Daily national Republican., 1863-12-11

yond other convenient, means Of satisfaction.
II was not long before thcso deposits reached
the highest limit, and, before the fow could be
well checked, somewhat exceeded II. THIS
utility of the measure was very conspicuous on
the recent occasion Of great strngeucy IN New
York, when the Secretary was able 10 REIN.
hurso over fifty millions of these deposits
during the last weeks of the years by which
action the pressure was sensibly alleviated,
with the US. of only fif'b Of the reserve.
When Congress authorized the creation of
debt, to a certain extent. in the form Of United
States notes, and impressed on these notes the
qualities Of a circulating medium, its action
was justified by the disappearance of coin In
consequence Of the suspension of specie pay
menis by the necessity Of providing medium
In which taxes could be collected, loans received,
and payments made and by the obvious expe.
diency OF providing that medium In the form
of national Issues instead Of resorting to the
paper of banks. Under the circumstances, Its
action was wise and necessary; but 1t was
equally wise and necessary to limit the extent
OF the issues by the necessity which demanded
them. They were wanted TO fill the vacuum
caused by the disappearance Of coin and TO
supply the additional demands created by the
Increased number and variety Of money pay
meuts. Congress believed that four hundred
millions would suffice for these purposes, and
Tho Secretary proposes no change Of this
Limitation, and places no reliance, therefore,
on any increase of resources from increase Of
circulation. Additional loans In this mode
would, indeed, almost certainly prove illusory;
for diminished vslue could hardly fail 10 neu-
tralize increased amount.
Sufficient circulation having been already
provided, the Government must now borrow
like any other employer Of capital temporarily
requiring more than income will supply, and
rely for the credit which will secure advan.
tsgeous loans upon good faith, industrial ac.
tivity, accumulated though not Immediately
available capital, and satisfactory provision
for punctua payment OF aecrning interest and
ultimate reimbursement OF principal.
The act of last session authorized the loans
supposed 10 be required for the fiscal yearb
ls6S and ls64 and, Of the amount required for
the service of these two years 10 the frat OF De-
cem'er now current, one hundred and ffty
millions In United states notes, and ffty mil.
lions by loan for two years five per cent.
treasury notes have already been provided
under that legislation. The act Is So well con-
ceived and expressed that little other legisla-
tion for the loan of lsf4 and 1865 will be re-
quired than the application 10 those years Of its
leading provisions. II will doubtless be thought
expedient this session, as last session, 10 au.
thorze the borrowing. In some form. OF three
dred millions for the next, fiscal year.
Indeed. the only notifications of the act of
last session necessary to adapt II to the require
ments of the current and coming year seem to
be % the omission OF all reference 10 United
States notes beyond the giving a simple au-
thority TO The Secretary TO ascertain from time
10 time the amounts destroyed or lost, and to
replace them ly new issues; (2) the repeal of
the existing limitation Of the deposit loan to
one hundred millions Of dollars, and the sub
stitution of provision for reserve equal In
amount to half the deposit; (S) the permission
VI the negotiation Of loans redrerlahle absolute
ly at pleasure. or at pleasure after time fixed.
not more remote than forty years; (4) the
omission, perhaps. OF the clause taxing circu-
lation and deposits, as balng more appropriate
to an internal revenue bill. It ia hoped that
the other provisions of the last may he retained
In the new loan act.
Cnder such legislation, the Secretary enter.
tains lttl. doubt Of being able to obtain what.
ever funds will bG needed through loans, at
| reasonable rates of interest, for bonds or trea'
| sury noto-.
For u warrant Of this confidence. however, he
must not omit to say that he relies much or
the support n be given 10 the public credit h,
the national banking system and by the nation
alizatiou Of the currency.
The operations OF the mint have been of les
importance than usual during the last year.
| The amount OF coinage was increased owe
that of last year at San Francisco alone. Tn,
| value OF the bullion received was s24 S2i. l0l 81
In gold sea, ,l49 io5 Al; and in silver 81 ,67+,
sos so; from the total Of which must be de
ducted the bars made at one branch and dc
ported for coinage at another, making tn
actual amount deposited s2S. 7Ol, ,s37 4. Th
coinage of the year was sa4 .6SS Az l2; o
which sec, ,695. .s52 was gold coin; s. ,9i9 ST o
gold bars; Sl.lT4 092 so silver coin; 1880
204 42 silver bars; and si1s ,450 cents. Ofthi
coinage s4 ls4 4gi 81 in Iy.l0o. .402 pieces wa
. effected at PhiIadelphis; SIG, ,55l 59S.Gsu2 s72
| l73 pieces at San Francisco; and 81, 1877 .642 $
in 404 gold and silver bars at New York.
, The branch mint at Denver has been orgar
! lied and put in operation during the year hr
its operations are confined, ior the present, I
melting, refining, assayiug, and stamping hu
lion.
A report has been made on site for mil
/ in Nevada, and measures will be taken for II
| establishment as soon as possible.
The Secretary renews the recommendation
the preceding reports In relation to the un
versal measure Of commercial values By an IL
ternational decima! coinage
al The receips at the Office Of the Treasurer
. Washington during the last fiscal year wei
Q 81 .34s. .02a. .5l3 90, and the disbursements 81
3Si, ,6l5.l15 81. AT the Office of the Assistal
Treasurer in New York the receipts were eC37
. o5l $40 63 and the disbursements sf22 S4l
i GaI 81. AT the Office Of the Assistant Trca.ur
in Boston the receipts were 81 5000 900, and Il
m disbursements Sll5.150,0O0. At the office
n the Assistant Treasurer in Philadelphia the r
. celpts were Sll9, PAS ,03l ~. aud the dl-burs
! msnts Sl09, i53, ,3iG OS.
= The receipts and disbursements at the ofiic
OF the Assistant Treasurer at San Francis
and St. Louis. and Of The Designated Deposit
8 ries, especially al Baltimore, C!rcinnHtl, al
LouIsyllle, have been large beyond lfeccder
imposing iabCrs and responsibilities CORE
A / pondingy large. The Secretary cannot expire
TOO strong his satisfaction with lhc manner
which these officers have generally pesior!a
8 ther onorous aud mn!uiorm duties.
a The impartant and responsible duty Of ecu
: ing and keeping, under the direction Of Il
, President and War department. commutatlc
money from drafted citizens, has been assume
3 by the collectors Of Internal revenue, at the i
= stance oi the Secretary OF War. In the jud
c mcnt Of the Secretary Of the Treasury III
I money should be paid directly iita the Urea
= ury and drawn out upon acquisitions fer y
d purposes 10 wticn 1t Is appropriated by Co
= gress, The Secretary Of War thought, ho,
ever, that the other mode OF collection and di
| bursements would be less burdensometo 10 draftt
E men and more convenient for the payment
4 suostlu cs. Iii, Wishes were promptly con
d pied with, aud the who.s matter 10 now su
stF.IK