New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-01-12

spondcnts considerable sums. which 1t apPles 70
RECOURSE to It's signature md issues Treasury bills; Now
what the limits within which according 10 the uic,
iates of prudence the amount Of Treasury DIS shouu
be iixcdf Under the Restoration It went us hieh az
from 800 to $50 millions. Under the ccntintonni gov
ernment of 1850 il sometimes 400. 5Oo' 6Vo' ana
200 millions. The latter figures appeared 10 me eAceS'
siye and, for my part, complained OF lhe ~ tno TIME
Under the present rsue the floating debt has success
siyely risen 70 500 and 700 millions, and even 10 NIL
Hard. The latter las been the figure fos lhe as two
years. That is amount calculated 10 ~ uheasl
ness end il desirable that IL should be fHGnced Is ~
possible TO fix with any certainty the exact amount
OF the reduction which ought to be made In tho Issue OF
these biusY No ut the example Of the banks may fur
nsh us vii an srproy mave rule 1t results from n
series of obser atoms that the metallic reserve OF bank
ought be about Of the amount OF It's issue OF
paper This proportion which Ill France Is merely Gus
tomary is compelled by legal enactment in England
sort of analogy applicable To the floating debt may
be found from these data. The correspondents OF the
state are oil tie great public Establishments. Their
funds all fused in great banktha OF the State
That state OF things is eminety useu 1t is one which
has been approved Of by the most eminent hhsnccrs
and especially by the most eminent q all one under
whom had the honor to serve Baron louis Inc re-
ocyors general obliged to deposit considerable sums
with the treasury, and always t. DC N ndvahce win H.
There W, have fund Of about lDoOooN. inc com
pay into the treasury the resources which enable
them TO meet their authorized expenses. There again
you have fund Of about 10 00CoO Then there is the
Ca.se des Consignatlons the Casse dFssargncs (saV
ngs hank) ana the army Caissc. Those ore the cor
respondents Of the treasury and they pay altogether
about 6'OC0GOoOO year. This sum WAS far from
being 50 considerable under former regimes II
has aWsys borne a proportion 70 the march OF
affairs IN the country AS the movement has developed
itself aid nc Tie receipts Of the Treasury have aug
mcnied tbs part of the floating debt has become
more considerable At this day the correspondents Of
the Treasury deposit with il from GOO to go millions
more or less-lct say TOO millions. If 70 this
add loo millions Of Treasury bills that max he Goat
ing debt 700 millions. well aware that the limit OF
Treasury bflls is difficult to fix exactly. Between tho
maximum and the minimum there must necessarily he
certain margin. think Il 0nld be undesirable 90 do
away with the circulation Of Treasury bils they are
excellent securities, sought for by mon OF Drsinc who
must have negotiable paper IN their portfolio and Cien
also by family men who see in them safe ana readily
convertible security. should be sorry If the public
lose the habit Of investing in them. There is
another reason foI keopug up Treasury bls-narney.
,aat IN given Circumstances they may become most
precious for the state witness in lsO
II most serious situation. Our revolution had pro-
TckCd armGmcnts throughout Europe. AID France was
necessarily OBLIGED 10 arm also. We then passed
through most difficult days capital slirurk from the
funded debt. and we were compelled TO haHo re-
course 10 Treasury bills in that Way VIC raised sew
cra hundred lnil.ois .is resource orglt' taeh'
10 be left to GOvefnment. But this rcsnrrce must be
pfudontiy used otrrvfe !oa will exhaust A. and IL viii
leave YOU empty II Therefore necessary ~ limits.
We propose the limit ~ 100 millions Some may cay 80
Is tie night figure 'cs 1905 but % any rate do say
this that IN ordinary tcs il unreasonable 81 issue
Treasury bills 20 alter extent than 100 or 10 mil
lions: and II tht r't be Observed the floating debt
viii be kept within 40 millions. We are all agreed Tint
tie deb. ought 10 be kept down 20 that amount but we
must efcacorsy provide that ha; shall be 30 II you
devote 90 millions to the purpose Of reducing that debt
miliiard (Which is excessive thou h not an
alarming OuiO 10 200 millions. II VIII not 80 fhht ~
the end OF few months you should again md yonfsei
saGiled IN the very same figure which ron nov want
20 reduce In this sort Of nIstrsi gentlemen. there 70
noihif offensive MOI wish 70 say nothing dlrohng
ing for the honorable member 81 the bo'cInmchi nut
do mis'rEAt individuals - mslIust Inc nature
Of things what happened two years ago. The
floating deb. had then risen to Inilhard.
NJ ould desired TO reduce y to o more normal
nd fro l.vN mt
NJ Forld had great pm 20 fresh inscription
the great book Of the public debt. Iagain praise
him for the feeling But y was indispensaeie to ma
holders and he asked from them the money which he
would have asked from lcanhc asked for the con-
version OF the Ieltes Ircpcct the motives which led
Won 10 vote that measure; but allow say what
think o. the results. Conversion Of Rontes when tie
time is ripe for it, is excellent measure but yos ought
10 take very good that the fruit IL really ripe;
sometimes II is sour conversion effected under cir
cumstances which DO not naturally call for such IN
operation necessarily produces Iegrctnbie eonsc-
quences for fuudhoaes in the first place and for
the State afterward II such situation promises are
made and hopes excited which not always realized.
Now, what were the results obtained by thi. CONVEX
sion. which, IN Ly opinion prematuroi The ~
nance Minister hoped q % il would produce 800 O0o.o
for the Treasury and III point Of fact II only realized
49, CO., 900 And 20 obtain this result you have lc the
interest OF the debt exactly as 1t was before Tie
operation and You have augmented the CAPT
tai Nv a sum OF zoo 200 millions. While making this
great sacrifice OF capital you have repeat fiIcd no
thing the Of interest. And as n the ianlhOd
crs Who were promised that % result Of the uniica
Ion II the Deb. they would the Threes NJ ~
they ind the average price Ior long time pact O.. But
in this business there IS ftl more serious deception
The Isl millions paid ~ the furdhoders 20 the Treasury
were al employed in the reduction 81 the floating debt
and set ieN months hiftrWaTd tins debt was found
swollen 20 the amount Of miili8rd The example OF
tie past ought therefore 20 induce W. 60 take pre-
cautions What should thofe precautions Oet We have
invented aothing We have inquired Of the law What
should be done. Eycry year there Is financial law
which limits the iesue Ol Treasury bs. Article IL o The
Budget Law OF 1864 fixes tins limit at $50 mions and
an Imperial decree in due form admit, has add
ed 30 millions That is the limit fixed ly law u
Of present stands We tlink That now you have the
loan this limit may he reduced 70 lOOWI0O Wen
what says the amendment which and several Of NY
colleagues have he'd the honor 10 PRESENT. II demands
legislative reduction 10 100 90. or course ia a
matter of this kind. have bgOttcd attachment 20
precise figure, and II l tfOuglt that larger sum
would obtain the adhesion ~ the majority would very
Willingly adopt L. told tbs Government Commits
saires when WIS before the committee thet II our
measure seemed TO them inconYenicnt they might pro
pose another, ana would consider IT. but that we
could not possibly grant loan destined TO &c.
600 600 81 Treasury bOndsnow in circulation and leave
them Mt the time the power 10 issue bills for Ike
amount in tie Of the ensuing year. must con.
fss that Oh this head nothing satisfactory was said ~
me-"
Amer conversation upon the exact amount Of the
limit which ought TO be put to the Issue Of Treasury
bills NJ. Theirs concluded;
7 shall be told that am misrustfil. No an rot
But you must admit that this loan Of 3O00OoOoo is
melancholy years gift for the country There ought
10 be consolation with IT, and this Is what our amend
menf PROPOSES As / understand the mandate
received from my electors they desired me 10 support
three thncs-pullic liberty, good finance, and peace
The MINEsTEg OF STATE-We al agree on that point
NJ rHRRs-As 10 the question Of public hbcrtios, We
shal speak OF that fortnight hence. The economical
qucstion consists in the good direction Of finance As
20 peace, declare myself o decided partisan OF 1t.
fApDlarss on several bonchesI Not of peace
which would inlure our honor: for if that were IN
one.tiou we who Gre called the Opposition, would
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