New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-12-11

belief that this currency viii at distant day take tbs
place of the Heterogeneous corporate currency yhioh
has hitherto filled the chSnpe7 q cireuatfYp onc
inspired faith in tho securities Of the Government snS
more tbGn any other enabled the Secretary IA
provide for the prompt payment Of the soldiers and the
1.-THE policy thus indicated shnll be fairly and mai.
cOnsly pursued and proper measures adopted " Induce
tho at the earliest practicable perioX of the
bank corporations Of the States into national banking
associations and Of the corporate circulation into ns
tional currency, the Secretary beseyes, and a. 10
thinks not without good grounds thst an the money
needed tor prompt payiGelt OF troops ara lot tpe moe
vigorous prosecution Of the war. can DC obtained By
loans on reasonable terms while al interest On debt
and all ordinary expenditures and considefaole part
also Of the extraordinary expenditures cs0SsS oy tha
be doubt that through wise egislation sustained by In.
tell gent popular will and supported by prudence and
cnrrecy an be so Appropriated In recognised value 70
coin that resumption Of payments In specie canbe
brought about much sooner than even sangne pefone
aow permit themselves to hope
rta secresry has already referred In general erms
70 the reports VI heads OF the various bureaus and
branches of administration in his department. pecu.
liar interest is fet at this time IN their operacns and
eneey in the operation Of those most recently brought
Tic Controller Of the Currency reports the organize
ton Under the national BANKING aes P.'ci eHfs
of November Of hundred and thirtyiour associs.
tions all ch. upon the suggestion OF the Secretary,
have adopted the Of National Banks distnguished
by order VI Organization and by locality These Bank.
ing Assoc ato1s have been formed IN seventeen Sates
and tho District Of Columbia and have an aggregate
capital OF SlG0s 200. he great care aba labor ~
CURED for the preparation OF suitable notes iof the rev
national currency has delayed its Issue beyond apects.
lion: but tie printing is now begun, and tie seyerd
associations Will be supplied with the amounts 70 which
they respectively entitled witan lew weess e
arc many others in process IL organzagn There
il hardly state not controlled by the repeaon and
hardly a consider hic city, In which national banking
association has been organized OF 10 Dot icing or
gani>ed Even New Orleans Is not an excepn0n 70 tha
| Statement %
thus the rre,s work Of introducing a permanent
national currency Las been entered upon In spirit and
with an energy which promise perfect success Ihe
Secretary thinks lie risks nothing IN saying nat within
the pres ut year the benefits Of the system van havesc
auprvrd ne the sense and patriotism Of the
people that it viii be be- ond the ieAeh VI succeSsa ~
Sau.t.
the nw which the Secretary eoneurs with him in 70
gardine as important 20 its success As among the
essential VI these. the Seere'afy ass ts spec
attention u Congress to the proposition Tor uniform
rate of interest and the repeal OF the section which
meets tho issues Of rational currency III any cegree With
State banks The secretary also recolacaas as lkey
TO be useful provision " BE- made BY law iof tae de-
ros!t will nato al banks and also with the TREASURED
ind Assistant rcasgrcrs at srch rafcs OF interest and
for such periods OF time tie secretary may p'eser
Of none . IG4d into or invested under TIE ordend
udicial courts II Is not impossible that In ihnvy
many millions would be placed III the treasury at mod
crate rates OF interest -
da.ion 0. TIE Commissioned Of Internal Revenue IL u
vor Of increased dutcs he cannot add anything 10th
general considerations he has already urgea IN as0%
aug nentng by these methods. may be use-
full however to invite special attention TO BONE consf
eratlons which enforce tie recoainendafonof duty
> p per cent n year corporate note circulation
The proposition cJateml atcs duty u 0ne-aith OF
orc per cent per month circustion ard the Secre-
tary suggests in addition one twenty hnh Of one pee
cent deposits IN each montl. making Twelve tvenfy'
ftns year. Under the existing law the duty on o.fcu'
lat.on il pr cent year on certain proforonf
Two per cent amounts exceeding that proPorl9 ,1a
ton proposed vilnot be regarded us unreisonsbeo f
onerous when il is considered that all coarae crcus.
ton IL in fact Jaa By tAc people 10 tie banks wlihous
cost except tat Of preparation. ard Without Interest
axocrt tho fu,ie, Imposed oA &C. Tho Wh,lo question
then olges ilsef into this. Is tie dliy pTolosed
added to the Stse taiaton and the cost Of
more than Gl, aent 10 fir Interest Tor the loan ~
not, surely IL should be paid without demf ss reason
be contrib to the common welfare lie duy pro-
posed deposits Is much lighter Tor OBVIOUS leas
s whole amount is lees than one-haf OF one PEI Gems
u.r nnuuu aud bring the nature of tax on prVuA
rather than on property will distribute fscf Ainynx ~
who partsAc II the pcHcnis " tIe oePo'i' m" PA'~
I, Is propo.oi to make the duty payable in small pee
oensagcs because IL VIA 10 thus distsiouten over 70
busrrss OF tie yecr; and because by reg airing monthly
fefnrps Of circulation AID deposits 0ino
duties Information VAL DC regularly ootaned ID iespect
10 the amount OF circulation oi al deseripOss u tic
vi do country, the publication II which WI be an I'M
pof,ant benefit to MI mcn oi business rs vel a. ials'
able guide 10 financial iess,iion and adminstIa;,on.
Mol.nly returns ATE nov required Of many OF the IA
tnal hark king ASSOCIATIONS aud should be required q
ALL aud rom them IS we'd As ron the banks not organ
i1cd under national legislation should be required iAf
contribution the general burdens Of the people lie
Secretary refers Congress the question whether tSe
duty national currency and The deposits OF hatona
bank ok associations shan CORES pond Win We asuee
IN other circulation and deposits. lie thinks TIA! iS
Ito pres.lt NJ least discrimination IN favor OF tie
rat.ns lssochtiors may be proper! admitted IN coa:
-dcraion & the iudispenss q Importance OF national
earcncy lot al lptod Only. IKE United States potss
,.nrury emergencies but PERMANENT IN It's very nA-
sure, and adequate 10 an demands Of business aad "a:
pablo distant period OF beng made equA. 70 AID
convertible ato cOl and therefore is real Representa-
, tive and cqui, alen'.
The operations al tho Mint have been Of less import
ance thin usual daring the last year
. The amount Of coinage was lncreased over YAK
Hast YEAR II san Francisco alone The value % Tie ogl'
lion received ga "a i0l 81 In gold, 80 Il,
aud IN teg sl6.i o5 20 from TIE totsfof aeA muss
be deducted the bars made AT one branch AID delStS
for coinage Il another making tie actual amount aess'
tied s.A'Ols u. The coinage OF the year va, So
or a. IL; VI which s20693 e52 gold cola ell ~
len ~ gold bare sl.i o. ~ silver coin 49, !! -
silver bsrsi and s4,s.+a0 cents OF this eoiase; 81
"a 97 5, m - oe 4Q2 pieces was effected at rcs'
co.. and E.. 1862 6! in 3,ioi sod and Aver BEN
New York.
TIE Branch Mint at Denver hrs been organized and
put In operation during the year. OCT us operations As
confined for tie present 10 melting refining ess@!hS
, and stamping bullion. - -.
A report las been 'rnde e site for Mint m Aevt
"a. ind measures VAL DC taAtA .VE It's ssiao's--
lie secretary renews the recommendation q prccet'
ing reports Ia relation 70 the unN eEsai measure % ''
Imercial values Is al international decimal eoihabc
The operations II The Treasury proper have 'a.ss
Unprecedented magnitude These ero coLcnc'e sHs
direction OF tie Secrctuy by the treasurer the AS
isstant rrcasurcrs and the Designated pti
h. " HON MONEYS which N or ~ out OIL lle 70
tonnl Treasury received end sonrsed. As
and vuicnts have IN aber and aoanh s1
assumed new forms tho labols ard responsibilities
these officers have taken NsStr proportions "a 49,
. ttnle aud importance The general operA1ioos % 30,
yror a,o SON IN fhe stltemeats already naoe Z. "
,ints and exnsditurre but no general statement eA9