Evansville daily journal. (Evansville, Ind.) 1863-1866, 1863-12-12

1864, and of the amount required for the
service of these two years to the lst of
December, now current, $l50, 100000 in
United States notes, and $50, 600, 900 by
loan for two years at five per cent.
| Treasury notes have already been pro-
vided under that legislation. The act is
so well conceived that little other legis-
lation for the loan of 1864 and 1875 will
be required than the application to three
years of its leadidg provisions.
1t will doubtless be thought expedient
this session to authorize the borrowing
in some form Of S300,00O000 for the
current, and S600,000,000 for the next
fiscal year. Indeed the only modifca-
ton of the act of last session necessary
to adapt it to the requirements of the
current and coming year is to:
lst. Ascertain from time to time the
amounts destroyed or lost, and toreplace
them by new loans.
I'd. The repeal of the existing linita-l
tation of the deposit loan to 100000, 900,
and the substitution of a provision for
reserve equal in amount to halt the de-
post. - r
E 3d. The permission of the negotiation
of loans redeemable absolutely at pleas
ure, or at pleasure after time fixed not
more remote than forty years, and the
omission perhaps of the clause taxing
circulation of deposits, that being more
appropriate to an internal revenue bill.
Tits hoped that the other provisions of
the last act may be retained in the new
loan act Uuder such legislation the
Secretary entertains little doubt of being
able to obtain whatever funds will be
needed through loans, at reasonable
rates of interest, for bonds or treasury
notes For want of this confidence,
however, he relies much on the support
to be given to the public credit by the ma
tional banking system.
There is, as he thinks, no possibility of
a permanently successful administration
of the finances under circumstances in
volving the creation of large debt, I'M
less loans can be effected on medium
of general and equal credit throughout
the country, and not liable to variation
in quantity or in value, except under the
operation of national legislation and
the general laws of trade.
The Secretary asks the special atten-
ton of Congress to the proposition for a
uniform rate of interest and the repeal
of the section which connects the issue
Of national currency, in degree, with
State banks.
The Secretary also recommends pro-
vision to be made by law for the deposit
with national banks, and also with the
Treasurers and Assistant Treasurers, at
such rates of interest and for such peri
DDS of time as the Secretary may pre-.
scribe, of moneys paid into and invested
under the order of judicial courts. It's
not impossible that in this way many
millions would be placed in the Treasury
at moderate rates of interest.
= The Secretary refers to Congress the
question whether the duty on national
CURRENCY and the deposits of national
banking issues shall correspond with the
duties on other circulation and deposits.
He thinks for the present, at least, some
discrimination in favor of the national
issues may be properly admitted, in con-
sideration of the indispensable impor-
lance of a national currency not adapt
ed, like United Estates notes, to Temporal
ry emergencies, but permanent in its
very nature, and adequate to all business,
and capable at no distant period of being
made equal and convertible into coin,
and therefore its real representative and
equivalent