The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-08-02

.he absent brethren % tho wives Of Paris" and
OUrcB CoxpAsw-Thess companies win look after the
salaries and emoisments forfeited BY their rash and ao
DRns ConrAEs-fhey win see 70 the freshness OF No
new uniforms 70 DO worn BY the Home Guard when ON
PARx CosrANr-rhese Will escort tho ladies', 30 an.
armonioosIy left BY their natural protectors In their
RIDES ana drives 70 snis remote and dangerous fronsi
is hoped that BY constant drll and uncsAsns astsn-
ton 10 duty, the Home Guard may y lessen the
70 which our citizens may be exposed by excessive
fright during this Indictment weather. BY order Of
NEWMAN sKuIK, Brig Gen. Commanding.
nDn D1rro, Adjutant g
How the Currency May be Controlled.
TO THn EDITOR or THE HERALD.
In previous letter attempted 70 show that, - the
currents Of trade throughout country very much
deranged, larger amount Of currency would remain
where distributed, and a. the government v making
payments 10 contractors Aborers everywhere and
taxes to extent heretofore unknown country
being imposed and collected that the currency must ne
cessarily DO Increased four avsfod. IN this paper
win try TO show why We should and how We can systs-
matcy gauge the currency 70 a. 70 prevent any serious
depreciation In consequences Of the quantity.
II 10 wen known 10 all merchants that the rate q
interest on money u always higher 1t tho West and
Northwest than In the ssaboaSd cities, and tho
sequence all securities that be converted into money
or bank credit find their way these citiss with cor
tanty unerring LOO placed In she Missouri viii ind
LIS way 70 the Gulf Of Mexico.
The surpus produce portion Of the West and North
finds its way TO New York. and sold for shipment or
consumption But all the produce and tho large OUTLAWS
by the eope Of tho seaboayd in railroads and land have
not brought about equilibrium; and, therefore. all
notes that par in New York and are found tho
West In viii be forwarded 70 this city No sur
plus Of tho legal tender note with It's universal credit
remain in excess debtor country, any more than
. rise OF water in the Missouri viii remain as long a
there is descent 70 the Mississippi These legal tender
notes win gravato to the seaboard certainly a. tho
waters Of river The place to look for excess OF this
legal tender money not the West Northwest We
must look for here In this city, Boston, Philadelphia
and baltimore.
Is there any excess In the banks OF these ct,esY when
We speak OF excess mean notes than the banu
probably in their business A. this time there
10 great want Of these notes. When dscredted
croakes Or brokers they are preferred By oil who require
the nse Of bank paper because, besides being illegal
sender.n they are equally available evorywhsse Of
bank found In circulation. These bills are 70 far
preferable currency for tho mentioned than
bank notes, that they will DO used the principle that
tho better Ill always be preferred TO tho curren
cy when the same terms are proposed. These notes,
without any tax upon bank notes will crowd them out Of
circulation before we can safely say that there
At this time almost any person who procures loan
from country prefers 70 receive legal tender notes
and in the city the Same thing Is manifest The owners
OF banks are now IN some cases. trying the
value OF tho greonback force out their own notes upon
the tiDd aud unIariotc. As have said surplus OF
the legal tender note will show itself the banks OF
this city when these notes como 10 upon them in such
Quantities ths! their capital and deposit line shall DO
represented by them they will be the condition
As II they had much gold when there was no
buyer or taker on interest Those banks being full,
and there being for circulation
the bills notes could not be forced out the banks
would have 70 choose between keeping Ia their vaults
currency that pays no interest or 70 the Sub Treasury
and exchange these notos for bonds bearing or
six per cent payable in gold When banks ind their
funds In this condition they will have up their
business or become sellers Of government bonds. BY
this tho Treasury will compel these institutions
become and abetiors okthe government or stop
business Another good effect would be produced by in
vestng all their capital FOR them in these bonds they
viii become sound and energetic PATRIOTS careful and
aud the whole united country
When all these shall hsvs converted thar capt.
tails into bonds and become active agents for the Tea
sury placing these bonds then may safely conclude
that the have issued legal tender
tou ~ M business u 20 ,hs time sbs.s nans
full there will DO Indication VI than
there in stream OF water until the surplus shall DO
stopped or mpeded N 70 throw the stream back upon It's
source.
That this viii be the condition things here before tho
close OF this war there Is doubt, because
there other way that OF this gov.
eminent win Siopt TO enable the Treasury 70 pay tho
public creditor.
The sale Of bonds cannot be effected TO any
extent. because have no capitalists In ths country
that can take these bonds We have rich who pos
landed property bonds OF States and companies &c
but TO enable them " take bonds they must
sell their state and local securities. which would be
large sacrifice induce the most patriotic rich man
among 70 venture beyond few millions: and what y
nifty millions this absorbed whom the government wants
several hundred millions now, and will several
thousand millions before ths be brought " q
core unless the Increased three times
largo Congress has authorized
In referring what will prove surplus OF greenbacks
II must be understood that believe thousand millions
will not be adequate amount 10 the present state OF
the country. While the expenditures OF the
paid grccnDacks and amount OF tax
alton, equal 10 four five hundred millions per annu Is
20 be collected In legal tender notes Will require
than thousand millions produce such An excess as
10 absorb all the city bank capital ia greenbaeks
vert II into bonds.
I propose 10 examine the Free Banking law aud tho
way 10 make tho debt creating public blessing
s. N. s.