Washington telegraph., 1862-04-23

hA4at-lih"fhs -.--------. --fn'r--1 f'
Forui1n IntuIconrr GD.UJt uJ
Public Debt. ........ 1,5J1.0J0 %
VAR. -..-----..--. lgH-1.l. ~ ~
Navy fy--.---.--... ..-- H,5jJ,FU) ~
The only means olrea iy provided. t. supply
these de.lIsds consist Of
:. Thc balance pr lIo One Hundred Million
Loan, above stated. which. wuCl reali izcl I. would
amount % 5l7,sl7, 339 9S.
A. Ana thc natt proceeds of tle WAR Tax
TIE amount yf lii= I-rm i- rendered uncertain
{ BY Tie occupation of sonc # orr ter. tory by
tle enemy. Al mu=' ha ~ down at cariec-
tarai amount, say, at twenty millions.
Tic remainder Of Tie supplies must BE- OBJ
.linrd hy on. or nare nit Tho following means.
Taxes :. Treasury Notes. .. Il ang.
Each Of these .nedcs are thus discussed.
Tho FIRST il considered efficient only for raising
basis Of loans, thai ~ to say, prcviIiug 70
Interest anil graipal i.mirntion Of the debt
n VIII. tiiHe7 tLe czpGa " ~ thc government
cannot be sustained hy taxation
The second mode, the Secretary considers
hazardous. Speaking W Treasury Notes he
says:
:. Iac evidence of redundancy begins Ia ap-
ear in the freedom with which call deposits
are mHtc and tie nigh prices Of specie aud
f11ciEl exchange are partly the result of that
same carse Lut on tae other hand, ths free
dom with w!ficI Treasury Notes are circulated
ni uar WITH Bllk n,.-s, indicates an equal con-
fiutnca in aafl; while tha capacity they have
o. being funded. gives t.icII . superior claim
~. ril..c rarfdc.ct.
NJ iH- fLst taal -1 iI--. aa a-le San thas b9
Supported, while at the same uInc The States
a.e i--s,a Jag tac ejaculation By their issues
u. l4--.arT nytas. r.t.If t1 prove tIat tds
Treasury AY-.s Nr tli- t51-crnH art perform
,,rGc function y ,s;ca was not foreseeE; and
/ that ingeti1n Il prabIb- tle.r agency ia sup
\ pviar lum stlr exchange Inr tle JJnf-llrlcr.
81 long is the uuu..c conf lcnse clu bc pre-
! served, this effect w0ul4 attend currency re-
V raivable NJ all points at par. Anl while il af-
.gris argcr Il .id pf circ Iiat;oa, il aInonshes
Us o. use the utmost ctutioG. l.st the credit of
/ tle Government should be impaired. Under
| existing circumstance, il seems to me that
] Congress might venture 20 authorize an issue
\ uf hIfy millions more. III ihry will provide
means fJr absorbing relGn llney similar %
those already provided for existing issues.
| THIS VII raise the issue q two hundred mill
/ lions IH amount at @Aiel MI should pause il
ilis discretion, until We an See tie effects up
pa t!le country.
Iho larze balance stiE t5 he provided flr
,lu.t IVY supplied by tile last methoI-L ans
( l,- means ar iaAl1i q PA. Concerning which
A4 -a-=
! ..raes- E. 10 i..ai; IL tLia resource short Of
t., ability ur oils Nation t3 rl-. AMI .hc Just
ln. slr- ur slIi- ability i+ tIa amount which it
e-l r..ss Jy taxes yr revenues. 10 refund sach
4 lHaIs 81 -la- as tIe interest %! debt can
M. secured Av certainty. tr- ather W.ih s9 much
~. Tile principal a- will l.zcItr- Tile dc5t ID ].
reasonable time. that debt may BE- made avail
aim. T-e first rr.P th-n rn he tairn by The
Gorar4-.yl, t.uarls Cn--r5 .Hg it, loans, il ID
cnltrze tie means of rag1yi9c them: in other
words, tls taxes must be increased
"A sufficient tax .Ii secure thc lenders.
But lie enquiry naturally arise, where are
tl.-. lenders TO he found Dur re0ple have
rr1r rty I'll Abundance, hnt tIav have no SUI
r,us clr.tll iu money. Du- plans Iaust be
mo- l.i.i - met glis di.icuty. He rIE=t ae-
cont products in exchange fur tac nHnl, EAar-
cy.r tlcr cil be made available .nr ,Ie Eilts
Of the Garer-,n.lt. Tie farmer In supplies
uf fi1l fi- tna army; tHc manufacturer has
r,.t..il1 wv u.... conan YI.ti--; tHG railroad
company las transportation; tie miner has
GOA. .t!li irau: all vi waicl tle Government
uaaI- Er -la-. supplies ctI he rItninal il
,y.'.l-.-. fp- 4 Iir..ier.te 81ll~, loan i'll kind
4, ,r.csct ra IN .ii., tf ths satisfaction o. both
parties. An rsaHHa-f ut Treasury Antc far
tac sans ARTICLE is . purchase I9. ct-i, mas
much a, Treasury N5.es are now money Ike
bank notes Taa issue ol anta notes lllst, 0l
necessity. Have narrower llmits thl1 tie lssn-
u bon IS: aul. TX Ill cash assets, they are
more readily exhausted lhe whole amount
ar r,a-r,r, Notes which ihr Government can
pat n circulation viii js required for the pay
or the army for the wages of mech lnics, ~
INV other cxpcui.;Ar--, which cannot be- paid
with bonds. To use them. tn srefpre, for other
nurnoses. Is to leave these necessary items M :
plii, aud thereby N discrelit the Government
Tie Secretary then suggests to the conside-
ration os Congress, the proprie;y Of taking from
thc planters THE cotton su6Ec i6ed, paying for
il in bonds. AMI us:ng it for the purchase OF
army aud navy supplies abroad, either By r.
mittirr 1t III kim Ny H. means of making
other remittance. n, touches that tenderly
however. anl lys in closing;
..Tb, extent W which this operation could
l,s carried. can only be determined by actual
ornnrimert Id certainly would mot exceed thc
. ,,alrrt of thc Produce Loan. There would be
considerable difficulty in the administration Of
, NM "details: AMI a large conilcnco must be re-
,o-eI Ia tAe agcn.s- But 1T Congress should
see ft to attempt the experiment, due efforts
will be made to carry it into execution.
:. These various considerations mag be re-
tIurp lIeO lVE4aA III Aue lDltpN4il- t1AaVlis
, ..l That authority be given to increase the
issue of Treasury Notes to fifty millions m1rc
80 That the Secretary Of the Treasury bt
authorized to keep reserve Of Treasury Notes
not exceeding ten millions, and that he be an
thorizcl % issue tha -lme ta holders of depGsi
certificates upon any snilcn and unexpected
: call-the issue TO be re luced within the reserve
fund H. som N possible
5. That an additional issas Of bonds o1
stock to the am nuat Of 1905, 427 10, b
authorized upon the plln already adopted
-. That subscription in kind be takcn I'D
this loan of all articles required by the Gov
crarlsnt, 70 b. exchanged for the said bonds
\ y. That cotton aul tobacco. and othtl
agricultural products, subscribed 70 the Pro
duce Loan. may bc aC1 e!tel at valuation 4
exchange for the bonds ID such M extent, aA-
, under such regulations as may be determines
! BY Congrcss-thc Secretary Of the treasury
to have authority to ship or sell, or procur
; advances upon such produce for the use OF tn
Government
SO That Congress impose IN additions
War Tax for such amount a. will sustain th
5 additional loan which they may authorize
Q and that the said tax be collected at as early
I. day in the present year as may be practicable
f ''7. And, finally, to provide the machiner
; required for these plans. let the Secretary
. | the Treasury he authorized to employ sue