The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1864-04-21

equally as though they had entered
freely into circulation. This issuing Of
the 5 per cent. Treasury notes, we re-
gard a very grave financial error
It, indeed, bndged over tho space bo'
tween the two great National Loans, but
at the ha card Of serious imitation Of the
paper issues Of the country and consc'
quent initiation ofthe prices Of all cOmmo-
dities. The new 1o-4O bonds arc now,
however, extensively distributed and are
meeting with the most gratifying sue
cess--salcs averaging about 100000
daily.
While the Revenue bill failed 10 sup
ply more than half Of It's estimated re-
ceipts. the war expenses far exceeded the
estimated expenditures, aud Congress
found it necessary to increase the issue
Of United States Notes, to the aggre-
gate of $3.50 600, 900, which would not
porccptibly have inflated either currency
or prices il the new lo-40 bonds had been
promptly put in the market. Part only
of the amount of interest bearing Urea.
sury Notes authorized,h have been issued
and it is conceded that the Secretary Of
the Tresury, seeing it's effects upon val
ues, will forbear to issue more. 1t will
be borne in mind all United States Notes
ore loan OF that amount by the people
to the Government without interest,
while the Treasury Notes draw 5 per
cent interest.
Additional 10 all these financial mea-
sures, Congress on the 25th Of February,
1868, Authorized persons, or operations
TO form National Banks, by purchasing
Government bonds us security in excess
of the amount Of circulating notes fur
nished by the Secretary of the Treasury,
the amount OF which was not to exceed
$500, 900, 900. About three hundred
banks have been established under this
act with capital Of about s30,oOo,o 600
and an aggregate circulation ofSS,eoo,-
900, and the number, is rapidly increas'
ing.
This National currency bill will be rad
calIy amended by the present Congress.
While its success may not perhaps be
considered already assured, it, if aided
by iudcious legislation, will eventually
supplant both State and United States
Notes, This National Currency act was
doubtless a Cancellation to the State bank
ing corporations, inducing them to
organize under this act and share with
the Government in the profits of legili-
mate banking.
AT the beginning of the war, the pa
per cure ncy Of the country amounted
10 5000, oOOO 900, $40. 900 900 of which
was in the South, leaving $l6o,ooO,ooo
remaining in the loyal portion Of the
country. The necessities Of the Govern
ment demanded immense sums Of mo.
ney to meet its liabilities; but il being
both expensive and hazardous to employ
the State currency, recourse was had TO
Government issues. While seoreS-par-
ticularly ia the West--of the fourteen
hundred State banks in existence in the
in the Spring Of '61, closed up their bus
mess, others, less patriotic. took advan.
tage Of the general suspension of spe'
Gle payment, and actually increased
their issues Till the aggregate row ex.
ceeds S2OO,oo0,oOO. This necessarily
greatly aggruvates the evil ofredundan-
cy in paper currency. The prerogaIlse
OF determining the kind and value OF
the circulating medium Of the country,
though explicitly given to Congress by
the Consultation, yet has long been
jointly exercised by the States ia the fOrm
of bank notes. National necessities now
however, clearly justify if they do not
imperatively demand resumption of
this National prerogative. This $780,
900, 900 of State currency is surely dOs-
tined to disappear and the speedier the
work ofretitingit, is entered upon, the
better for the finance s of the country
The speedy withdrawal ola State bank
currency, would appreciate greatly the
value Of Government currency, and