Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-12-24


which is the sale OF the remaining Eve
twenty bonds. In former report the
Secretary placed the limit TO which the
loan in the form Of certificates of indebted
ness could be carried at one hundred mil
lions of dollars, Experience has shown
that it can be carried to one hundred and
fly millions, and that its natural limit IS
about that sum- On the first OF December,
the amount Of these certificates was Sl45,-
10000. II woald be unsafe, therefore,
to rely on any substantial increase Of loan
in that form.
The limit prescribed by law to the issue
of United States notes has been reached,
and the Secretary thinks it clearly inexpe-
dent TO increase the amount. When CIR
culation exceeds the legitimate require
ments fer real payments and exchanges,
no addition to Its volume will increase Its
value. On the contrary, such additions
tend inevitably to depreciation; and de
probation, if addition be continued, will
find its only practical limit in the utter
worthlessness of the augmented mass
Sufficient circulation having been already
provided, the Government must now bor-
row like any other employer of capital
temporarily requiring more than income
will supply, and rely for the credit which
will secure advantageous loans, upon good
faith, Industrial activity, accumulated,
though not Immediately aysilablescapital,
and satisfactory provision for pnnctual
payment of accrning interest and ultimate
reimbursement of principal,
To subscriptions for the remaining FIVE
twenties and deposits for temporary loans
therefore must be directed all reasonable
expectation OF means for the service of the
current year, except from negotiations I'M
der the act of last session. The sums to
be looked for from these two sources have
already been stated, and amount TO Sl26,-
059,6C0. If this aggregate be deducted
from the amount to be provided by loans
| for the last seven months of the current
year, already shown to be $685., 226, 539,
| there will remain the sum of S226, l66,-
| 999, to be provided by negotiations under
the act of last session; and, under some
like act, must be provided in like manner,
| if the continuation OF the war shall make
it necessary, the sum of S544, 91S,548 %,
estimated as likely to be required from
loans for the fiscal year 1865.
The act of last session authorized the
loans supposed to be required for the fiscal
years 1868 and 1864; and of the amount
required for the service of these two years
TO the LIST Of December now current, one
hundred and City millions in United
States notes, and fifty millions by loan
for two years five per cent treasury notes
have already been provided under thai
legislation. The act is so well conceived
and expires ed that little other Legislation
for the loans of 1864 and 1865 viii b.
required than the application to thos
, wears of its leading provisions. II vii
doubtless be thought expedient this SEES
) sion, AS last session, to authorize the Dor
3 rowing, in some form, of three hundre
: millions for the current, and six hundre
millions for the next fiscal year. Indeed
) the only notifications of the act of las
session necessary TO adapt TO the require
r ments the current and coming Yea
, seem to be: Il the omission of all RET
erence to United States notes beyond tn
giving a simple authority to the secretar'
10 ascertain from time to time the amount
= DESTROYED or lost, and TO replace them b.
5 new issues (2) the repeal oi the exist
, ing limitation of the deposit loan to on
g hundred millions of dollars, and the sub
$ stitution of provision fer reserve equa
4 in amount to half the deposit 81 the pei
e mission of the negotiation of loans r,
: deamable absolutely at pleasure, or
pleasure after time remote not more tina
i forty years: and (4) the omission, pc
g haps, Of the clause taxing circulation an
o deposits, as being more appropriate to
|, internal revenue bill, 1t is hoped TIL
e the other provisions Of the last may be n
3 tanned in the new act. Under su'
d legislation the secretary entertalns I'LL
: doubt Of beng able to obtain whatev
E. will be needed, through loans, at reason
re BILE rates of interest, foT bonds or treasn
,e notes. For warrant of this conhdent
lie however, he must not omit to say THAI
IS relies much on the support to be given
:. the public credit by the national bansl
he system and by the naturalization OF u
Of currency. There is, as he thinks, no pc
Il Utility of permanently successful
lie ministration of the finances, under circur
of stances involving the creation OF lar
7. debts, unless loans can be effected IN
lie medium of general and equal cree
TX throughout the country, and not liable
er variation in quantity or in value exec
ID under the operation of national legislati
Sc and the general laws of trade.
IN The comptroller of the currency repo
d. the organization, under the national ban
ty ing act, prior to the Goth of Novemb
N; of l34 associations, all of which, up
4, the suggestion of the secretary, ha
m adopted the name of national banks, d
of tlnguished by order of organization a
g by locality. These banking associate
he have been formed in II states and
an District of Columbia, and have an agg
he gate capital of Sl6,0Sl 200.
n The comptroller has indicated so
ed amendments to the law which the score
lie nv concurs with him in regarding as
ar portant to its success. As among