The Goodhue volunteer., 1864-08-03

Treasury Matters.

| Treasury Matters.
! Two things arc imperative]y nodded by
the government in order to the further pros
ecution of the war-lnen and money. The
transcription bill as amended by the last
Congress puts in the power Of the Presi.
dent to obtain the former whenever Re shall
deem it expedient to call for them, and h.
has already issued proclamation which
will increase our army by halfa million
of men. But the other want Of the govern
ment is not so easily supplied, and wheths
it is met or not must depend much more
upon the patriotism, self denial and confi..
dence Of the people than does the filling up
of our armies with conscripts. The man.
agemcnt Of this difficult and delicate task
Las fallen upon Secretary Fessenden, and
the country awaits with much anxiety the
declaration OF his policy. OF this we al
ready had some indications. and they are
full! Of promise. The amount which must
be paid out of the treasury before the first
Of September is estimated as high as 1852,
C0OO0O. The present pressure upon the
department for money is so great that an
immediate loan Of $5O,00o,0OO is regarded
as necessary. 10 effect this loan was the
object Of Mr.. Fessenden's recent visit to
New York city. 1t is not clear whether
this has jet been negotiated. but it is alto
gether probable that it will be either for
thu whole amount or a portion of it within
a few 'ay<.
In New York Secretary Fessenden was
met by The difficulty, that: Notwithstanding
the much talked OF j. fation OF tho currcn
cy, IN: money market was exceedingly
ug't, and it is even conf lent;y stated that
thsre are was but fifteen millions in green
backs in the whole city. This was ex.
planned by saying that the greater portion o.
the money in the city had been sent to
The west for tht purchase OF provisions. Il
is stated hat the legislation against stock
|slecu!alions has thus dsyen the money .u
Of New York, and caused the great advance
. in tho price Of all kinds OF produce, which
has been out of all proportion to the ris, il
r gold. The money here,ofore invested il
i. Erie, Central and other stocks has bsen pu
into wheat, -four, corn, whiskey, pork, WOO
and coston,-in short, into everything WI
eat ard wear. Occourse the consequence.
!. 10 the community are much more d,sas
trous than they would have been If stocl
spvcula.ions had been at fever heat tht
whole time. Men cannot eat or drink Erie
, or Central. but they do cat pork and wheat
and drink TEA aa4 coffee and Lence the
speculation which was comparatively 50 in
nocent has teen chang & into . form wher.
it il entirely malignant.
A pressure was Immediately brought L
% bear upon Mr.. FEssENDEN to take som.
measures to make the money market easier
in other words to increase the amount o,
greenbscks in circulation The very ner
who have most bitterly attacked Mr.
CHAsE's policy of',Dla,ion' are now found
; Urging Mr.. Frss.SDES to adopt it, and the
View YORK Herht, which has found ne
words Of condemnation strong enough 70,
this policy when followed by Mr.. CHASE
thinks the new Secretary shonld adopt the
plan Of = moderate expansion Of the cur
rency, with the power Of gradual and con
Iserrati:e contract ion after public confidence
has been restored bv m easier money mar
ket:' To such representations Mr.. FRs
lsEsDEsi, SAID to have replied that en- the
). contrary he would endeayor to make the
$ market tighter, SO as to reduce the price o.
L gold and the nccessaries Of 1ite, and those
r articles which the government must pur
chase 'or the army. He will have recourse
. to popular loan, probably At per cent,
prefeiring to sell long bonds atzor ever, be
low par. to a further initiation OF the curren
:, ley. The advertisement for this loan n ~
be expected to appear bsfore many days
In the meantime, thanks in great measure
70 the new tax, we are fully able to supply
present needs. We are assured that the
> next weekly statement of the public deb
Twill show reduction instead Of an in
crease Of the amount Of unpaid reguisitions
and decrease, alss, Of The amount Of ..Do;es
lin circulation, more Der cent, coupon pa
Iper having been withdrawn than compound
Interest paper issued. This verg tigh.ncs.
Iof the money market is one Of the r,essz "a
! Evorsble symptoms possible. II il on. o
The results that must necessarily foIgox
whenever further intl1tion IS pm. stop to
and If Nj. FesscDden does adhere to hi,
plan IN increasing il. and osreserting to pop
suiar sosns such Is Indicated above, his poIi
!. icy thus far will meet With general ans
hsa:ty approyaL .... "a. y. e. ..... ....s.