The sun. [volume] (New York [N.Y.]) 1833-1916, 1863-12-11

isSS es sais,sd on the he eoninussc. q the w. sss
p. .s' s% SIai1' ':isi ;1Is:
slA6ss Prom this s45o, ,6oO 900 10 deducted. =
.aae Is. ss. .1nsndnl. o 4. yss
ny ,slaoSs, leaving sSaA9Is,e%S 70 b. pro.
Assumlns the eorr-etn.ss Of the s,sinst. .htch
ruts the debt the Is. Of july, 1884 q siess sbs,.
1854 the sum Of s9,9a 0Ssi 100 II ~
-Su sssS 70 ,fsns |s Sa ts' sss,u SsSs uss
sud notes Va. on the hrst day Of July, 1852 t36 per
e,s'S% ON ON X. he fr., sa Of ug ssa S;i rsr osn s
tum and on the Ant day Of October. 1865. 800 ~
tsossAM or rAtre
The Secretary, while submitting estinates for large
loans, think prudent TO urse on Congress sfhcient
income may b. derived frcm mcdaesticn of the i'm.
r,t da,ie'' npt ne chief reisnc. must be on inter
:. iScs 81 se s.i i1' az Sssl
eulsuon 10 t~o and Two h'hs per cent an increase
I The duy on s.eS y, :p,: 10 ,S cent? p,, q.
c~n'' Per pound on leaf and hom fve TO twelve cents
secordine TO qu.liiv. on manufactured . duty q
t,n cents pr gallon on crude PETROLEUM duty Of
t-o cent? p pound ou cotton the repeat Of the to
hseco and peroeum drawbacks. and various other
chances in the internal revenue laws designed 70
snsinent the rce,pt' from th. source In The psrti
cuis recon- snaaion. lust mentioned the Secretary
e,Fstu sa"nisn' D 'n TR" s6sc,msnt ne % Of % .uss s.:
viii sscr. sp increase of the internal revenue TO tho
amount olisinaly estimated, OF one hundred and
6fS nliion, ysn Is tsauicd By The strongest con
sdsrs,ions Of public policy.
NOW ssw yoA.s Ass m ~ lA,ssp.
The loan n last eeasiou 10 rssardsd by the Sso-
rstary o. go veil conceived that but little further iee
nsion ts nee",sary Tor the pcGotaton Of the loans
Of 49,. ih.o III. spP, e be-; yesr. & its
ped.nt iris ,sssioo ~ last ss.sen, to suthorse the
torIosins, in some form, Of three hundred millions
for the ont and sii hundred mill for the nest
h,cs year. Indeed tl,s only notifications Of tie act
of last session necesary TO adap u to the require
The cn.. % of All r.s.r,see s ~ u,ssd s,a,ss so,.s
bsyoud the swing simple authori, To the Secretary
iost, and TO repl.es them by issues. C2i The
repeal oftAe eI.tns Limitation u tbs dspost loan to
one hundred millions Of dol lars, and the sutstis son
Of provision for rsssr,e equal in amount 20 half
the Dc pc,it CN The mission Of the neGotistion Of
.af. Sa.. .si . 1S "sd my, more sbss
years and ~ TIE oni'slon, perhaps, Of the clsuss
70 ste TO an iniorns revenue bi Il hopsd that ID.
other provisions of the last may bs retained in the
Iudsr such legislation, the Secretary cntertains
little doubt Of b,ius allie to obtain -hsteysr fund.
interest, for bonds " treasury potss,
fora warrant Of this confidence, however. he must
not omit ,o. thu b. Itile, lnueh on the ,pppo,t 10
sy.tsm and by the ionallEation Of the currency
Iher. T. =. b. ieinhs no possibility Of psrn.nenty
eustsnoss Involving the creation Of large debs. I'M
lee: loan; can b effected N g : medium Of general
under ,h. operation of nsiion.i legislation and ths
Onv two kinds Of Gu, rency ful6l these condtionsi
the fret, circulation Of cola the other eifeula
by the government, and either paid to government
creditors, supplied to banking associations TO b
IN. circulation nov u.sd In this country. sIcspt %
far ~ 1t consists OF hank notes Of tho latter sort
and eireu alton, not imnsdiaely convertible Into
The secretary thinks II error TO stH'hue the In
iatSa Had i been p..iSie 70 soHo" 30 @ coin enough.
and fast enough. for the dsbursesnts Of the war, al
would have been srousbt Such Disbursements made
In coin ~oud have sndched fortunats eontIsetors.
IN the same .Ay and nearly to the sane extent %
shrn made In uptes Prices, too would have rissn
e. and agricultural occupations Of hundreds Of thou
sands OF best stronset, and most artve workers.,
would, under any system of currency. have inerssssd
ths prie. q labor and, b eonseagene. the price Of
s q fS ns
ample the price ~ railroad bonds from vast increase
.n: hs p s to,on 3r o d..n,
Much =. s'N Part Of ,h. re o. pr.ss: ; no, % .s,
'sSs." 'sI pa S Der S..e.a note: saS
sold, 10 a'triLu,.hIe to the lars. smount Of bsri
notes ", IN eireuls,ion Wei. these notes With.
very eons sdrrab. difference hetseu oo,n and United
sue, N no,.; .ould d.agrs.r C.,t,in,y th,T Gash.
Ismtersd that Unitcd statss bonds bearing siI. OF
even Eve, per cent coin interest are tntrtnsieally
tionsi insolvency is 70 bs sdmtted more than their
smount In coin aud yet snch bonds nov b he'd
for their amount in United Ststes nois.
rBr cuHBsrcY AND sArk ACTS.
In IN. creation q debt, by negotiation Of loans or
othsr- n. secretary bss kent four object. s!esdi-
y in vie. u modsI.t. interest; "a s:nsrsi distri
button. o. future oonrollability. and 10 incidental
uiiity. All these re,ults he claims have been OBJ
tainrd through the 'doptiop Of the currency and nA
and popular bonds, II the policy already adopted BE-
fairly aud gdoiously carried out, TO induce the
eonvsrsion At the eArle,t date Of the state hanks
national oufr.ney, he Secretary thinks that oil the
money needed for he prosecution Of the war can be
obsined At ressona6le interest, and the n,tionsi
.umpion ~ specie payments would b- speedily
brought shout.
Ies Comp role, Of the su,.pcy reports The "rs.n
rih,I lst, q IA Asocis'ons, With An Aggregate
osptsi Of Si6,Ool2O0. Nstiousl Banks hsve been
4. ~ md N ev.ry loyal sta,s and n ne m'inet o.
tsollrr recommends some altsrz i1us In IN" s~ IN
~hi'n the aecr't,ry concur A. npD tAnt 10 me sue
efs OF N. ,ttm Lersc .'srstGn, TI,'d. ..t,'on M
which connects the issues of the nstlonnl currency
With safe bank; ALLOW ng dr,Uitt With state bsnts
Treasury Of money. under the orders Of Judicial
bu ais and tar Of yer cent on coIporsts bank
note circulation, rsysbls monthly. Ihs natlonAi
In cou,dsIstou Of the Datonsi bsnshs 10 be derived
from Il.
Tn, operations NJ the mint have been OF less I'm
smo.n. Of coinage wn Incl esssd over that Of ia.t
year At san fIsnei,eo sone The value q he bull
4.b AZ and in silver al6i4 90 ON tbr 70 a. OF
~hieh must De deducted the bar. made q one brslch
'a. l afy AMOUNT depo:t:e s37oi 81 Si IL. eoiasse