Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-12-17

of popular financial support to National Govern
nent The Secretary unable to what better
efsctual mode the important object of dsrbu-
ton could be accomplished and proposes departure
from it except such considerations of economy, har
mon; zed with efficiency may suggest.
The object Of future controabty has also had promi-
nent place in the regards Of the Secretary Under the
conditions which existed at the outbreak Of the rebellion
he ecqaesced in the necessity which seemed TO dictate
the negotiation OF bonds payable after twenty years but
he acquesced with reluctance, and permitted
by circumstances recommended the enactment of laws
authorizing the Issue Of bonds payable after shorter Pc
riods, well the creation of temporary debt ia other
forms In harmony with these views Congress provided for
the issue OF the bonds known the fve-twentes and
also for the issue Of Treasury notes payable three years
from date for certificates Of indebtedness payable in
year and for temporary loans by deposits rembursabe
after ten days notice At the last session Congress
peaod some embarrassing restrictions Of former acts and
the Issue Of bonds payable after ten years aud Of
Treasury notes payable pleasure three years from date
These Treasury notes made legal tenders for face
value convertible for amount and interest into United
States notes
The Secretary availed himself Of this legislation by
placing with the people large amount possible Of
vetWenty honds and by using the other powers
put the whole debt except the long loans fret negotiated
IN such shape that prompt advantage be taken Of
favorable circumstances to diminish the burdens it mpo
industry Whenever the constitutional supremacy
Of the nation shall be re-estabished all its parts, it
will be completely within the power Of Congress and the
Secretary to fund the whole any part of the temporary
debt IN bonds bearing very moderate interest and
deemable Mt the pleasure of the Government after very
brief periods or perhaps at any time after their issue
Nothing further seems desirable on the score Of control
Liability.
The final object Of the Secretary to extract from
the unavoidable evil Of debt much incidental benefit ne
| possible.
To tbs end he desred authority to receive temporary
loans in the form Of deposits REIMBURSED BILE after lew
days notice This measure regarded by many with
something less than favor first but Congress- after full
consideration, authorized the receipt Of such deposits
an interest not exceeding FIVE per cent TO the Of
twenty-five millions Of dollars; then raised the limit To
fifty millions, and then to hundred millions and pro-
vded reserve OF fifty millions " United States notes to
meet demands for renbursements beyond other conve-
nsnt means OF satisfaction IL not long before these
deposits reached tbs highest limit and before the now
could be well checked somewhat exceeded it, The utility
OF the measure was very conspicuous the
sion OF great strngency in New York when the Secretary
was able to reimburse fifty millions Of these deposits
during the last weeks Of the year by which action the
pres sure was sensby aeviated with OF only fifth
Of the reserve.
In former reports the Secretary has stated his convc
tons and the grounds Of them respecting ihe necessity
and the utility Of putting large part Of the debt IN the