Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-01-10
NaTloNAL iNTELLiGENCER.
THE NATIONAL FINANCES.


that the stse Banks which supply two-hTd' or more OF
the currency now ia circulation throughout the country
are suspended that their notes not Tecesoe W Tue
Government for loans taxes other paymehtsi tha1
there Is no possibility OF their resuung specie pay me's
for good while probably for years. and coud tney re-
sumo their notes. the laws DOW are "oua no' oo 0
ceiyed by the Government that there 10 NOT no" any
more currency than the shArs and ousnss u 'oo
people require ard thst any measures gopg TO Diminish
the quantity BY withdrawing large for loans or DINER
wise would cause embarrassment and distress On Inc
ether hand the existing and impending demands on tue
Government require within eighteen months $9OOuooooo
for urselnet Of such money as the Government WI"
recevenine hundred millions TO be provided at the rate
Of fifty millions month, and above the eslinatsd
revenue on the credit of the Government An attempt to
raise r. requisite by loans from capitalists would
inevitably fail II taken, say of fifty millions,
there would be seventeen more such 10 follow. III The
frat was taken sisy per cant the takers could not sell
it at retail for the second and following could not TAIL
to be bad at les than sixty Moreover fifty millions OF
such currency the Government could take. the laws
now are could not be commanded by the capitalists
for the first oan and if it could the wthdrawment from
the ordinary channels Of circulation and would dersnge
sad cripple the business aud aus of the people and
Distress and confusion.
Now the Government has nothing TO work with moth,
ing to sell pledge but its credit based s power to
tie property Of the people In order to and main
tain its credit the internal affairs and business Of the pso
pie mus be rendered prosperous aud this cannot possibly
be without ample secure, legal tender currency
settled system, certainty for years to come of secure
undertaking uniform currency receivable for taxes and
for all des is the face of present difficulties, abso
utey Indispensable. With that condition Of affairs the
credit Of the Government with the people will be unlimited
uA he nh nd tn lind IN
mept all that its exgencies require by taking its credit in
the form Of legal tender notes direct from the Treasury
az fast Disbursements for supplies. pay of The army &c
called for TIE whole people thus take the loans
par and circulate the national debher credit
issued BY the Government their agentsn the form Of
currency Legal tender Treasury notes convertible into
bonds at par when there Of them than want
ed for circulation my be issued monthly to the extent Of
the necessary payments.
TO hare one settled permanent uniform system while the
lasts end the exceed the
nue. let Congress at suhorze the issue monthly Of
legal tender notes to al demands make the
notes Convertible at the pleasure OF the holders uto six
per cent bonds Of the Government
At the time authorize the issue of bonds equal in
amount 10 all the notes dis5ursed.
On every monthly Of direct pa, nent from
the Treasury II bonds to the same amount be set apart IN
trust and pledge for the redemption of the notes
Let interest be paid the bonds set apart till they
are exchanged for notes 6nd let the interest," paid be
held sinking fund applicable to the ultimate redemp
ton If the bouds
Let system Of banking be author zed by which new
Bank a. once and old ones iaai practicable without
sacrifice arrangement may invest their capitals in the
reserved bonds at par and deposit them in pledge for
ke Of the egaftend.r notes to be used in bank
ing without obligation to redeem them n specie or other
Sc than By conversion into bonds.
Let the precious metals be free for the purposes of
merce Let the fractional coin less than one dollar be
adulteated sufficiently to prevent ts being boarded
ported; n should the direct issues of egaltender notes
in payments from the Treasury exceed in amount the
euar demands Of trade, and be all uaed advan
in circuaton they gn be exchanged for bonds for
private investments CT pledged fer bank captalin districts
that are deficient.
On this plan the negotiation of loans in the ordinary way
by Advertisements aDd appeals 70 capitalists and specul
tors, would be avoided the public credit would not be
the mercy o specuators the notes would be at par and
the bonds would be taken at par.
believe return to specie payments with nothing but
coin a. legal tender 10 be hopeless aud impossible for
years come and all financial e1pedeas looking 10 that
result aud depending vii be fruitful only Of evil No
such schemes be put IN practice without making end
keeping money scarce destroying confidence Gripping bu-
snees causing sacrifice Of bonds and resulting bank
ruptcy aud confusion Under course of unstable uncer
tam fuctuatpg expedents the affairs and e the
people cannot be prosperous. There must be settled
system Of nsnce aud currency Then the credit Of the
Government will circulate and DO maintained.
Could the public know for certain and have full con-
fdepce that for years the disbursements of legal
ter der notes secured by bonds interest above would
supply uniform aud ample currency whether the bonds
rapidly sold not the people would have confidence
Their affairs would prosper they would be bound 10 the
Government by hooks OF stee every individual would be
creditor and have Immediate pecuniary stake in the
suit and they would show their ability to purchase
all the bonds that Were for sas.
On this plan the nation would free itself from bondage
TO the interests and policy of rival ard hostile foreign
tons But with coin only legal tender, and curren
cy that currency, uniform sde quate safe and re-
eular currency the coin shall be exported or other
wise DIMINISHED there could not fail to be confusion dis
tress, aud ruin.
Nothing short Of adequate ard settled plan for year
ahead viii answer Temporary shifts md expedents vii
only make things desperate rretrevabe ALREADY
the country especially the interior lie filed with irrespon
sblo State bank notes aud porate aud individual
platers" which be redeemed in coin The eyi
cannot be ayed but by the issue Vi secured egatsnder
national currency
currency q just necessity; the people must and vii
have IL; aud in the absence of any better they will circu
late credits which they know TO be worthless If Con
gres had the courage to act up the emergency and
Meet the crisis In history, which, rightly met 10 /
make US independent Of The policy Of foreign and hosli
nations, ard chow that capable Of respecting
governing oursevss tey may have thing better Th
aggregate credit o! the nation with the power Of taxao
and OF REGULATE commerce, will II permitted circulate
as currency The besi aad safest which possible
t. ofr to an intelligent prosperous, AID lax-abidns
people Let Congress adopt this plan ard establish it bJ
lac for period long enough ahead TO overcome o1I
difficulties naliog il the settled and unslte rabe policy
and the people will have what wanted for themsev es
and Tor al the purposes of the Government.
On this plan every reasonable encouragement 10 THE
formation OF Banks 70 ssue the egenier notes secured
by pledge OF bonds fer the resua local supply curren
cy IN the interior hn1 part OF the country To
duee and enable the existing State Btnks az fast as prsc
hcabie without injurious sacrifices a. invest their capita