The New York herald., 1862-12-06
FINANCIAL AND COMMERCIAL.

Our chief reliance the safest must be upon
amount now authorized il seems certain that loans for
the whole amount required for the year be
REALLY Obtained M far rates and T. may oe confidently
will be well understood the Of It's ter
ritoal integrity so well assured that capitalists will not
hesitae to supply whatever may be needed for the sub
seqnent year.
| This clear and emphatic language will set at rest
! the anxieties of those who expected that Mr.
| Chase, while not recommending more paper issues
would at the same time frame his report in such
| manner as to give Congress an excuse for author
izing them. The aggregate expenditures for
the current year are set down by the Secretary
at. Observation-Disclosures. ,$78s, ,6lS,777
The revenue as foows:-
Receipts from duties, taxes, land
sales, &c :....: :............., $3.50 496 ,345
Realized already from loans. ....... 200 ol297l7
| 10 be realized hereafter from loans
aGsnoflzeo ...................,. l3l ,Ozl ,l91
pehcit .....,..,'..... 26,9l2,5l7
| Total Observation-Disclosures. $78s ,5lS,777
! To supply this deficit-whch the increased re-
ceipts from internal taxes and duties will decrease
very naterially-the Secretary expects to realize
s5o,o00oC0 by the organization of banks under
the scheme unf0lded in his report and $25 900 900
by enlarging the limit for temporary deposits. The
balance, Of about 5000 900 600, he feels confident
that he can raise 'by loans at fair rates without
| any further issues Of United States notes beyond
| the amounts authorized" He would
prefer, If he had the choice, that the bonds to be
| negotiated by him should be three years seven
thirty notes, convertible into $40 bonds bearing
| six per cent interest. But upon this he does-not
| INSIST He merely asks of Congress to authorize
| larger issue of bonds than authorized at last
session, and to remove the present absurd restric-
! ton on the sale of bonds below par.
These arc the leading features of one Of the
most mpor tant financial statements that was ever
| issued from Washington. There are other matters
in the report, especially the point referring the
gradual and compulsory withdrawal of all existing
| bank notes from circulation and the substitution
OF United States notes for them, which will demand
comment hereafter. At present, the far more inn
portant feature Of Mr.. Chase's polcy-namely, the
abandonment Of the paper money system, and
/, the return to sound methods of fnance-is
likely to engross public attention TO the exclusion
| Of all other topics. The news of this change in
cur financial policy will be hailed with delight
| throughout the country. It's first consequence
viii be decline in gold which will involve cor
responding decline in all those articles Of merchan
| disc which have been inflated by The imitation of
| gold or the depreciation Of the currency. The
very rumor that Mr.. Chase would oppose further
| issues Of paper caused q decline of per cent
| in gold this morning. Tea sugar, coffee, and all
other articles consumed by the poor, which have
advanced to exorbitant prices in consequence of
the advance in gold, will now fall, and the farmer
and the mechanic who have been nearly ruined by
the depreciation Of the currency will once
more begin to see their way clear TO earn
a living. The national currency, which has
| fallen TO 20 a y discount, in consequence of
tho lao, ~ 1,, -
and whose disgraceiul position has done the ma
tional cause more injury abroad than oil our mill
| tary reverses, win approximate more closely
10 the specie standard. Our national credit rest
ing securely upon an ineligible and sound iiuan
cial policy, and upon the largest public revenue
in Che world, will stand higher than it has done
since the war broke out. 1t is true that the mar
Let price Of government securities win probably
fall the announcement of new loans. But it
will not fall much gold and the fall will con-
sequently be in effect advance. II is far better
for the country to sell bonds at 80, when gold is
40, than to keep bonds up to 10l, as at present
with gold up TO 1870. A time must come, and be-
fore very long, when the large revenue of the
United States will satisfy every one that there is
no better investment in the world than United
States securities; when foreign capital will be at.
tracted to them across the ocean, and domestic
capital will desert railway bonds and stocks for
investment in our national debt.
The country has had q narrow escape. The
pressure that was brought to bear upon Mr.. Chase
by spectators in this city, bankers and holders Of
stocks and other property, in favor Of further
issue OF paper for the purpose Of still further nat
ing values, was Tremendously In Wall street. where
everybody, or nearly everybody, is interested in
favor Of imitation, the most ingenious devices were
employed to frighten the Secretary. He was told,
and that, too by persons who should have known
better that loans could hot be gotated for want
Of currency. With nearly s40o 900 GOO Of currency
aHoat the North was depicted a. being unable TO
pay the government $5 ,000, 900 week. Members Of
Congress, innocent, perhaps, Of stock operations
but each Of them in his circle anxious to become
richer by more issues Of paper gave decided
opinions in favor Of this policy. Bankers fearful
or taxes upon their issues magniled the scarcity OF
currency, and inyentcda most incredible theory
Of general boarding TO account for It. 1t is highly
credtable to Mr.. Chase that he withstood these
efforts, and pursued the course which Justice the
interests Of the people and the credit Of the GOV.
ernment demand. II now remains for Congress 10
do its duty. We placed on record yesterday the
views of Mr. Spaulang, chairman Of the Sub.
Committee on Ways and Means to which this cur.
rency matter win be referred. We noticed also
the published views 9fMr Hooper and Mr.. Thad
deus Stevens. All these gentlemen six months ago |
expressed decided reluctance to food the country
with paper. They will now preserve a consistent |
record and do their duty to their constituents. and
to the country by acting upon the recommsnda.
tions Of Mr.. Chase without delay.
The tables accompanying the report. showing
the amount Of the debt, and the resources q the
country, &C., will be found In another,eoumn.
Money was in pretty fair demand to-day at Q Dor
cent There is no change in paper or certif cates
OF Indebtedness.
Exchange fell this morning to 1857, closing at
Hbh LAG. Gold opened at 1872, fell to 1907,