Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-01-22
The Fin auc-s of the COunfry-Ths
Bills before Congress.
fEror, ba sor vark Times.

The Government: and the country are In a
condition of extreme financial peril. An 1n-
M rnse amount Of money is wanted at once /;
and Congress must decide promptly how 1t
shall be raised. 1t is of the utmost impor-
lance. also, that the decision should oe Wise as
well as prompt.
There are only three ways In which the
wants of the country, in this respect, can be
/ supplied. Money, for the payment OF tne ar
| mics, the purchase of supplies, ana tne support
| of the Government in all departments, must De
| raised in enc of these wars:
| l.. By loan-selling the bonds OF the Uni
| ted States for what they will bring In ine mar
ket:- a.
2. By issuing papsr-which is simply the
promise of the Government to pay al some iu-
ture time or 49,,
3. By creating Banks and authorizing 'n5m
to issue notes on the basis OF Government
bonds as security for their redemption:
These three propositsns are before congress
and the country The Secretary OF the treas
ury prefers the last Mr.. SpauldIng ana lhe
committee of ways and means IN the house
prefer the second. No one advocates the hrs.,
simply because in the present conmtion Oh al
fairs it is impracticable. If bonds are 10 DC
sold, they must be paid for in currency OF some
kind They cannot be paid for In specie, nor
is there Government currency enough acces9i-
BILE in the country to pay for what IS neeued. @
PAYMENT must be made in the notes OF otat9
banks, which rest on no adequate security, anu
which could not possibly be made the meolun
of Government transactions. The cholce Is
really between the issue of legal tender notes
and the national banking scheme OF secretary
Chase.
1t is perfectly natural that the advocates OF
anv one project should conceal its bad features
and exagoerate those of its rivals Mr. Spaul-
| ding sets forth. at length and with force, the
| objections to the bank project of Mr.. Chase,
| but does not dwell upon the reasons which re-
commend it; nor does be bring into any con
siderable prominence the -undoubted evils OF
RELYING solely on the issue of legal tender
notes.
| We do not propose at present to enter upon
any comparison of their merits. We desire
| simply to protest against the spirit IN winch
| the discussion is sometimes carried on, and TO
warn all concerned of the absolute necessity
of waving all personal feeling, all ndlyluai
| interests. all local pretentons, and all State
pride and ambition, and of canvasslhg inns
| subject with sole reference to the public good
CFrom the New Yark Tribune.)
A friend of ours favors us with the following
which is so near our own idea OF what ought
to be done, Shat we submit ii TO the public.
| PROBLEM.
The Government wants three hundred mil
| lions Of dollars-the country must furnish 1t {:
that is. the people must invest in soiae way IN
| Government securities to that extent. But
! saws 4. - We nave too many 'greeubacks' al
ready; don't give us any more )" and SAYS B,
| We don't want Government bonds, because
a further issue will deprecia7e the value Of
those we already have"
| To meet these objections 50 far d possible,
! Government should issue three hundred mil
| lions in FIVE or six per CO It bonds, in sums Of
| $500 and $1,000, having twenty years 10 run,
| convertible AT ,he pleasure Of the holders into
= sreapbacks" Such bonds would have the
peculiar advantages q being at the same time
a good ingestmen., and sv2ila5le at all times
as ready money.
If as is alleged, there is already : surplus
of currency. il is eviden there would 5}s no
conversion of the bonds while If al any time
the business Of the countre should require more
! currency. a conversion o. these bonds into
/ ..o,reenbacks" or cur encv would take place.
INST 20 the extent Of the demand, and NJ fur
/ tbs- Of course. suca a. Increase Of currency
| wm,ii =. Vt produce infalnn; lis only effect III
| price. yo,n,d be 70 prevent a decline
! Thr i,anL,. could al once take these bonds
| 70 p av,.,t =, jher ara liable means as, in
! cnnsid ration ~ the g Va ur as in estmeut and
| cprr.nct, tLa. sr,oui8 oammaud a premium ;
/ for :. tb.v should l>e called upon for their je
posjts il wo,,Id he. -11>irt fpr-nvastment. 50
that sales would Iv 80, to the demands Of
! dcpositors NJ.