Newbern weekly progress., 1862-01-14

government as to individuals; directing that
thev may be funded in twenty year stock of
the United States at par at fixed periods, or
redeemed in coin, at the pleasure of government;
and, for the security of their redemption and
of the due payment of their interest ana prn-
cpal OF the bonds into which they may De
converted, imposing direct tax which IS cal
culated to yield an annual revenue of one hum
dred and fifty millions of dollars. We have
no hesitation in saying that such measure as
this will be satisfactory to the publlc credlt.
The new Treasury notes Will pass eVery"here
as money if their redemption IS properly Sc
cured by direct taxes and none of the evils
which, in other countries, under less careful
systems of finance, have attended heavy issues
of paper money, need be apprehended on tnis
occasion. Much ans xety and loss would have
been avoided if Congress had adopted this
C urse a month ago, when it was first recon-
mended in this column.
The speculation in exchange continues
Sterling must be quoted ia 1141, and gold
81 IS. The government has been disburs-
ing heavily within the past day or two, and
people are investing their money in gold ex-
change, in consequence OF the non-actlon OF
Congress upon the infect of taxation. Gold
is held for much higher premiums by the spec
ulators.
The stock market opened vigorously this
morning, with large amount Of orders from
spectators began to realize profits and the
market was not strong enough to take the
stock thrown upon it. Hence the afternoon
prices of many of the speculative shares show
a Decline as compared with the closing prices
of last evening. Thus, Rock Island lost to-
day /, per cent, Burlington and Quincy l, Toll
edo / Galena 5 8, Illinois Central / I, Michi-
gan Central I, Southern old 7, guaranteed +,
reading !. The exceptions to the decline were
United States 6's, which advanced 3S, and did
not fall back Erie; which closed 3-S better
than yesterday Missouris, Tennesses and Fir-
ginaS each OF which gained t to-day, and Pa
cific Mail, which advanced + per cent. The
market closed very firm, with general dispo-
stion to buy.
THE BANKERS CONSPIRACY IN PHILADELPHIA.
PHILADELPHIA, Jan. Z.
Some of our banks refuse to take Treasury
notes on deposit. A very bad feeling is getting
up towards the banks and if they do not otter
their course there will not be dozen banks in
the United States in a year from now. The
cry is being raised, "down with the banks, and
give US national currency"
The Boston Post of Yesterday says:
Bank specie, $s, 975, 700. Late in the day
the banks were called upon to pay the govern
ment 800, 900 in coin, to supply, perhaps,
some temporary deficiency. 1t is to be hoped
that fair system will be speedily adopted by
which the government shall receive bank bills
for subscription to the loans. The bills of the
Boston banks are as good as the demand notes
of the United States-they can be used as rea-
idly and conveniently y-and as the government
itself has stopped specie payment, except for
interest and dept, overdue, and as specie is at
premium Of i to per cent, it follows that
tho coin paid by the banks to government
does not return to them Every coin payment
therefore, diminishes the specie aggregate of
~
agreed to suspend Moreover, the vote of sus-
pension made no exception in favour of gov
ernment, and the banks, therefore, are not JUS
tilted in favoring it beyond their OTHER custo-
mers. Liberal payments of Unitek States de-
mand notes to public creditors W /lld furnish
some temporary remedy for the present diff
Guilty, for thereby the banks wJuld soon OBJ
tain enough Of these notes to cancel their re-
naming obligations to the Secretary of the
Treasury.
And another extract from the Herald's editorial
columns:
Eve are fighting to put down Southern white
rebels, and not against the hundreds of thou
sands of Union men thronhont the South who are
awaiting the day of their deiverance from JEFF
Davis; we are fighting to save the South not to
destroy it; object is to restore the blessings of
our federal constitution to the rebel States, and
not to transfer the from one irresponsible mill
tary despotism 20 another
I'VE have an army and navy sufficient for
the immediate work in hand; we have army
and our navy organized and distributed as to
indicate the inevitable overthrow of this rebel
lion. and in very short time. But the money ques-
tion is assuming an alarming shape. Sixty millions |
of cash receipts make sorry figure against six hun
drrd millions of expenditure The receipts of the |
Treasury must be increased to the tent of hun |
cred and fifty millions and that right soon or we
shall be deluged by a general outpouring of shin
plasters, and the fearful revulsion of 1897 ten |
times magni6ed in its evils, will again come upon
u.s. The sovency and safety of the treasury, our
our credit. Our commerce, as people |
very existence Independent nation All
now depending upon the action of Congress on
this all important money question. We have plenty
of money and means in the country-they are at
the service of the government but if Congress shall
fail to adopt the necessary measures of taxation.
and such acte for the regulation of the currency |
and commerce of the country. and for the en-
of its suffering business classes, as
the crisis demands, shall before long be
suffering all the evils of sweeping financial re-
vulsion.
1--WE earnestly call upon the Honse of Repre-
therefore, to drop the "almighly mig
ger for while, aud to devote few weeks to
the ''almighty dollar" 1t was the long purse of
England which conquered the great Napoleon,
more than match for the heaviast artillery |
But have both. and Congress having
provided the artillery, should now leave
it in the hands of the army, and turn
with special attention to the relief of the
Treasury and the country upon the money ques-
ton.
CONSPIRACY.
The Herald of the 9th in au editorial On fnan-
cial matters says
1T is evident that the Wall Street banks have
entered into conspiracy against the Secretary
0f the Treasury, to defeat his Dans of fl