Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-12-12
VII. Chase's Report.

NorK.-rhe following report of the Secretary
OF the Treasury was unavoidably omitted in our
edition Of Yesterday
The subscription foe the remaining 5-20's and
deposits for Temporary loans, therefore, must be
directed. All reasonable expectation Of means
for the service Of the curren, year, except from
negotiations under the act of last session. the sum
seems To be looked for from these two sources
have already been stated, and amount 10 SI2O :
059 600. Ii this aggregate be deducted from the
amount to be provided by loans for The last seven
months OF the current year, already shown 10 be
S226 Go. 999. 10 be provided by negotiations un-
der the act of last session, aud under some like
act must be provided in some like manner. if
necessary. the sum of s544 SIS, 54s estimated as
likely TO be required from loans for the fiscal
year 1868.
The act of last session authorized the loans
supposed 20 be required for the fiscal years of
1868 and 1864 and OF the amount required for
the service of these two years To the lst of De-
cember, now current $3.50 900 900 in United
States notes, and SGT, 900 900 by loan for two
years i'm FIVE per cent. treasury notes have al
ready been provided under that legislation. The
act is so veil conceived aud expressed that little
other legislation for the loans of 1864 and 1865
will be required than the application to those
years of its leading provisions.
lie will doubtless be thought expedent this ses-
sion to authorize the borrowing in some form of
$500 900 900 for the current and 5000, 900 900
for the next fiscal year. Indeed the only modf-
cation of the act of last session of the current and
coming year seems TO be just to ascertain from
time to time the amounts destroyed and lost, and
to replace them by new issues.
%. The repeal OF the existing Limitation of the
deposit loan to 500, 900 900, and the substtu-
ton of a provision for reserve equal in amount
TO half the pepcSt.
Sd. The permission of the negotiation of loans
redeemable absolutely ut pleasure or at pleasure
after the time fixed, not more remote than forty
years, and the omission of the clause taxing the
circulation oil deposits, as being more appropriate
TO an internal revenue BILL
1t is hoped the other provisions of the last may
be retained in the new loan act Under such
legislation the Secretary entertans little doubt
OF being able to obtain whatever funds will be
needed through loans, at reasonable rates OF in
terest for bonds or treasury notes.
For want of this confidence however he re
lies much on the support to be given 10 the pub
lie credit by the National Banking System and
by the naturalization of the currency. there is,
he thinks, no possibility of permanently sue
cessful administration of the finances under cir
cumstances involving the creation of large debts,
unless loans can be effected "A medium of gen
era and equal credit throughout the country and
not liable 10 variation in quantity or in value,
except under the operation of national legisla-
ton and the general laws of trade.
The Secretary asks the special attention Of
Congress to the proposition for uniform rate Of
interest and the repeal of the section which con-
meets the issues of national currency IN any de-
gree with State banks. The Secretary also rec
commends provision to be made by law for the
deposit with national banks and also with the
Treasurer and Assistant Treasurer, at such
rates of interest or for such periods of time as
the Secretary may prescribe of money paid into
invested under the orders of judicial courts,
is not impossible that in this way many mil
lions would be placed in the Treasury at moder-
tie rates of interest
The Secretary refers to Congress the question
whether the duty on national currency and the
deposits of national banking associations shall
correspond with the duties on other circulation
md deposits. He thinks, for the present at
east, discrimination in favor of the national
ssociatons may be properly admitted, in consid
ration of the indispensable Importance of a ma
ional currency, not adapted. like United States
totes, to temporary emergencies, but permanent
its very nature and adequate to all demands of
usiness, and capable at no distant period of be-
ng made equal to and convertible into coin-and
therefore, its real representative and equivalent.