The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1863-02-04
NINE nUNDRED MuLLIoN pILL.

This hillbaa pssseJ the lIonso of Repre-
scntotives, itiss highly important meas
ure, and should be regarded as AT ougury
of good for our future financial welfare.
IL authorizes the Treasury Department TO
borrow nine hundred millions, three hun.
dred for tho present fiscal year, and six hun
dred for next And for this loan il orders
the issue of coupon or registered bonds Of
the United States, payable at the pleasure
Of tho Government, after twenty years, in
coin, TO bear. six per cent. interest per an"
mum, payable half yearly in coin; and IL
limits tho amount to the nine hundred mil
/ lions, u... .|uft FIt. "Hf
! Il also authorizes the issue Of four hum
dred millions of United States snotes, bearing
six per cent. interest payable in coin, and
redccmable at any time after three years
and receivable in payment of all dues and
duties except on imports. Holders may ex-
change these for legal tendor notes now ex-
tant. and they arc TO be received OF the Treas
ury at par on the twenty year bonds, and
paid out at par to such as will 80 receive
them. These may be at any time reissucd,
but the above amount s not to be exceeded.
| 1t also authorizes the Issue of three hun
drcd millions dollars Of small notes not less
than one dollar, not bearing interest, pay.
liable TO bearer, made legal tender except
in payment of duties for imports and inter
est payable in coin on other notes and bonds.
1t also provides for suppanting the pres
ont postal currency for fractional parts of
Il dollar, to an amount not TO exceed fifty
millions Of dollars.
1t also provides for receiving deposits of
coin aud bullion at the Treasury, the issue
of certificates therefor payable on demand
and receivable for import duties, being
equivalent to coin.
1t also orders the taxation of bank oircu-
lation by levying duty of one per cent
half yearly on the average amount of crcu-
lation, fixing ratio within the range OF
given amounts.
1t authorizes deposits to he made of sums
collected from the internal revenue in sol
vent banks to the credit of tho Treasury,
subject to draft of the Treasurer and pro.
vides penalties for countcrfoiting the issues,
&c, &c.
The bill is very comprehensive one, AZ
well as very important, both i'll its pro-
visions and its Indications.
Tho ohio State journal has the following
well-timcd remarks concerning it's impor.
tlnco in tho present cxigency of our Re.
public;
There can be no doubt but that tho crcumstan-
ces which the rebellion has forced upon the rQuutry
will necessltate and thereby derelopc u national
system Of Finance in some degree different from any
yet adopted. The preservation fthe Government
and the salvation Of the Nation, under the blows
that arc being inflicted by this huge and hdeous
bellion must tax the "sinews OF war to their
greatest tension. To supply these sinCws for the
war that sei-defonse commands the Nation to make,
is prime necessity in the administration of public
affairs. And vol! has Il boen for the present and
future welfare of the Nation that this Necessity wns
40 clearly perceived and so wisely provided for BY
our own distinguished citizen, who stands at the
head fthe Treasury Department.
II matters not, in this regard what politicians
may think Of Governor Chase as II politician. They
may either like ar dislike his political faith; they
may either agree or disagree Ms TO mere political
ISSUES; but the position that he now occupcs, tHe
views he now advocates. and the issues he now
presents, are business transactions In which every
man in America is interested, And in the finan-
cia measures that he suggests he approaches his
subject with breadth Of view and n comprehen
svness of action thai Fso above all mere political
twaddle. Ito firmly faces tho great dty that Reems
to lruwu upon him, aud lays before his CountryigCn
their true financial conditions reveals the coming
necessities and wisely indicates the needlul course
to pursue for the good Of the people and for the
honor, safety, and welfare Of the commonwealth.
Hitherto we have remained comparatively silent
upon the questions involved in these financial meas
urcs. We have not done this from lack of interest
in the matter llut We saw, ms all men did, that,
in the PRONUNCIATION of those measures Of iinanoe III
Congress- there were many crude notions of indi
yiduals, much Cpstrarety of sentiment among
honest and patriotic men, and numerous miscon-
ccptons otto stem proposed; we therefore deemed
II best to let the questions assHmc definite firm and
tangible substance before any discussion Of Views.
The bill now in Congress gives tho subject that
consstonce and form. And we regard II as innuE
urating system that will give stability, soundness
and uniformity to the currency of the country.
The issue of twenty year bonds is but just and
ljudicous. In the exgency that is now upon us we
must draw upon our national credit, aS all other
nations have had TO do. But, II has been objected,
that We DO net draw npon our own resources, but
upon the moaus and credit OF tho next k0geTaGoH,
and we incur present debt for them To pay. 1t
may be so. But then we are not fighting the battles
of this war for the equal benefit of posteriy2 Are
we not sacrificing blood and treasure In the pres
eut IN preserve to them as we'll as to us the bless
ings OF our Invaluable government Have we
then not legitimate right, nag ist not our solemn
duty to call upon those who 10 belonu heirs IL
this rich heritage Of freedom, to share with " the
cost of preserving ~
True, il is u Stupondous debt nine hundred mil
lions OF dollars But the country its Constitution
its institutions, its glorious past and hopeful future
are worth to posterity and mankind, infinitely, in
fnely more than all those hundred millions. AnC
moro than that the country that we would save
thereby commands rc sources such as would enable
her to honorably pay both principal and interest o
even much greater sum,