The New York herald., 1864-12-09

the hrs instance the error would have been impossible
and the less public make OF the term the better
National debts have not yet beccme enormous that
they bs counted by thousands Of millions, and,
Therefore, confusion viii be better avoided BY stating the
number OF these hen largo amounts are mentioned by
words instead OF nnmeras.
The report tbs Secretary OF the Treasury leads Wan
street TO exrect further issues Of currency TO an in
dehu'te amount for complaint against the restrictive
provisions Of the cot Of July O. 1884 and his promise 70
suggest. a. an early day. such modification he
siders ssecessary. leave doubt In the public
mind a. TO the haphayard policy he win
pursue the nosnces left under bis control n his
Jud cmsnt wde discretion should be ntrused TO the
officer charged with tho duty OF negotiating loans
order that he enabled avoid unexpected di-
cuties occssioncd by possible conditions the money
MARKET The discretion thas con6ded should, In the
opinion Of tho Secretary include the power OF increasing
the currency" what 10 The nation 10 expect from
finance minister no talks 10 this way, whsn very
Thousand milhons of currency incInd-
ing tho State and national back issues already Good the
iaud. and whom this currency in6stion has
done than the euire funded debt 10 do
precats the sold value OF the paper dollar 70
about ferty CENTS at which Il stands TO days Mr.
Fessendsn would seem to be deliberately inviting the
worst evils that Inevitably excessive Issues OF
iriedeemabls paper money Ard yet, while asking Tor
this wide-too wids--dscretIcnary power, he appeals
to the people to save him from the necessity Of
using In these words;-4Nor does be believe
that . patriotic people, struggling for national
existence spd possessed Of ample MEANS would
cmpe HIM 70 adopt . measure 30 raught
with injurious consequeuces Issue OF paper money
beyond tho limit prescribed And "to Individual
would any considerable addition TO the circulation In any
form be Objectionable than TO the present head
the Treasury Department. and would resort 70
such when the circulation adequate 10 the
wants Of business with more reluctance" Herein
have virtual admssion that no ready to increase the
volume OF the currency indefinitely TO foat his loans.
or when there Is, In his opinion, not enough
money TO supply the wants OF trade. hundred and
sixty millions IN coin and hundred and forty millions
10 bank notes sufficient for the needs OF
in the whole the loyal states at and before the limo OF
the suspension OF specie payments, nearly thousand
millions ought 70 be enough now. 81 s. ao g4t Ell
Mr.. Fessenden unfortunately seems 10 overlook the
fact that tue paper money there Is In circulation
the requires for overy addition to Its bulk tends
to Its dspreca;on and consequently the greater 10 the
amount required for common uses. When thousands Of
millions OF French assianats had been issued, where
before hundreds had suced the Directory etii wanted
and issued because their purchasing power had d.
mlnshed 10 proportion TO the extent OF their ssue and
so II With the old Continental money OF tas
| country, and the end or both was worthessness
OF history may we'll be neglected by one who
has failed TO pront BY tbs grea. lesson
taught by the nscal policy thus Tar pursued ucder this
administration. H s for the people,, says Mr. Fcssen
den 'to determine whether tho necessary shall
be furnished way Of loans aud the circulation be
straned within safs limits, whether they will prefer
70 endorse tho evils OF exorbtant prices, with
loss OF credit In the present and . debt OF
needless msgnitude entaied upou the future. Their
Anancls officer cuy submit 10 their deosien and
as sitIes OF the may demaadn A he
makes objection 70 the amount Of currency ouisand
ug. but, Ike Oliver rsia, asks for more. H. Is TO be
inferred that be consdcrs Jet within safe limits "
He speaks os loans the only stsruatve Of currency
imitation. apparently placing resuee urou increased
taxation. Indeed in thai part Of hs report whore
be refers speosy 70 taxacu no estimates the probable
receipts latter adding what he considers conneeos
Of Hy mions) from internal al only thrcs
hundred millions for tho current fiscal year. II y sasy,
however for any scqusinted with the of
the nation that double this might Be- raised
without pressing rnduly upon any seoon OF the
nifty. But upon this important branch Of his subject
the Secretary hes nothing 70 say worth mantioning
He avoids no has avoided telling The people what
the uatona debt at tho tmc and the ratio
increase OF this from the lss OF July up which time
his statemsnts only extend the end Of October con.
tradct his estimates for the future, and no tho
country fog TO get out of its financial smbarfass-
ments In the best II Therefore the country
Congress aud nos 70 head oS the Trsa-
sury for relief.
The business at the subrreasury 10 day fol.
iows:- a9 8a3fael8 se41
Receipts for customs Observation-Disclosures. elst 900
Total receipts. 4,ZOb, ,3s4
Payments. 1,135 003
Balance 81 e6s SCI
subscriptions to government loan. ..... 3,0sl 500
The new Gf'y cent fractional currency notes are