The sun. [volume] (New York [N.Y.]) 1833-1916, 1864-11-14
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Tic 5>rciary states that tho eerthc stes 81 In
dcntodnrss provided by the arts of February 18Th,
iNGi, proved lels productive than ~as anticipated,
the amount taken in payment by public creditors
up u October lst- amounting TO only two tniliong
From she sale e bonds and lJans on hypothccat On
OF bonds about siJoOJ,VUO was raised, aud on the
ne, issue ct Treasury nO.es s2S3, OO0,0OD.
Tie Secretary dwells on the evils arising from
the are issue Of Treasury notes resulting from
tie allure Of the m ssurcs relied upon to sustain
tac,r value aud reduce expenditures. lie states
that ne new notes are not received by The public
~ higher value than the old. From table show
iu. tic result OF the taxation and funding OF tie
Owl asucs 1t appears that the total deSt On thc lst
of April 1884 amounted Ia Al 100 1875 4O6 against
Geut OF el,2l-Sidls5 On the LIST uf o Der show
IN m ncreas, IN SIX months OF s9T65O,1s0.
Nj Trenholm states that this financial exposition
dcIu lnis the profound attention OF Con ,ress. I'M
less uuiiurm STANDARD value te given a. Treasury
uuies the attempt carry the through their
a-cLoy must be- abandoned. Acquicsccuee In i,s
der urLuy depreciation IS to court ne rum to which
u leads OIu hundred and thiIty-tye collars IN
currt ucs Tie lr'cC Obtained Tor one hundred dol
lai lu Per c,At bonds, ~ equal "a six dollars
only ma sicgt and 10 sell tie bonds At this rate IL
IN reality 10 dispose Of them Of uincty-iu per
cent liScOuut OF in other words, 10 gave bond Of
one hundred dullars IN consideration Of the loan Of
| ak dollars. TIC depreciation of the currency, pro
! &c, ling from redundancy, and the want Il conid-
eucc IA rs ultimate redemption, can ouly to cor
| volume and sustain 'hc public confidence. The
nevigrcs adopted by Congress t. reiuce the cur.
rcncy lid NOT combine these essential ,ltmcuLs II
Hucet}s. luusp :, 10 had taken the old uutue re-
lying On the good faith Of tho government, on find.
! ing tarm Bludculy deprived OF onU-Ihrd of their
. noinl.a. value Neanc alarmed and received the
ucw notes under strong approhcns ons OF a rrpeti.
ton o' the measure, depreciation commcncel At
/ once and proceeded At sO RAPID . rae that by the
lri d'y u O't"uer sold WAS selling At twenty Ave
dollars Tor one
INV yrSASCIAL rIkN
AZ means OF restoring tho public credit and car.
r 'hs on tie war, the Secretary pr Ioses that
Iutt"u 81 tie future productions Of .Le country
shall ne plciped for the redemption %; Treasury
u - and tie payment uf interest. lie recomme nds
Ia IaasI-c u an act pled.iu, the LAA OF M. GOV.
iLC amount authorized by tie act OF 18th February
1894 oNompuus tho notes from taxation, proyii.
my iof the APPLICATION of twenty per cent, OF the
lnAoH annually t. the reduction OF that amount nm.
81 pel-o .o declared Of the outstanding sum 10 Ia,
r.iLy,d TO sl5GOOnuo0 continuing the tax IN kind
ail'F TIE MAJ ami nppropr atng Az ascertaiued
r'p'iNuA tN,rcoi annua ly TO the relempuou or
pa! Mep OF The circulation, until the whole snail be
ithrrA' The redemption shall be ma ie from the
llAt4 OF cotton wheat AMI corn, at prices fixed by
L.c act namely cotton al nifty cents upr n,t,ni
wleIs NJ tour collars Icr bushe, and corn Al ,no
d ait pr n.tel tlAt lie notes he recctyci aftcr
lt".i FuH al persous liable ~ tax IN Ind in
c"1nL-laou 81 their Llhe5; anu that tbs ,,rolarv
oI i-e treasury he authorized b issue gultl No.
~ exchange Tor Treasury uotes bearing s,x ner
cen-. interest, secured aYI reloeIaable l thu sno
manner Aud on the same terms Ia the notes tlcm
selves Tree nom taxation, and recc yuble ,tt,r thc
war IN payment Of the tax u kind .pd lh.t NIL
Noes received into tie Treasury for tlese cert Il.
's'ss " ssnSSi'ea' fhs following y N esums,s Q,