Territories who shall
have general control or matters that under tho
direction Of the Commissioner Of Internal Revenne.
SPECIAL oiMiiITIEE 70 INVESTIGATE THE fRErERczsBuRo
Mr. psIArIAlkp, trep Of N Y asked leave 10 intro.
duce resolution providing that special committee Of
Of the disaster before with power
TO send for persons and papers.
Mr BLAME, (ep) OF Ohio, objected TO the adoption Of
TIE quAsrrnsAsrxn onSER,l's DrrRs
On motion Of Mr. Molsslcnr' Srepl Of Pa it was re-;
they deem expedient, bill for revising the duties Of
the office of Quartcrn,aster General SO 10 place the
the hands OF those cbargeabe with tho proper
care thereof
mANKs 70 coHaAypERs MORRIS
on n Naval s sn two Joint 'G@ Sesoaons na ~neS
were passed, giving thanks to Lieutenant Com
s mandsr Norris, Of w the Cumberland, and and Lieu.
distinguished services in the contest with The MerrL
mscthese thanks according TO the law, being necessary
tiona grade in the navy.
rRrzE CASES. y
Mr.. Sedgwck resolution adopted calling upon the
Secretary OF the Navy to communicate information
cernng oil causes In the courts showing the present
s S hs Of
the charges, &c. Of all officers and men claiming, and all
owed prize money; stating bow much has been dis
buted to the captors and whether distribution has been
made according to law
On motion OF Mr.. MAYNARD, (UniOn) Of Tenn, resolu
tion adopted instructing the Committee Naval
Affairs to investigate the condition Of the Memphis Navy
the vested rights OF loyal citizens.
THE PENSION BILL PAseBD
Tho bill for the payment Of invalid and other pensions
passed without debate after being amended, on
ton Of Mr. DrE (rep ofN X, so that no part Of the
money appropriated shall be paid to person who has
Ao-Hnn fort "a tho
STEVENS FINANCIAL SCHEME
Mr. STEVENS, (rep Of Pa, made the following expsana
said-The bill which introduced some days ago
To provide to defray the expenses Of the
as Haeous as That sent forth sy
their Jewish cousins when they wcro kicked out
OF the temple and produced what seemed to me an
accountable excitement in financial circles. This, sup
pose was, caused by wrong information to its origin
and misunderstanding to its object This partly
the fault OF letter writer's and partly the fault Of the stock
jobbing money editors. perceive the money article Of
the Philadelphia Press OF Monday of this week repre-
sents the bill as reported by the Committee Ways and
Means notwithstanding the papers Of last week stated its
true origin. suppose these money article editors use
sentatiors. The BILL as all knew who wished TO know,
was introduced by me on my individual responsibility,
with the sole object Of reerrng 1t to the Committee Of
Ways and Means Neither the Secretary Of the Treasury
the committee had ever been consulted with regard
to IL; nor, though referred u them, had it ever
been considered by the committee So much for the orr
gin of the bill It's object and ntents TO be equally
misunderstood and misrepresented It is known to the
do apprOyc Of the financial
Of the governn When ths Congress assembled
year ago. all The banks and the government had suspend
cd specie payment The last hy million doll rs of tho
loan which had been taken by the banks discount Of
FIVE millions ard half, payable in coin, 10 longer
paid in anything but the currency OF the suspenGsd
banks. The expenses OF the governmentron Two
to three millions per day-Hcre 10 be provided for. 1t
was imi ossibe to negotiate loans except at
rtinous discount. The Committee OF Ways and
Meins were expected TO provide the means,
without Suggestions aid from any quarter;
After careful delberation the committee or rather one
- pirat
tonal currency consisting OF legal tender notes
in all transactions between indiv duas and between ini
viduas and the government, and convertible into bonds
Of the United states bearing SIX cent interest aya
BILE semiannually in lawful money aud redeemabe in
twenty years in gold and silver ihe issue OF 600 zoo
worth OF notes authorized, and OF $500 600 600
twenty year bonds. The system was simple in its
machinery and easily nndersto d. and founded and form
ed uniform currency sustained by the faith or the gov
ernment, furnishing but cne currency for all classes Of
persons 1t believed that tho legal tender notes
accumulated the hands Of the bankers they
would invest them in six per cent bonds 81
as to realize profit from their capital The
remain long idle. This conversion and reconversion
would have absorbed the $500 900 900 within the fiscal
and supplied all the ,s wants o. .ne S 30
government would have had the benen Of their sircua.
ton without interest. This was the plan OF the commit
The currency has proved the most acceptable ever
offered TO tho people. This the condition Of the bills
originally they passed the House. Blu. the simplicity
they passed through the Senate They began Great
ing kinds Of currency for the same people, fatal
u,
should receive the interest in geld while the into al
after bonds should be payable 10 legal tender thus
producing at the outset depreciation Of the United States
notes. ard creating demand for gold to be taken advan
tage Of by bullion mongers Without such provision
there would have been demand for single dollar OF
gold be used in this country Merchants wished r. Inn.
port gold beyond exports and thus required gold.
should feel little sympathy for them whatever premium
they obliged to pay Being unable TO defeat this
provision procured to be inserted section making
duties imports payable gold This was 10 enable the
government 70 meet the pay the interest
nj had ono Crpi
tariff thirty per cent, but compelled merchants
go the shylocks to buy coin to pay their duties
These combined provisions form mine Of wealth for
brokers and bankers. The duties and interests will
require sixty million dollars OF gold annually
4 and soon double that amount. Now our banks and
brokers have scarcely that amount hand. They may
put the price high as they please, must be paid
TO have jus, TIE amount halycary they sell half Of
il TO the government and merchants Mt thirty per cent
using he other half to tho end OF the year aud then cell
ing they would clear by these operations thirty per
cent their capitals and all the profits OF loans on
deposits and circulation besides. The gold would return
to their vaults bly, by the payment Of the interest
on the very bonds they held themselves and be ready
or the same operation at the next semiannua pay.
/ ment doubling their capital in three years. II
| a financial system producing such results be wise,
! then | laboring under great mist Ike.
The next error was TO change twenty year bonds into
bonds redeemabe at the option the government in i've
years aud payable in twenty years. We all know that
these ng loans sell mach higher than short ones. But
the most uusaeable kind OF bond is that payable in
short time f the obgator choose, or at any nterme
date time up to q distant day. Every man wishes to
know when MS investment VIII a uue SO as 10 arrange
for reiuvestment The very uncertainty OF the day Of
the payment is great fault hence bonds sell five
| Icr cent lower than twenty year uld.
Yet no one believes that shall be able to
| redeem them short Of that time. The only iustilca
ton IN change, would be the expectation or beng
able 10 pay in ave years He must be very hopefu
| man who indulge that idea. Another change which
seems 10 me equally in dcious the allow ing oi the
ldcrs Of the legal tenders to deposit them with the
govel agents at ine est not exceeding e per
cent and payable call after ten days. This electug.y
destroy the hope their speedy conversion into nds
4 [ II "A
smaller inter d wait for rgencies TO speculate than
TO iund thct - ,erIment stock. lhe conteauc is
that while So tu 90 have hecu deIos ed short call
only $40 900 oOc nave been invested IN bords 0nc sin
gular ure IL that where 1000 Of these
notes thus frowc by the COVE nment, the secreta
nv o. the Treasury sha keep hand $50 600 00y legal
tender meet the call either by Issuing that
amount outside by hoding others II is In effect the
came as IL tho g,Nerumtn Mt agrccd to take loan
OF $50 600 600 at -four per cent and keep in their
vaults without until the lender called for it,
IA osher words rayng Tour per cent interest orthe pr