The New York herald., 1864-12-07
has not had the sn.s rather % m thar iuor.srs the

sued under The authority tins varo Congress-
before enumerated, IT'S scarcity ~ sac marie aH coca
STONED slight emblrrns1plent iu ste nrfettatnn ~
loans 1sis be united for only Soen toe slppo-
etton that lar Hmaupts ae carefully hsd p 'he people,
thereby exDbtng their confidence 10 IT. character and
vane aud tnat the impetus given 10 trade os every ds
ecrpton Dy the large and Increasing warts o. Eovern
meat require largely hrreased amount Of the erca-
laitpg medium. riae OF prices telds rruresionsiey
in tbs same direction feevnP, however, ihat with tbs
large ADDITION made 10 the volume OF currency ~ state
bank through ther v5rinus fors OF credit tho whole
amount far exceeded the limit Of necessity u was VITA
extreme reuctance that the Secretary felt hmse com
ps!ed u replace per cert notes, which
had beea Withdrawn, by issue of Elk per cent com
pnd nteres ante the act OF June 30 lsea and
even 70 exceed that amonnt 60 small extent iiut the
necessity OF tbs hour lett ann no choice, ami e VIII now
proceed TO state the condition OF fnsncia asirs wnic1,
IN his Judgment, rendered such action mpera,ive.
sscfEfARy FEEsKSoSS's RnGseHsssaEsls-rAs Govsas
sENT LOANS.
On assuming Office upon Inc day OF July lest, the
secretary found h's condition peculiarly embarass-
ing. The cash balance In the Treasury was, on
tho lst OF July. as before stated, sio,siZ sos II,
tho uupsd requisitions on the 5th were s7i,siooo,
the amount OF certificates OF Indebtedness outstanding
was siol 796co0 Toe daily expenditures could not he
calculated al less than two and quarter mioDs. Tho
larger portion unpaid requisitons was Tor pay the
my, and the secretary obliged 10 look forward TO
az increase from the same quarter OF over hfty moos
on The lat OF September. Thus situated be could
probable o. meeting these most pressing
claims upon the Treasury and also providing
look nowhere but to the receipts from ordinary
and to the power TO borrow money under existing laws
From customs he could expect no substantial AID, and
the rourns FOR tho first quarter OF tue current yenr viii
chow that, beyond tho pledged pay the in
teresI upon bonds issued and be issued during he
year, comparatively little assistance could be derived
With regard to Internal revenue the Secretary
felt more encouraged Congress had wisely pro
viaei for large increase of Internal duiies
by law which went into operation on The
st day OF July under former laws the amopa, received
had been steadily increasing during the three preceding
months, and IN the month Of June had reacDed very
nearly fifteen millions OF dollars Tho Secretary corh-
would reach, 1t did not exceed the daily average of
inree quarters of mlion but This nope II realized,
aeency, TO meet when, In part, he might issue
cetuhcstes OF Indebtedness TO pubic creditors
u Desirable, however, TO avoid could other means
be oand, Increasing the amount of THESE SECURITIES lie
migh have to the conferred by the act OF
jane 30, 1854, TO put additional two hundred mions
OF legal tender upou the MARKET
five per Issued under tbs Of March 8, 1863
hcb mad oecn destroyed or were ready TO be destroyed
Flushed ~ the money market with circulation suii
cseotiy At least 10 meet the necessity u busi
ness he Was anxlons, possible to AVOID "a
negotiating loan IN the ordinary was by no means
natterne, the notice for loan OF thirty three mil
the ID o. July, the secretary having rcason TO DO
heve that such loan would pot be taken terms which
would be or the interest OF the government TO accept
Under these circumstances the Secretary thought II ad
vs4ole, in order TO meet growing emergencies, to
borrow upon bonds or not, aud authorized BY the
various acts referred to, hfty millions OF dollars
tie banks in the cities OF New York. phi,depha and
Boston ,and met the sntatves Of large number or
these institutions In New York for the purpose OF elect
ing that object The result proved, however that not
withdrawing professed and the Secretary
vueed real desire to aid the government. these .nsti
tutons not able 10 furnish the uired
upon the terms which, under existing provisions OF
law, tho Secretary felt authorized to accept He had
NJ other alternative than TO issue legal tender
notes to very large amount, or again TO advertise r
oan and he had hesitation To what course should
be adopted Accordingly on the 2stn Of uy y be issued a
1854 notes payable in three years. with seannua
interest at 10 per cenum per annum in lawful money.
He Incurred considerable expense advertising this
loan believing that it should be widely d,ffused and
generally understood possible. and offered liberal
inducements stimulate the efforts OF corporations
success, though not what he hoped for or contem.
plated, has been such as not to diminish his
confidence IN the disposition and ability OF the people
relieve the wants Of their government. serious obsta
Gle TO greater has beep the Secretary believes
ing upon the market and preventing mors rss ths mean
@ ,ns iS oraaa eni and urged by the couvo
ton hat the large amount Of suspended requistons--
swolea to more shan $3.50, 900 000shoud be reduced
command 70 pay so much at least as was
due to our brave soldiers, who were suffer
as S the su, long s 10 serve
country with unfi,chng courage and noncomplaining
devotion. TO eet this object ho WAS compelled to
r,~~s whole amount OF Eve per which had
been cancelcd amounting 10 the whole 90 more thar
that sum- More fully to accomplish his purpose, tho
Secretary resolved avail himself OF the wish
to oaor, to sach as desired to rscevs them, seven
thirty notes OF small denominations. He was
taken 10 payment to large amount our gal.
laEi soldiers in many instances not only receiving
them with ascrty but expressed their satisfaction At
being able TO aid their country by loanng money the
government The whole amount Of thus disposed
exceeded twenty millions OF dollars, md tho Secretary
has great satisfaction n stating his belief tEat the dis
posa Thus made was not onIys relief TO tie Treasury,
but proved beneHt 10 the recipients In aYordng
safe valuable investment and an easy mode OF trans.
n meet thaPn aaiuH
demands tho Secretary sgsn offered public competi.
,ion bonds ssned under the &C, OF March 1863
ING TO about Ss2 900 900. This oer favorably
received the bids reaching neary $40 600 600 and
whole amount offered being taken At premium OF four
centum aud ard the treasury receiving premium
Included, the sum OF 500 l7a, ,6la 81.
subsequently, on the LIST Of October the Secretary ad.
vOrsed tor anoiher loan OF forty millions upon hve-
twenty bonds Issued rnder the act OF June 80, 1854
AT The time OF this orsr the money market in q
evesn condition arising from violent fluctuations 10
gold nd other causes and serious doubts enter
tanned whether acceptable offers would be made
Under these circumstances, and with the hope OF
Affecting favorabv the market price OF certificates OF
Indebtedness, which had become somewhat depressed
by the large amonnt TO which the Issue had been
necessarily increased the Secretary decided to receive
one fourth of the subscription In these securities The
ut was thi Notwithstanding the anticipated failure
of this loan, bids were received amounting to nearly
rate eb We par and averaging 10 the government
en less than one per centum These negotiations have
eorded satisfactory evidence not only OF the ability OF
the people TO furnish, At short notice. such sums
be required but OF the entire confidence felt
nat opa securities. After nearly four years Of
expensive and wasting the means 10
apparently urd nished while the determination TO
prosecute IL with vigor TO the end Is unaba,ed.
In some particulars the Secretary has found himself
embarrassed by the restrictive provisions OF
July ., 1854, and he viii, therefore, At early day
suggest such notifications he considers necessary
In hs Judgment n vide discretion should be entrusted
To the officer charged with tho duty of negotiating loans
In order that be may be enabled avoid pected d
cultes occasoned by possibly condisps OF the money
market THIS delicate and responsible duty must
sari!y be entrusted to somebody, and the people
have other reiab'e security for faithfulness in s
than may be found in the tabnsned charac
ter o the individual charged with mportTnt trust,
whoever he may be. The discretion thus confdsd
should. In tho opinion Of the Secretary include
the power OF decreasing tho currency. To ia
vidual would sny considerable addition to the cir
cuiatop IN any FORM be Objectionable than TO the
present bead OF the treasury department, and no
would resort to such measure, when the circla
tion adequate TO the Of busiI ess with
reluctance Nor does he believe that patriotic people,
struggling for nstions existence aud possessed Of
pie means, would compel him 10 adopt q measure so
Wit Int iarnn az