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

chanica and agricultural occupations OF hundred of thou
SANDS o our pest strongest and most active workers. in
obedience To their counrys the field would
under any system OF currency have the price of
labor and by consequence the price of tho products OF
labor while the prices OF many things would have rsen 10
part from other causes for example, the price of rail
road bonds from vast increase Of through payments
for military transportation and the price Of cotton from
deficient supply.
Much the greater part of the Of prices not accounted
for by the just stated well much the greater
part OF the difference between notes aud gold attribute
pie 90 The large amount of bank notes yet in circulation
were these notes withdrawn from it il believed that
mucn u the now very considerable difference between
con ana United States notes would disappear Certainly
lhoio ougnt 70 be no difference favor OF coo when it il
remembered that United bonds bearing six or even
nve per cent coin interest intrnslcay wort uDles
.n1 he9y o. national bad faith and national insolvency
70 90 admted more than their amount in coin; and yet
such bonds Can now be had for their amount in United
Sta Dotes.
Nor Can condition Of affairs in which excessive prSes
prevail or national command less than mar IN coin
be regarded as Of permanent duration While it lasts Il
must De borne with patience and made oerabe BY economy
No useful remedy will be found ia increase Of
salaries and disbursements but rather Of
the evil All proper measures should be adopted to hasten
the return TO the normal condition Of prices and busness
the patriotism aud nogenc the people must be- relied
on for the rest. 4
National Banking Associations.
The Secretary has heretofore expressed the opinion that
whatever DO the true degree which the IF
the country is affected by bank circulation issned
without national sanction and by corporations
and not receivable national
u cannot DO questioned that in similar degree the
nrgotaon OF national loans must be prejudced and their
value to the national finances diminished This opinion il
confirmed by observation aud experience
Inpeed, there by profound sense of the present
necessity OF national currency to the
ton of the war against rebellion and of it's utility at All
times III projecting labor cheapening exchanges facilitating
travel and increasing the safety OF ali businass
tions; and at the ssme time unwilling to URGE even salu
ary anu necessary reforms in such way needlessy to
exstng conditions impair the value of existing
Investments OF capital the Secretary recommended n to
successive REPORTS the authorization of National BANKING
ASSOCIATIONS TO which the capital of the corporations now
su ng notes for circulation might be transferred with ad.
vantage to the parties in interest as we'll az to the neral
public 49,
The sanction of Congress was given tc these views AZ
tne at session. and the simple thus given that
hehceIorh the country is IL have national currency "a.
cured by pledge Of national bonds and the belief that
this currency will at distant day take the place Of the
corporate ency which has hitherto ed
ho cnahhes oi clrcuati0n at inspired faith in the
securities of the Government, and more than any other
one cause enabled the Secretary provide for the prompt
payment OF The soldiers and the public creditor,
II the policy thus indicated shall bs fairy and udcionslv
pursued and proper adopted to induce thu CON
version at the earliest practicable period Of the bank
corporations the States INTO banking
and of the corporate circulation into national tha
secretary believes, and he thinks not wi hout good
grounds nat oil the money needed for prompt payment of
troops and Tor the most vigorous prosecution war
can be obtained by loans reasonable terms: while ali
interest debt and a ordinary expenditures and CON
deraoe part also OF the extraordinary expenditures caused
this war, will be met by ordinary resources Nor
does he doubt that through wise legislation sutaine by
Intelligent popular will and supported by prudence and
energy 10 eiVn ana military administration national cur
rency can be so Appropriated in recognised value TO com
tna resumption OF payments in specie be brought
abon much sooner than sanguns persons now per
init themselves to hope
The Comptroller Of the Currency rep,rts tho o,oan;.
ton under the national banking act prior 10 the 9th &c
November of hundred and thrtyfour ASSOCIATIONS:
all which upon the suggestion of the Secretary have
adopted the Of Datona banks distinguished bv order
OF organization and by locality These banking associa
tons have been formed seventeen States and the Ds
irct OF Columbia, and have aggregate capital Of
$lb0o 200 The great and labor required for the
preparation OF suitable notes for the new national
has delayed It's beyond expectation but the prnfng
oegun ana The several ociaons will be supplied
with the amounts to which they are respectively entitled
within lew weeks Besides the sssocat reported an
actually organized there many others in process of
organ cation. There s hardly State not controlled bv
the rebellion aud hardly COP siderable city in which
matt banking association has not been organized or il
not being organized Even New Orleans is not an e1-
cepton to this statement
Thus the great work OF introducing permanent national
currency has been entered upon spirit and with an
energy which promise perfect The Secretary
thinks ne risks nothing in saying that within the present
year the beuets of the syste will have 90 them
selves TO the sense and patriotism Of the people that it will
be beyond the reach Of successful assault
The Comptroller has indicated some amendments IN tha
iaw winch the Secretary concurs with him n regarding
hs important to its As among the most essentia
Of these the Secretary axis the special attention of Con-
gass TO the proposition for uniform of interest and
the repeal OF the srcion which connects the issues of
national currency in any degree with State banks The
Secretary also recommends likely to be useful nro
vision to be made by law for the deposit with national
banks and also with the Treasurer and Assistant
rers at such rates OF interest and for such periods Of time
as the Secretary may prescribe of moneys paid into or in
vested under the orders of Judicial courts II ia not
impossible that in this way many millions would be placed
IN the Treasury at moderate rate of interest
Proposed Tao on Bank Notes.
The Secretary has already referred to the recommen
dson OF the Commissioners Of internal Revenue in favor
Of increased duties. He cannot add any thing 70 the
augmentng revenue by these methods Ii may be usefnl
however, to invite special attention some
which enforce the recommendation Of duty of 25 mar
cent. year on corporate note circulation. z
The proposition c0ntemplates duty Of ne-6ftb Of ma
per cent per mouth circulation; and the Secretarv
suggests in addition twenty fifth of one per cent on
deposits in each month, making twelve twenty-ffihs
year. Under the existing law the duty on circulation i
one per cent year on certain proportion two per
cent on amounts exceeding that proportion and
OF per cent deposits The small addition prooosed
VIII not be regarded unreasonable onerous when
10 considered that all corporate circulation ia fact loan
by the people to the banks without cost except that of
preparaton and without interest except the duties i'm
posed on It, The whole question then resolves itself into
tas Is the duty proposed added to the tax alton and
the cost Of PREPARATION than equivalent to fair in
tslest for the oanf II not surely should paid without
demur reasonable contribution to the common wei
fare The duty proposed deposits much lighter for
obvious Its whole amount s lees than onehnf
Of per cent per and being in the nature of
profits, rather than property will d,str,bute
self among all who partake OF the of the deDoss
and press hardly