The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1864-01-02

secure advantageous loans, upon good faith,
Industrial activity, accumulated. though not
Immediately available, capital, and satisfac-
tory provision for punctual payment, Of Sc
curing and ultimate reimbursement of prin-
cipal. To subscriptions Of the remaining
5-9Os and deposits for temporary loans,
therefore, must be directed all reasonable
expectations Of means for the service Of the
current year, except from negotiations IN
der the act of last session.
sources has already been stated, and
amounts to $4,000, 600. If this aggre-
gate be deducted from the amount to be pro
vided by loans for the last seven months of
the current year, already shown to be 1859, :
| 226 $50 there will remain the sum Of
1926. LOG, 999 to be provided by negotia
tious under the act of last session. and I'M
! der some like act must be provided in like
manner, if a continuance Of the war shall
make it necessary, the sum of 1914 978,
548. estimated as likely to be required from
loans for the fiscal year of 1865.
The act of the last session authorized the
| loans supposed to be required for the fiscal
years 1868 and 1864. and of the amount
required for the service Of these two years.
to the Ist of December now current, $3.50,
600 600 in United States notes and $500,
600, 600 by a loan for two years al 5 per ct.
Treasury notes have already been provided
under that legislation. The act is so well
conceived and expressed that little other
! Legislation for the loan of 1864 and 1865
will be required, than the application to
these years of its leading provisions.
! 1t will doubtless be thought expedent
! this session to authorize the borrowing. In
some form, of $500, 600 600 for the current
and $500, 900, 900 for the next fiscal year.
Indeed the only notifications of the act of
last session necessary to adapt it to the re
quirement of the current and coming years
is, First, to ascertain, from time to time,
he amounts destroyed or lost and to re-
place them by new loans.
Second, the repeal of the existing limita-
ton of the deposit loan to 800, 900, 900,
and the substitution of provision for a re
serve equal in amount TO half Of the de-
post.
Third, the permission of the negotiation
of loans, redeemable absolutely at pleasure,
or at PLEASURE after time fixed, not more
remote than 40 years, and the omission,
| perhaps, of the clause taxing circulation and
deposits, that being more appropriate to an
internal revenue bill.
1t is hoped that the other provisions Of
! the last act may be retained in the new loan
act. Under such legislation, the Secretary
entertains little doubt of being able to OBJ
tain whatever funds will be needed through
loans, at reasonable rates Of interest, for
/ bonds or treasury notes. For want of
! this confidence, however, he relies much
on the support to be given to the public
credit by the National Banking system.
! There is, as he thinks, no possibility of a
permanently successful adm ;nistration of
| the finances under circumstances involving
! the creation Of large debt, unless loans
can be effected on a medium of general and
equal credit throughout the country and
not liable to variation in quantity or value,
except under the operation Ct National leg
islation and the general laws of trade.
The Secretary asks the special legislation
Of Congress to the proposition for a uniform
rate of interest, and the repeal of the sec
ton which connects the issue of national
currency, in a certain degree, with State
banks
The Secretary also recommends provi-
sion to be made by law for the deposit with
national banks, and also with the Treasur-
ers and Assistant Treasurers, at such rates
of interest, aud for such periods of time,
as the Secretary may prescribe, of moneys
paid in and invested under the orders of the
judiciary Courts.
1t is not impossible that in this way many
millions would be placed in The Treasury at
n oderale rates of interest.
The Secretary refers to Congress the
question whether the duty on national cur
reucy and the deposits of national banking
/ associations shall correspond with the duties
! imposed on other circulation and deposits.
He thinks. for the preeent, at least. some
discrimination in favor Of the national asso-
Citations may be properly admitted in con
sideration of the indispensable importance
/ of a national currency not adapted, only
/ like United States notes, to tenn orary emer-
gencies. but permanent in its very nature
/ and adequate to all demands of business,
! and capable, at no distant period, of being
made equal and convertible into coin. and
/ therefore its real representation and equiva-
/ lent.
The following paragraph is from Secre-
tary Stanton's report:
1.-The operation of the CONSUMPTION law
has raised only fifty thousand soldiers in
the twelve States in which it has been en-
forced. The three hundred dollar clause
occasions delay at any rate, if nothing more,
in calling out the military force. The
1 question, whether this clause shall remain
requires the early attention of Congress
The commutation money is being applied tc
procuring substitutes as fast as possible.
Volunteering is going on with spirit. A
large portion of the troops, whose time ex-
pires next year. will re enlist. The indica.
tons are that the force required viii, in 4
great measure, be raised by volunteering,
without another draft
Tho raaauF ei0nal odvanoauant IF tle