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

% Iardiv exceed twenty five mill ms The ro1ow Of
DEPOSITS las already begun an win probably soon ex
cerd rcimburseMens and 40 arrest payments from the
reserve The whole ref3w beyord the sSani .,
required and may Se stated without much fisk oi ,i,
take nj twenty fee millions OF dollars Inc oeeiesay
perceiyes no sd reason for retaining tno ~
loans in this form to one hundred Millions ~ may us
he thinks. De uscfully removed Az the advantages OF
III, eposits become better and more Rtnera uhoei
stood the loan in this form VIII doubtless, n rie ~
scfce Of restriction DO largely increased ana .le
biity OF demands for rcimbrscments beyond means 20
reof them can be fully provided for by an increase Oh
the existing proportion between deposits ana re.sr
Such an arrangement. ts Secretary ihcnnoS 10 t.a,
would operate benefcialy by increasing the amount Of
currency when unusual strngcncy shall require IN
crease and reducing its amount When returning ''"'
shall allow reduction. $500 r
Another portion OF the additional loan required may
bo obtained through the sale OF the remainder OF the
bonds known a. ivetwentos. The amount OF these
bonds unsubscribcd for on the hrst OF December ws
Sl0l coo. ii will not be dilcuit 10 dispose Vi s
at par and II Is possible that Sinah Pi'iii4'" my ~
Obtained on part. ,,,.. a..
In former report the Secretary placed thc unit 70
which The loan In the form Of certificates Of indepteG
ness could be carried q. one hundred millions % do
lara Expcricnce has shown that II can be carried 70
one hundred and fifty millions, and that lts naturai hint
is about that On the fret Of December the amount
OF these certificates was SI45 10000 II would DC IN
safe therefore. to rely On any substantial inc1easo Vi
The limit prescribed by law to the Issue Of United
h
n olcorly inexpedient 10 increase the amount. When
circulation exceeds tie legitimate requirements for rca
payments and exchanges, no addition 70 ITS vohn" WIZ
increase its value On the contrary such ndutiOn 'enu
neytably TO depreciation; AID depreciation. i adll
tion be continued will find its only prac ic l1ii1 III
the utter woitblessness Of the Augmented mass
when Congress authorized tne creation Oh asp' 20
certain extent, in the form Of United States notes. ana
se on these notes the qualities 81 circnhiihE
medium It's action justified by the disappearance OF
coin in consequence OF the Suspension OF sPece pay
I At n
which could be collected, loans received ana pa!
mens made and by the obvious expectancy Oh Pro'ni
ing that medium in the form OF national ssnes iteai
of rcsorfng the pepper OF DanAt. 'hu'r Tue cICum
stances ia action Was Hsc and necessary; bat II was
equally wise nnd necessary 10 limit he extent oI Wv
issues ly the necessity which Demanded t1ein' iho!
were wanted to m the vacuum caused the di.appes'
ance Of coin and e. supply the 'aaiilonN 1elnhlus
erected ty the increased number and variety OF money
paym,nts Congress believed that four hundred NH
hon. would suffice these purposes ana theIeiole LII
tied issues to that sum. -, :, ...
The Secretary proposes no change OF tLs LIMITATION
and places no reliance Therefore on any Increase o.
rc,onrces frbrn increase Of circulation. Additional
loans In this mode would indeed almost certainly prove
ilusry for diminished value could hardly fr to neu'
/ trahxc increased amount.
Suticent circulation having been already provided,
the Government must now borrow. Ike any oiher en-
NJ. yer of capital temporarily requiring more than
income win supply and rely for the credit which VIII
secure ndvantnse ous leans upon good isth inuus'l
activity accumulated though not mIedin'ely available
capital aud satisfactory provsion for punctna payment
of according interest and ultimate reimbursement Of
principal
deposts FOR temporary loan therefore must be directed
all rcasorab expectation Of means for the service ~
TIE currer, year except nom negotiations nnder tne
oct u last session. The sums 70 DO looked fcr from
these two have already been stated ard amount
TO sl2,O5gGO. II this aggregate DC deducted from
tie amount TO be provided by loans for he last seven
months Of the current year, already shown to be
AS Z.G SO there will remain tie sum OF $40 ltd 90
,o be provided by negotiations under the act Of last
session. and under some ike act must be provided IN
Ike manner II the continuance II the war shall make II
uece rary the sun OF sj4;.s c J.5 ~ estimated rs
likely he required from loans ior the fiscal year -d
Tie set II last session authorized tie loans supposed
90 he regucl for the fiscal Years -6J aud lr anu OF
the amount required FOR the service OF these two years
to tie lot Of December now current, one hundred ard
Ely millions in United states notes and tfty millions
DIV loan fox years hye PER cent Treasury notes
have already been provided under thar legislation. Tie
act }. wei conceived and expressed INT little other
legislation Tor TIE loans Of -t and lso3 MI be required
q an the application 90 those years Of 10 leadlng pro
visions IL win douDtless be Thought cspedent THE
se-son lest session. 20 autlorDe the borrowing Ia
some fprn 81 three hundred millions for the current.
and six hundred millions for the next fiscal year In
deed tho only notifications o! tho act Of last session
sdapt 10 the requirements OF the current
and eosfnx year seem 10 be- ~ the OF al refer
sS"e Co ,tsl si.s. notes beyond The giving s-iple
authority the Secretary ascertain o time to time
the soun. de-tfoy,d or lost AID TO replace them by
nov Issues 90 the repeal u the eIsting limitation Of the
deposit loan 10 one hundred millions oi dollars aud tht
redistribution Of provision .Jr reserve cqualn amorr
To hsl tie depos O. the permission Of tie negotiation
81 loans fedsrmAuic anspaui'! II peh.Ib OF NJ ~ -
ere after "a lTac htd, not moro ft.hu.e llAA lvFil
Years aud "a the OMISSION perhaps II tie clause taN
ms circulation AID deposit. - being more appropriate
10 internal revenue bill II j. hoped tha tie otlti
proyloEs ~ ,ho last inay oc retained IN tie new loag
act
Under such legislation. the Secretary entertain. lift'
doubt Of being nlc 10 obtain laicYer funds VIII ,,
needed through loans A. reasonable rBics Oi iltcrlt
/ for bonds or lIeasgfy NOES.
Tor a arraui u mi, confidence however. 70 mn-
not omi, that Dc relies much ou The support "a D.
gwen tie pulhc crrdii by the national banku~s
TEN and ~ TIC national zaiOn ~ tie clrFency Irc =
"a he itns, possibility OF permanently succcssf