New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-07

, nav no tho efyect Of redundant circulation upon
the price Of COIN other causes nave - Few
5ave ,le rice of This article rose from about ~ 70
81 IS in paper for dollar IN specie and subsequently
fell short period TO 81 g. ana ,hsn agsah .V cause
trsceable 10 an increase or decrease IN the circe
lation OF paper money, or an expansion or con
traction Of credit OF other similar ininenee on
The market tending TO occasion "a Iuc,ua.ion 80
violent 1t is quite apparent that ,ne
solution of the problem may be found in the
and criminal efforts of spectators and PROBABLY u
secret enemies TO raise the price. Of coin regarus OF
The injury inflicted upon the country or ueslraoe 70
nict upon II. All such attempts should Dc ihSshan
Iowned upon by patriotic community hiu lne enSi'
of all good citizens invoked TO cOunteraet such neiail
Gus schemes. law providing for the exemplary pun,
ilment Of combinations for such purpose might tend
- sndicato If 1t could not potect the puoc fH.s III
this regard and should be- 50 lar as posspe rgu! eA
forced. ...,.oh
But whatever success might attend any efotto cleck
speculation in coin 10 counterfeit ITS injurious enec
ii is still obvious thu. so long there remains large
and increasing necessity for its use. and limited sup
IIy IL Will command n price eoInmensrrhe VIZ 'no
necessity and the difficulty Of obtaining it, inns neoes
SHY arises from the demand for foreign exchhHse, @
customs duties and 10 pay the interest ON inc puVo
debt The matter of foreign exchange 60 9ot pvfos
10 discuss. The demand for duties on a h,
to pay the interest large portion oil the pupc ueD'
ore SO far identical that one If dependent upon tbe oe
The laws authorizing the issue OF bonds Deaihg
in coin, specifically pledged the revenue nu S
10 tie payment OF that interest, and pIovided lor
the collection Of those duties IN TIE sum-
currency. In the opRioD OF the Secretary
that pledge should not be violated departure non y
cond only be yindcaed by OF those stale neeetsi-
Ties which justy n nation in temporarily postponine
lis obligations in order TO preserve the power 70 us
charge them al n future day. When the lledBe was
given no one anticipated possible continuance OF the
war for such length Of time as would Involve ING ga
crease of the public debt to the point 1t has aieaa! az
tanned or the possible payment 0i Interest IL com 10 az
amount bevond the ability Of duties on imports 10
supply Ii will be noticed, however. that our nug
coin interest now exceeds s5o,OOJVn Shouu tlc o.
dtonal amount required for the expenditures OF lDc
nrrsen fiscal wear be raised upon bonds bearing interest
In coin and The revenue from customs not exced lhe
estimate prediea,ed upon Tie receipts Oh me list
II is quite manifest that resort must soon De
had 10 some other Of supply or recourse must Dc
had 70 the emission OF securities OF oerent CHARACTER
/. could not be expected that snch securities WVuiu
stand on level with those the interest upon winch Is
pay able in coin unless an Increased value Should Dc
given them by higher ratio OF interest or ther pa!
rent should be secured by specific hen upon
In view Of the serious consideration presented ~ hl
question whether, affecting the market Vaiue OF
coin or the ability Of Government to meet us
specific interest should the war continue, ron sne
revenue now specifically appropriated TO that purpose
the Secretary is forced 10 the CONCLUSION mat We shou
In the future rely for the most part upon securities
bearing interest in currency converting INTO ooru'
an increased rate Of interest payable IN cnrene re-
dcemable in three five years, and convertible al
maturity into $50 bonds would be preferable IN the
OF the Secretary any other form Of curiiy
ods OF long dates the interest Of which is payable IN
in currency at the usual rate would be less ATTRACTIVE
Tie 80 notes authorized by the act Of June 30 ls6i
and now offered 10 the public. present as many advan
tages any form Of currency security uniting hlsh
rate of interest with conyertiby. AT the period 81
their maturity II nav be confidently believed that the
country will have been restored 10 state o security
and peace with al disturbing elements quoted ana
RESOURCES increased and increaslns-its Strength con
irmed and with ample ability to meet all Its Obligations
from ia ordinary resources. 80
In the report Of the Controller Of The Currency VIZ
be found statements of the number Of National Banks
orcanzed since his last annual report the States and
Territories wherein organized the amount OF capita
psid in, circulation and bonds deposned, lhe sua.s
nent exhibits large and rapid increase and demon
strates the popularity Of tie system lie Tapd anu
extensive conversion Of State institutions Of established
character conducted through long series Of years ny
men Of recognized financial ability, INTO banks organ
lied under the system, could not nave tRAeh pace
unless after full and careful consideration as 70 Us
safety and superior advantages. shouid
| be said that perhaps these advantages may b.
| rather to those individually Interested than 10
the community at large, the reply IS TAT Single WI
the whole country. has been too long general object
Of desire to have its importance questioned II to this
great and obvious good BE- added the benefit 10 Gov
eminent in its financial operations Of being freed rom
al the uncertainties and enbarrIssnents arising IRON
a currency which IT can exercise no control the
advantage OF aDy system which VIII erect these op
eots can admit OF debate. The Secretary was rot
among the frs. TO approve the plan adopted 10y ION
gress and which teems to be receiving thc poPuN
sanction Time and observation Of lis effects have,
however Convinced him that the system II not
without defect, ia based upon sound principles
ia
quite apparent that the good TO be hoped cannot DC u
realized 80 long as another system ~ war with the great
objects TO be attained shall continue 10 exist unchecked
and uncontrolled. While therefore the Secretary would
not advise the adoption of unfrendy or severe meas
pres likely epbarrass the business OF the country
especially when indications favorable that the
National system VIII soon replace az Of mere! I1eai
character he is yet OF the opinion t,at such uscIni
mating legislation should be had IA vii induce the with
drawal Of all other circulation than mat issued uhder
national authority. al the earliest possible moment
1 For "a sta q transactions
during the past GEAR YOU respectfully referred 10 the
report Of the Treasured The abors oil that officer are
largely increased by the number OF depOstories when
have been Designated under the act 10 povide IA,
tional Currency Tho labors OF the Treasurer. ana
also of the Assistant IreasuIers IN the principal cities
and the Repositories designated under the act OF Au
gust 1896 necessarily proporlonhfe 10 thc vast
amounts passing through their hands, and the
| pecuniary responsibilities Of some are such as
few men whose character and capacity would jus.
| ,ify 70 important trust are Wiling 20 assume
Necessarily obliged TO surround thcmselyes
with large number of assistants, for whose care ard
integrity they must be answcrable, and to- give bonds
in amounts that few private fortunes would meet,
high degree u courage is required 70 endure the per
peXties and incur the hazards OF such an ONCE ln
view of these facts and Of The mnch better compensa
ton readily paid 10 such for labors much lighter
and responsibilities far less important cannot bni
that the salaries Of the Treasurer and oil me
Assistant Treasurers. and some OF the designated
depositaries, be increased within tie cur
rent year The Assistant Treasurer at New.
York having been compelled by III health To resign
after long and most useful and honorable service IL he
came necessary to find person qualified by bis knowl'
edge of business and financial affairs by spotlcss
character and acknowledged ability TO discharge the
duties Of that most important position This the Secre
tnry found 70 be extremely difficult principally becanse
the great pecuniery rsk deferred men who had any
thing 10 lose while the compensation allowed by Law
was much lower than is cusomary paid for similar but
far inferior service.
The office was most reluctantly occupied by the pres
ent incumbent who Ielinquished an honorable position
with much higher salary at the urgent solicitation OF
the Secretary purely from sense of patriotism. In