The weekly sun. (New York [N.Y.]) 1851-1869, 1864-12-10

our public domain aud more especially 70 that por-
tion Of IL sbounding IN the presious and other
metals, which, by the policy Of the Government,
has been reserved 70 the nst1on. He hopes that
Congress may be able 70 devise some mode by
which these ands rnay be made available to an er-
tent In some mes0 ire proporonate W their yearly
production. He suggests q board OF othcers as
Commissioners Of the Sinking Fund, and whether
such income AZ may be received from the public
domain from sales, in the shape OF rents or
royalty, may not be bonehcislly appropriated 70
The same purrose.
rgs aoLp QUESTION.
Tho experience Of the few pas, months eanno,
have failed b. convince tho most careless observer
that whatever may be the effect Of redundant
circulation upon tho price Of coin, other causes
have exercised greater and more deletorious in
huence. In tho course Of lev days this nrsiclo
rosc from about 81 30 TO 50 - IN paper for one
dollar in specie, and subsequently fell in ~ shor,
period 70 ~ q and then AMIN roee ns rapidly N
~ DO and all without any ass snsblc cause trace:
able ~ an Increase decrease in tue circulation Of
PAPER money, or an cxp,nnon or contraction of
credit other similar Influence on the market
tending 10 ocraion q huctuation 80 violent. II ~
quito apparent that the solution of the problem
may be found In the unpatrodc secret onemios 10
raise the price Of COIN regardless OF tho injury In
hicted upon the country,or desirable w iuhict upon
| y. Al such attempts should Re INDEMNITY
| frowncd upon by patriotic community, md tho
efforts Of M good citizens invoked to eoineraei
| such n.farous schcmcs. law providing for TO
| exemplary punishment 81 combinations for such
|
protect tho public right. In this regard snd should
| n, 30 fnr M possible, Hgidly onorccd
While ihe Secretary Is cleariy ~ tho opinion That
he public tii,l' g pay the gold interest op bonds
70 the eonclusion INT VIC should in the future rely,
for The most part upon securities Tearing in.orcs'
IN currency, convertible into bonds the Interest ri
! which IL PAYABLE In coin. Notes bearing an IN.
creased rate Of interest, payable IL currency, IT.
ic9mallo in three or FIVE ycori, and convertible al
maturity mo h-2o londf, would be preferable, m
the ludgio ut Of tue Secretary, to any Other iorri
| otscc tiiy Hopds AZ long oatcs, The b,,r,G, o.
| whoh IA payable In currency AZ the usur Iaic,
| would be less attractive aud Ia the end nvl.vc q
| much greater sacrifice.
| As 10 forclsn loans he says tho possible benefit
:" be derived has not secured sufficient TO counter
| balance other aud opposing considerations. H.
loeS not oclevo that patriotic people, struggling
| Tor national existence and Possessed OF ample
means should compel him to adopt a measure 90
fraught with Injurious consequences as nu issue Of
paper money beyond the limits prescribed Tho
question, howover, is ope for that people TO do.idc
| lhey hsve pronounced for a continuance OF the
wsr until ts great objects shall be accomplished, II
unniistakesble terms Il for thom further TO dc
termino whether tho necessary means shall DO fur
| nishec, by way OF loan, and the circulation be
restrained within safe In its, or whether they will
prefer to endure the evils Of exar atant PRICES with
loss OF credit in the present and dot of NEEDLESS
Ul0Snltlde enmllod upon the future notes learlug
All increased rate OF interest, sysbo In currency,
redeemablc In thr,e or five years and coaycrt.rc at
maturity INTO fve-twenty bonds, w,nh be prefer.
! able to any other form OF s<curity
Tho secretary states That the Increasing nrm' or
81 NATIONAL banks and the number Of sound State
| banks, recognizing updcr the national law, ie-
inonsiratcs the spun2ncss and superiority OF the
new system. While he would not recommend un
friendly Legislation against the State banks, which
exhibit laudable alscri,y In reorganiz ny under
the national law, he would yet urge tho propreiy
oil continuing v policy OF such d.scri ninAtiug leg
i.lation as wiz induce the withdrawal Of all other
circulation than that issued under nation
authority. The Secretary points out
that thu inadequate compensation afordtd
Tor ofhr ers II the highest trust has in.
creased tho difficulties OF the Department, In oil
ta!ning suitable persons N III thom. There are
always numerous applicants for every Off go, bu,
for positions such Ms tho Assistant Trcasnrershir o.
New York, none but prisons Of hrst-class ability
, should be selected. these cannot he expected u
abandon moro lucrative Offices for inferior salaries
in the public service, and the attention Of Congress
70 therefore requested. In order to Ihe pro-
Ter remedial measures Of increased salaries for lns
Treasurer and Assistant TreasIrcrs.
p The total value Of the bullion deposited at tho
Mint aud branches during tho las, fiscal yeor was