The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-12

ss" ~ ~ 'oV III inc six monts from 1ss April 70
This addition indebtedness 10 smaller than misht
rency had rissn 10 value ana thereby the
had been reduced, and tho large taxes paid
had exclusively 70 the relief Of the Treasury.
Ina foreign DEBT consisting Of single item omit
ted ths whoe amount, being under e. 000 is AIDE
quatey provided for by the BY govern
NEST even at sxpenoe pound, the quantity being
abcrt $50 900 bales
Tue expenditure Of the current quarter 1. Is assumed
viii DO met from the following resources VIZ
Treasury notes-amount uusxpended Of the
proportion applicable 70 the payment Of
Taxcs-amount to be received for the last
quarter OF 1854, estimated aI...... as 600 600
Bends certificates Of indebtedness and loans
on nypothecaton OF bonds. ............ At OOo 600
Total. ..:...:...............S1 s2. 900 900
FEBRUARY. 1854 did not farorite investment
s5ds anhcpde ed and the these securities ts an
$4,000 600 only From the sale OF bonds and loans on
hypothecaon OF bonds about s45 600 900 was raised
~. ny -" Hsue " treasury notes SIS 100000
TO Dc rt9rrtd fTon me failure of the measures relied
upon 70 ssan their value and reduce Expenditures The
~ hr than Tie Old, and, as Consequence, The ezpsns hare
not deci.n.d.
VALUE OF REBEL CURRENCY.
The currency demands the imraedate and qrarest con-
adeaton OF Congress Uniess q uniform and stable rulue
can Dc efOn 10 the Treasury notes. effort 10 carry
the icS' through their fundamentally must OF aecessv
te dtdndsn.d Acquiescnce deporote depreciation
to the 10 toatch 4 leads one HUNDRED ana
thirt1 fire dclirs in currency price otnsed for one
hundred dollars in esnt tonds equal dollars
enE {" specie and 70 sell the bouds at this rate is ia
reality TO dispose OF them At ninety four per
cornt or In other words, TO give o bond for one hum
dred dollars IN consideration OF loan dollars
ihere Is not man OF property in the country who
would not pre- any fair taxation rather than
procure Temporary and treacherous prosperity by the
sale VI mortgages ON his eetnte rate
The depreciation OF the currency proceeding from re-
dundancy, aud the want Of It's ultimate re
both diminish its volume sustain the public conf
dence. The measures adopted by Congress 10 reduce
the currency die not combine these essential elements
success 1hoee who had taken old notes. relying on
the good faith OF the government, finding
alarmed received The new notes under strong ap
prehensions OF repetition - the measure At the time,
ceedng hundred millions Of dollars i, circumscribed
and reduced the demand making the four
per cent oords ,sceyass 10 the payment Of taxes BY
already been issued and 81 600 900 sced for
the OF the taxes col ected at that Depre
cation commenced at uuce and proceeded rapid
rate that by the liz day Q Octotey gold seliino at
ficent foe dollars tor one.
The necessity Of providing speedy and efficient
dy for this condition OF things obvious The
to be sold for this currency the collected
IT, aud hence all she government Tor the
purchase o. supplies will CONSIST Of this medium. Admit
ting that the which may be raised from these
nomnsiy equal 10 toe estimated
there Is yet security such further decline in
Of the dsappoint present calcua
tons and add enormously TO the accumulation the pub
nc debt The tme therefore, seems TO have arriv cd
ph,n Con0ye shsntd take suad,n
M eurrtncg MAKE rrovtsion for ~ honorable redemp-
adoption OF the last alternative, Is feared would pro-
duce great embarrassment tho community, ava fAe
tank nos the vans OF TIE government would create
the necessity for system Of universal mprsssments,
oiiowed By incalcuiabis suffering and distress.
rnrRovIHG ,1Hs CURRENCY
That the must be supplied with sufcient
means TO carry on the all agreed Our enemy
oilers terms iiioual surrender Of
me- liberty and property and no choice 10 left us even
II We were disposed 20 hesitate, which not.
O 4 -
Indispensable 70 the foil Development and uncon.
trained use o. our resources TAs rsur. % .pscse paw
whether IL he possible TO restore and value
Of the Treasury notes as currency. The mplish
men NJ this epd Is such vast importance that II TO- OF
all Others that 10 which the OF country
should be devoted and applied We're possible 70
convert them into money for Immediate use the OK.
pcdency Of resortng TO such = measure could not be
voting portion OF those future productions 20 the our.
OF npartna 70 the Treasury notes high and stable
value, submit. that this may be done, and respectfully
II s an act pledging the faith OF the government
against the issue OF treasury notes beyond the amour.
authorized by OF nth February, 1884 exemptne
the notes from taxation providing Tor the application
twenty per cent OF ne taxes annually 70 the reduction
be reduced 900 900: continuing tar IN
kind after the war; and approprang ascertaued pro-
portion thereof annually 20 the redemption payment
Of the Circulation. until the whole shall be retired
PROPOSE that the redemption shall be made from the
a. npa ns prices aIsa sy the
four dollars bushe and al two doars pcr bush
Ell that the notes be received after the war, from all
persons liable 10 The kind IN oommu,ation OF their
thee; and that the Secretary Treasury autp
rzed 10 issue certificates exchange for Treasury
bearing per cent Interest, secured and redeemsbe
tue same manner and on the terms the notes
themselves free from taxation, and receivable after
payment Of the tax In kind and that oil notes
received into The Treasury for these certificates be
celed
The eject Of this measure would be that, at
present prices, the entire population would be
ioteruted In exchanging their productions Tor
Treasury They would constitute ouly safe
currency but profitable Investment for IN the re- OF
dollars for compared with specie, the produce
obtained In payment at The close the war would cost
the following prices viz cotton I've per pound.
wheat forty cents per busbe, and twenty cents.
These nomnsy Low prices would pot operate 70 The pee
would neither be Increased nor diminished BY the price
II no would have collateral interest 10 common
WIN Tax 1' q ::
rate rate In this rsspect bis interest would hs pro
tected 5y the prices stipulated by the act, which
we're, a fan compensation would accrue TO me
Tar payer IN The immediate enhancement OF the
notes aud consequent reduction o. expenses And she
busheto com a four <oass aud the applioaiies
busbols. = :"
In suggesting the three sstsesss Of cossp wheat sud
corr, AZ specific pledge Tor the rsdspso Of the Cur.
rsncy, no Immunity from their full proportion OF TAXATION
49, AK IL tSd sIg y q ess, effects q
These are only assigned V ~ psrscsr cnics o. fore
sion because q thsir peculiar adspssIaon ibss,o.
The following ~ estnato a Tesouvsos he thva
applied. vIzswbeat twenty I'VE million hnsbs-. Jpc,sn
corn, i've hundred nIlon bushels and color Two ma
No bales A sAs q isa pr cent you'd yi4id an fe
WSsss, swo nnnss avs hssdrsd shosssn1
bushels, - four toisn 81. e00oco
Isliss oo's. svsssy n'usss sasAsas, = svs
cosscn '' too s.c1,:1 iic..sn1 i:. :; two
hundred dollars pr sase.-.............. loeoeo0o