The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-12-12

current year, except rom negouations un-
der the act of last session. The sums 10 De
looked to from these Two sources, nave e- a.
ready been stated, and amount to $l26 1885,
900. II this aggregate be deducted from
the amount to be provided for by loans for
the last seven months of the current year,
already shown to be 1852 226, 500, there will
remain the sum of $226, 166, 999, to be pro-
yided for by negotiations, under the act OF
the last session, or under some like act,
mnst he provided for in like manner, if the
continuance of the war shall make it ne
cessary.
The sum of s544, 97s, 54s estimated is like
ly to be required from loans for the fiscal
YEAR 1865. The act of last session authori-
zed 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 Dec. LIST, there is now current
81 sc. O00, 600 in United States notes and $780,
OOO, 600 by a loan for two years at per ct.
Treasury Notes have already been provi
ded under that legislation. The act is so
well expressed that little other legislation
for the loans of1S64-65 will be required than
the application to these years of its leading
provisions.
1t will doubtless be thought expedient at
this session to authorize the borrowing Of
5000, 0O0, 900 for the current and $500, DOC, 900
for the next fiscal year. Indeed the only
notifications of the act Of the last session
necessary to adapt it to the requirements
Of the current and coming year seem to be,
first, to ascertain from time to time the
amounts destroyed or lost and to replace
them by new issues; second, the repeal OF
the existing limitation of the deposit loan
to 500 000, 600 and the substitution of a
provision for a reserve equal in amount to
half the deposits; third, the permission OF
the negotiation OF loans redeemable abso-
lutely at pleasure, after the time fixed, not
more than forty years; and 4th, the onlls-
sion, perhaps, of the clause taxing the cir
culation and deposits is being more APP
propriate to an internal revenue bill. tits
hoped the other provisions of the last may
be retained in the new loan and under such
! Legislation. 49, "a
| The Secretary entertains little doubt OF
being able to obtain whatever funds he
needed through loans at reasonable rates
of interest. for bonds or Treasury notes.
For a warrant of this confidence, however,
he relies much on the support TO be given
to the public credit byth national banking
system and by the naturalization OF the
currency There is, as he thinks, no pos
sbility of a permanently successful admin
istration of the finances, under circumstan-
ces involving the creation OF large debts,
unless loans can be effected in a medium
of general and equal credit throughout the
country, and not liable to variation in
quantity or in value, except under the OPP
Grafton OF national legislation and the gen.
eral laws of trade. ~.
The Secretary asks the special attention
Of Congress to Incorporation for uniform
rate OF interest, and the repeal OF the
section which connects the issues of the
national currency in any degree with the
! State banks. The Secretary also recon-
mends provision to be made by law, for
the deposit with national banks, and also
with the Treasurer and Assistant Treas
urer, at such rates of interest and for such
periods Of time, as the Secretary may pre-
scribe, of monies paid in, or invested under
the order OF Judicial courts. 1t is not i'm
possible that in this way many millions
would be placed in the Treasury at mod
crate rates of interest.
The Secretary refers to Congress the
question whether the duty GU National cur
rency and the deposits of National Bank.
ing Associations shall correspond with the
duties on other circulation and deposits
He thinks that for the present at least som'
discrimination in favor of the National AS
sociations may be properly admitted, II
consideration of the indispensable impor
lance of the National currency not adapted
only like United States notes to temporar,
emergencies, but permanent in its yer,
nature, and adequate TO all demands o
business, and capable at no distant perio'
OF being made equal and convertible il
coin and therefore its real representativ
, and equivalent.