The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-06

dollars of demand Treasury notes have been issued and
this to be according the wants OF
the 1t has been supposed that the demand
Treasury notes would supply the bulk of the currency
the country, and thus supplant the Of bank
but it does not that such has been result for it
said that great is the desire of Eastern bankers get
circulation OF their notes in the West, that hundred
dollar bills quite common.
Treasury officials here who have had long experience
touching financial matters without apprehensions
concerning prospective paper expansion. If both the
general government and the State banks go
with expansions Of the circulating medium, there
must inevitably be speculative enhancement Of
prices, to be followed by crash and a de-
probation Of bank notes at least. This can be
avoided by the legislation Of the general government
the States to limit the issues Of banks. No movement
in Congress has yet been made upon the point, and
difficulty is presented in the fact that the drift Of the
judicial decisions is, that the issues Of banks ineorpo
rated by State Legislatures and by State banks them
selves, not prohibited by the constitutional provision
forbidding States to emit bills Of credit.
SHRINKING TREASURY NOTES.
1t found in practice that Of the Treasury notes
shrink after USE and hence must not be inferred that
any counterfeit because shorter than Others How
ever recent arrests Of countsrfeters show that par
TALLY executed plates of Treasury notes have been got up
and there doubt that counterfeit Treasury
notes will get into circulation. Is therefore the duty
OF government the point Of supply OF the
ating medium, to watch closely the movements Of all
counterfeiters.
THE TAX BILL IN THE SENATE.
Mr. McDougal addressed the Senate at length to day
in favor of the plan of the New York Chamber Of CON-
merce for an Excise bill. He spoke Of the bill which
been matured by the committees Of the Senate and
House, in conjunction with the Treasury Department,
one whose leading feature was To raise revenues
from manufactures. As the latter now coming
money from tho ooeration OF the Morr Ill Protection Tariff
bill not muc ~ paihy can be got up for them. It Is
creditabie to ena Hale that he has not been
troed in his a,to in the Senate by the view Of New
England manuf ctu 'crs.
The Senate cu ed to-day the consideration Of the
Tax BILL 1t red be engrcssed and will be put
upon its passage tomorrow. tax OF two dollars
per capita negro slaves agreed to; and after
very humorous eech from Mr. Davis, Of kentucky,
additional tax Of ten cents gallon on rected spirits
was adopted. No other very material changes were
made in The bill to-day.
THE FLOODS IN VIRGINIA.
Private advices from reliable report food
upon the Upper Potomac an the Rappahannock and
that bridges have been carried away. II Stonewall
jackson in force tho upper part Of the val
Icy OF Virginia. serious consequ might arise from
accidents by food The loss OF bridges upon the Kappa
hammock considered serious, because it
to part the strategy Of
tho Rappahannock to reinforce or support General
McClean's army
THE FLOOD ON THE CHICKAHOMNY.
general fear is expressed that flood upon the Chick
ahominy may find small portion Of troops across
the river that they may be cut or by the rebels The
friends Of General Mcclellan without anxiety but
have confidence in his forecast and resources.
ARRIVAL OF SICK AND WOUNDED SOLDIERS.
The sick and wounded from the peninsula continue
arrive in considerable numbers but they of that
who win probably from their disabilities
THE EMANCIPATION BILL.
The substitute Of representative Porter, which Is
likely pass in the form offered, provides for cmanci
patton in the following cases-Of every person who
shall hereafter ofcor in the army navy of
tho rebels, president vice president member OF
Congress, judge OF any court, cabinet officer. foreign
minister, commissioner consul of the called Con.
Tolerate States; governor OF State member OF
convention legislature, judge Of any State court
OF tho socaled Confederate States who, having held
Office Of honor. trust profit in the United States
shall thereafter hold office in tho socalled Conredc
States OF every person who shall hereafter hold
any office agency under the government Of such Con.
fcderate States any OF the States Of such confede
racy but persons holding State Offices unless appointed
since the uAtc vi OF
shall have taken oath of allegiance to such Confede
rate states also the slaves OF every person not EN-.
braced the foregoing clauses who after the passage
OF this act, being actually, wfully and without
cion or compusion, engaged in armed rebellion shall
not within sixty days after public warning and proca
nation made at his discretion by the President, lay
down his arms and return to his allegiance.
Tho reconsideration Of the Emancipation bill by the
House yesterday already foregone conclusion when
It was brought up There had been close count OF
noses and IL known that resistance to the
sideration would BIO unavailable, although, until the
opening OF the session yesterday morning, appre
hcnson about the result was by the support
ers Of tho measure It was referred back to the select
committee, whore will be amended so to make IL
acceptable the republicans who objected TO this bill
In amending the bill effort will be made to
connne It's operation to notorious traitors, and
also to embrace colonization feature. II
will be difficult, however TO frame these notifications
to obviate the objections heretofore made without
fcng considerably with the real purposes OF the
sure which not much punish treason as 10 exter.
inmate slavery In the Southern States.
THE ADMISSION OF WESTERN VIRGINIA INTO THE
UNION.
The Commissioners who came here to obtain a recog.
milton by Congress Of tho State OF Western Virginia.
have returned to Wheeling The project finds less favor
hcre than was expected Several strong reasons will
operate against the proposed division Of Virginia II will
br opposed by the radicals because thsy are unwilling
to lose the moral and legislative influence Of western
virginia upon the proslavery portion Of the State It
will be opposed those who desire carry out the Pres
dents policy gradual emancipation would destroy
all hope Of forcing such upon Eastern Virginia
The most serious objection offered that would occasion
tho Reputation Of the Virginia bonds which are held to
the amount OF many millions by loyal citizens Of the
North. 1t preferable that the debt incurred by Eastern
virginia to carry the rebellion should DO repudassd