New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-12-11

ropv offered by generous peoples how sacred the %
lic,on that not should be wasted M" a' u ,
dollar misapplied. Nor is rasbDcss IN g~ ftEoi' pu
the ,irance that misses opportunity the eiElE!
that rcayes no effort the e that yita1es all resources
and the perseverance, that never grows weary tnes
make true yigor II by such ygor tie Rebellion can W
Ans pressed and the ended before the LIST OF jay
n,r the country viii IL saved from the asthcreus. VI
debt vhioh must necessarily attend rs u
irg another year, ard the debt iisen can az nsvcr
uiaced in q course Of steady reduction ANA wnehssei
progressive paynent shall begin. the value Oh N'.o'
securities viii rapidly rise and reduction III rat,s HI
torest will gradually diminish the burdens Q, ueg,.
Willie tie Secretary thus earnestly urges tnai ,ns
largest possible proportion OF expenditure be provided
by direct contributions from tho property ana incomes
Of the people, he is aware that st larger PrVPor'on
must as yet be provided by loans.
In the creation Of debt by negotiation OF loans or
otherwise the Secretary has kept four objects steadily
in view % moderate Interests 81 general os,p,.a
ton; 90 future controuaDihtyi una W A'0'1'
utility. a.
Toward the accomplishment Of the trst object, the
nearest approach that seems possible hes pe.n nua
The earliest negotiations were at the highest rates Oh
Interest for il il distinguishing charactersc OF our
n,rca history in this Rebellion that the pubhc etoua
which Was at the lowest ebb in the months when pc'
coded lis breaking out, has steadily improved ID Tue
midst Of the terri be trials 1t has brought upon the oou
try Tho frs, loans negotiated ut seven ana thi
hundedths per cent the next at seven; the neAs ~ n
mort rec, ntly large have been obtained al hVe s
four and tho whole of the debt which Ia represented
by United States notes and fractional currency oc"s'
o: course no interest. . A, -. -,
Treasury notes and certificates Of Indebtedness or O,
deposits aud il called temporary debt IL PAD IN ntea
States notes. while the interest on debt wncL eNst9 ~
the form Of bonds and s called funded deDt IL pau ~
coin-n ii Termination which IL intended 10 Drihg the
payments Of coin interest within moderate compass
lld at the time to offer special inducements TO IN
yestmonts In bonds. In order 10 avoid too RAPID IN
cense Of circulating notes and consequent depreciation
The average rate of interest the whole debt with.
out regard to tho varying margin between COIN ana
notes. on the hist day OF July lssS so per
ccutun; on the first day Of January. lsoJ 4Os per
centum on the frat day " July 1862 37 per centuin;
and on tie first day Of October lstJ 3s5 per centum
Itwi not escape observation that the average rate
Is now increasing. ard II is obvious that II must con.
time 20 increase with tie Increase OF tho proportion o
the interest bearing 70 the dso,;
Sia,es notes and fractional currency cannot be mate
rally augmented without evil consequences Of the most
serious character the rate Of interest must increase
with the debt and approach continually the highest
average. That must be greater or css IN proportion 10
the duration and cost of the war
The general distribution o! the debt Into the hands
of the greatest possible number Of holders has been the
second object o. tic Secretary In s creation. tbs has
been accomplished by tie universal diffusion Of United
Estates and fractional currency by the distribution
of certificates among great numbers Of cred
'oTs and Temporary derostrs and by arrangements TO
popnIzc TIC loans by giving 70 The people o'oryN here
Opportunities ~ subscribe ior bonds 1Lcso subsciip
toa arrangements have been especially useful and
ocss'uL They have been adopted y. with reference
to Only two descriptions u Donds--the two commonly
, known ~ seyen'th.rtes and tvo.Weniies. 80 named
the trst ron their rates Of Interest and the second
from ler periods Of pay ment. The plan ods.rbuting
tie tercn.thirtcs that Of EMPLOY ing arg. number
q agents In many places and directing u cir action
nom the Department IL worked well for atme but was
iornd nGde 10 the financial necessities Of tie
Government Tor tie distribution ~ the ny.ts entics
therefore different plan was adopted. Amer ascer
thinning. ny inquiry that they could not be dispos OF
~ capitalists T. amounts sufficient for prompt %! ncn
u tho Army and Navy and Tor the satisfaction Of tie
-,l claims u public G. oiiors generally without serious
lo,s tho Secretary determined 60 crpluy a general
ageai. under adequate bonds and oohfde the whole
ofk ~ distribution except 30 Ear could b. effected
y the Treasurer Assirtal Treasurer and Desgnat
cd Doposiorcs 20 him and 10 cub gents dcssDnied by
, Ain ald Tcspol,hie Immediately 10 hin. Under ih'
plan. AID cl!tl if,lgL tic iAdc!aYable efforts oi Tie
gcncral agent AID Bis subag, ns i've twenty bonds 10
tho amount of nearly sfpl O0ca denominations Of
e. 600 S,l and 90 wrro distributed thruus bout
tie ho, county not controlled ny ,ho rebellion. ald
among al c.asc, Of our c"glirymsn. The history u
$40 Vofi4 may be s.4Tchsd ~ ,..a .oT parallel caso Of
! plpg.ar Lrhaolnl suplsrt to Sa.onh Government
lie ecrciaIy il unable o. iercci'e IN slai hotter or
rorc sEctgal mole The nPui ,ant object u distribution
COLD b. aocomI1i.hod and be giog~es 40 departure
. Aarnoply,d with Efficiency may .nEscst
The Object q fniaie e'ain,labiy hns also Ind a
prominent P,ee Ia 10 fesud' u ,he Secretary. IN
tic conditions which existed nj TIE outbreak q the
lcLolon. be acqrcsocI 10 the necessity which SEEMED
dictate the taoa " bonds pay ah.c after ~ cuiy
sear1 bot Ao alesccl With TcncaIcc. and.
pes litcd ~ cigcumsADccs recommended tic enact.
ircnt - lava sl;io.ltng the ssuo ~ bonds p1gab
laicT shorter periods well rs So creation VI ton
uary debt ia O,.-r iuff's. IL harmony with ihrte
views Ioggfcss provided far the iagc ~ tic bonds
ino~n O.. 10 f,eTaertlcs. anu also or to issue q
Treasury nocs pay to tl'c years 'foo date Tor csf
uicees 4 lrdsbieduss. pay abe IN one year. and r
temporary loans by telos.is rcinDurssble after ten
idps' notice At tie aat .cssion Congress repealed
embarrassing frsicons q former acts, AID an.
tAofi1el Ito auc %; buud' payable nitcr ton ycafs.
and Of Treasury notcr aJaho ut pleasure g. three
YEAR from dnte tose Treasury no.ss made -gs
enirfs for flce value convertible 10. amount and ~.
p lsrcst lnio Irit~d States rotcs
II Tho Secretary Nai.cd himself Of ths l,cslfton by
placing with tho people a. large az amount as possible
i've enty bol4s and by rsIng tie otter powers
put the whole debt. except the long bans nrst
olaicd In such shape that prompt advantage can
De taken Of favorable circumstances 10 diminish the
bpgdelb Il imposes Industry Whenever the cunsti-
tut oa supremacy % the nation shall be ro.a5lsl ed
lover all ia paris II VII lie completely within he power
Of Congress and tho Secretary 10 fund the whole my
part OF The temporary debt In bonds bearing very
moderate interest and redoemiblc at the pleasure u
tho scrumcn after yer! brief periods or pcrhnp.
at ny time after their issue. Nothing further
Q desirable on the scare Of oonrolsblliy.
Tie hnal object of tie Secretary 10 extract rom
the unavoidable cy! Of debt much Incidental benefit
J. Is pOsslhe.
10 this end be desired authority 10 receive temporary
loans IL tho form OF deposits reinbursahe sfcf rev
ldnJs' notice THIS measure was regarded BY many
with something less than IA or first; but Conercss
after foil confederation authorized tie receipt o such
nj an Interest not exceeding five per cont to tho
amount Of s.a.oco then raised the iunt 80 s51so-
coo and then 20 lO0OUso and provided "A reserve az
SaODU 90 of United States notes 10 meet the demands
for relmbuTscmenis beyond other conyeicnt OF
Satisfaction. II Was not long boforc these deposits
reached the highest limit and before the TOW could b..
well checked. somewhat exceeded II. The utility Of the
measure very spcuous tho occasion If
great sisngenoy In Aea YORK. when the secretary
able to rembuIse over 100000 Of these deposits dur.
ing tie last weeks %. tho year by which action the
pI scnsbly allc,iatod. With tho Of oay
one nth Of the reserve
Ia former reports the Secretary has stated his convc
ons, and The grounds Of them respecting the necessity
aud the utty IL puiuga large part II the debt IN The
, foam oi United States notes. without interest and
fdptcd % circulation money These cout icOns r..
: main unchanged. AMI seem 10 bc shared by the