Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-12-15

brave soldiers who suffering from tho long delay ~
satisfying their just claims, but still continuing TO serve
their country with unnnchng courage and accomplishing
devotion TO efeot this object he compelled TO re-
place the whole amount OF hve cent notes which nad
been cancelled amounting 10 the whole 10 more than eighty
millions OF dollars and slightly to exceed that suu
More fully 10 accomplish his purpose the Secretary re-
solved to avail himself OF the wish expressed BY many ON
and soldiers through the paymaster TO oner TO sch
as desired to receive them seVenthry notes Of sma de
| nominations
He was gratfsd to fud that these notes were readily
taken In payment to large amount our gallant soldiers 10
many instances not only receiving them with alacrty but
expressed their satisfaction at being able to aid their coun-
try by loaning money to the Government The whole
amount OF notes hus disposed Of exceeded twenty millions
of dollars and the Secretary has great satisfaction in stating
his belief that the disposal thus made was not only relief
to the Treasury but proved benefit to the recipients IN
afordng them safe and valuable investment and easy
mode Of transmitting funds to their families. To meet
pressing demands the Secretary again offered TO pub
lilo competition bonds issued under tho act OF March s.
1868, amounting to about $32 100000 This offer was
most favorably received, the bids reaching nearly
900, and the whole amount offered being taken at
premium OF four per centum and upward the treasury
receiving, premium pcuded, the sum OF 1888, 1854.
Subsequently the LIST Of October, the Secretary sd
vertised another loan of forty millions upon fveweny
bonds ssued under the act of June 80, 1864 AT the
time OF this offer the money market was In feVersn con-
dton arising from violent fluctuations in gold aud other
causes and serious doubts entertained whether ac
| ceptabs offers would be made. Under these circum-
stances and with the hope of affecting fayOrab the
price Of certificates Of indebtedness which had be-
come somewhat depressed by the large amount to which
issue had been necessarily the Secretary de-
cided to receive fourth of the subscription in these
securities The result that notwithstanding the an
tcipated failure Of this loan bids received amounting
to nearly 500 900 O00 and the whole amount offered was
taken at rate above par and averaging to the Govern
ment fraction ess than per centum These negota-
tons have afforded satisfactory evidence not only OF the
ability of the people to furnish, at short notice. such
may be required but Of the entire confidence felt
the national securities After nearly four years of
most expensive and wasting the means to continue
apparently undimnished, while the determination to
prosecute it with vigor TO the end 10 undated.
In particulars the Secretary has found himself en-
by the restrictive provisions Of the act of July
g. 1864 and hs WILL therefore, at early day. suggest
such notifications he considers necessary In his udg
ment wide discretion should be entrusted to the officer
charged with the duty of negotiating loans in order that
he may be enabled to avoid unexpected difficulties
stoned by possibly, conditions of the money market This
delicate and responsible duty must necessarily be entrusted
to somebody and the people have no other reliable
security for thaness in s discharge than may be found
the established character Of the individual charged with
important trust whoever be may be- The discretion
thus confded should in the opinion Of the Secretary In
cuds the power of increasing the currency. To no ind
vdual would any considerable addition to the circulation,
any FORM be me re Objectionable than the present head
of the Treasury Department and one would resort to
such measure when the circulation adequate to the
wants Of business, with more reluctance.
Nor does he believe that patriotic people, struggling
for national existence add possessed ample means would
compel him to adopt measure 30 rsught with injurious
consequences Issue of paper money beyond the limit
that people TO decide They have pronounced for con-
tnuance Of the war until Its great objects shall have been
accomplished, in unmistakabe terms II is Tor them fur
Their to determine whether the necessary means shall be
furnished by way of oan and the circulation Do restrained
within safe limits whether they will prefer to endorse
he evils Of eIorbtant prices with loss OF credit in the
present and debt Of needless magnitude enaed upon the
future. Their financial officer can only submit to their
decision and act the necessities OF the occasion may
demand Bn the Secretary confidently believes udg
ing from past and recent demonstrations there
be little question what the public voice will be upon
question vital
1t is the province OF Congress to indicate and determine
upon the terms which may be offered TO those who in
ved 10 invest their ia Government securities and
would both wise and prudent to make those terms
sufficiently liberal If our public debt must necessarily be
large and require long of years for its liquidation
it's wide diffusion lie most desirable Such advantages
should be offered will induce all who have any thing to
spare beyond the amount required for their own support
invest that surplus, portion Of it, In the
onal securities These advantages can only be found in
increased rate of interest exemption from public
fixed in either of these particulars il is for the practical
experience and wisdom of Congress to ascertain and
determine.
THE PREMIUM ON GOLD.
The experience Of the past few months cannot have failed
to convince the careless that whatever may
be the eff lot of redundant circulation upon the price Of
CON- other have exercised greater and more dele
rous influence In the OF few days the price
this article rose from about 81 SO to SO e5 10 paper for
dollar ia SPECIE and subsequently, fell in as short
period TO $l6 and then again as rapidly to 80 90
ana WITHOUT assBunpc cause InCcnpic W nu
decrease 10 the circulation of paper money or
expansion contraction Of credit other similar irfa
ence on the market tending to occasion ucustion
violent
1t quite apparent that the solution of the problem may
be found in the unpaotc and criminal efforts of specua
tors and probably Of secret enemies, to raise the price of
con regardless Of the injury inflicted upon the country
desirable TO inhict upon IT, All such attempts should
be ndgnanty frowned upon by patriotic community and
the efforts Of all good citizens invoked TO counterfeit such
nefarious schemes law providing for the exemplary
punishment OF combinations for such purpose might tend
to indicate if it could not protect the public rights in
this regard and should be, far possible rgdy en-.
forced But whatever might attend effort to
check speculation in CON- to counterfeit its injurious
effect il is still obvious that long there remains
large and increasing necessity for its USE and limited
supply, 1t will command price commensurate with the
necessity and the difficulty Of obtaining it. This necessity
srises from the demand for foreign exchange for customs
duties and to pay the interest on the public debt.
The matter of foreign exchanges do not propose TO
discuss The demand for duties imports and that to pay
the interest large portion Of the public debt so far
identical that one is dependent upon the other.
The laws authorizing the Issue Of bonds bearing In
terest in CON- specifically pledged the from
toms the payment Of that interest," and provided for the
collection Of those duties in the currency In the
opinion of the Secretary that pledge should not be violated
departure from il could only be indicated by Of
those state necessities which justify nation in Temporal
rily p0stpOong its obligations in order to preserve the
power to discharge them at future day. When the
pledge given anticipated possible continuance
Increase Of The public debt to the point il has already
attained or the possible payment Of interest in coin to
beyond the ability of duties imports to supply
vvl he nntioad hDwever that our animal coin in