The New York herald., 1864-12-07
injury inflicted upou the

all grT.
patriotic eanmuniy, ard ID n nefs,io,a srba,,ss
SlIs.s isyesea q e9uateracs % ,rlary punlshrnen
Of eombinalilus Tor s1ch pure ns ih, s5aa :
vndicae, it could not protect, tts fsI 'knss =
enc ced BGt whslever suecess nieht a. ~. 5,pt 49,
% cheek sDec0'atiao In cau 10 couateSs s seJTi-
80 eAeet' y y SUI ooYl9ns thst 50 lonG - t0A ,i,s
arse and itcseslug necessity for s use anS n.ea
tupSy, u vii sWmand prse commea sGrass y ~ .s
necessity aud inc dihcuty OF obtaining 4 fhH = e y
sity arises rom the demand for foreign eyCraGAs,
debt.
Ihe matter o. foreign exchange 20 not propose m
cass ihe demand for duties 81 upor aud TIA, psy
tne interest oG large portion q tho pubic dabt are 50
Tar ideuta mat oae dependent the other. The
laws authorizing the issue og bonds bearing interest
10 coin, specifically Pledged the from customs
10 the payment OF tsat interest ana urov,d4d Tor
the collection o. tboss duties in tho same cur
rency. In tho opinion of the secretary TINT
pledge shouid not be violated; departure from II
could only be yndcsed by a those STATE neeesei
ties which justify nalion IN temporarily p0stpoung
It's obligations IA order TO preserve the pow TO cis
charge them NJ n future day. When tue pledge was
given no oo- anticipated possible continuance o. Ihe
for such length of time would involve the IN
ctease OF TIE public debt 10 the point II has already az
tained the possible payment Of interest IN clD To m
amount bsv M the ability of duties imports to supply
IL viii be noticed however that annual coin Interest
now exceeds 6o0D,OOo should the addto1al amount
required for the expenditures OF the present hacai
year he raised upon bonds bearing Interest N
coin and revenue from exceed the eeti
mate predicated the receps OF the first quarter,
IL quite mani that must soon be had TO some
other source o soply or recourse must had % the
emission OF securities or different Character. II could
not be expected that such securities would stand on
level with those the interest upon which is payable
in coin, unless an Increased vaine should be gwen
them by higher rate Of interest, cr theh pay
ment should be Pee1red specific lien unon revenue
IN view OF the serous consideration presented by this
question, wnetber as affecting the market value OF
coin toe ability oe government to meet its
specific Interest," should tho var continue from the reve-
nue now specifically appropf led to that PURPOSE tho
forced TO tho conclusion taat we should IN
the future rely for the most nart mon securities bear
inr interest n currency, convertible INTO bonds, The
interest % which is payable IN coin Notes bearing an
increased rate OF interest, able In currency edeea
bic IN three or five years, and convertible 1T maturity
into five twenty bonds would he prefer able. In tho uds
ment - The Secretary - any other form OF security
Bonds long dates the interest of which s payable "a
currency he usual rate would 10 less attractive and
in the end involve much greater sacrihce
TIN SEVEN THIRTY Nnrsa.
The thirty authorized ny the act OF fnne
80 1854 offered to the public. present ne nany
advantages as aoy form OF currency security nniting
hirb interest with converblity. At the PEI iod
OF their maturity It may be confidently believed that
the country viii have been restored TO state o! socnri
~ and with all disturbing elements queted, ana
resource. increased and increasing, It's strength con-
hrmed and with ample ability TO meet all It's obligations
from It's ordinary resources.
THE NATIONAL BANKS.
In the report OF the Comptroller OF tho Currency will
be found statements = the number OF national BANKS
organized since his last annual report, the states and
Territories wherein organized the amount OF capital paid
in, circulation, aud bonds deposited The statement ex.
hb,s large aud rapid increase and the
popularity of the system The rapid and extensive con-
q state institutions OF established character con
Quoted through a long series OF years by men Of
recognized financial ability, into banks organized
under the new system could not have taken
its safety and superior advantages. II II should
be said that perhaps these advantages may DO rather 70
those individually interested than to the community as
large, the reply J. that single uniform currency, pos
sessing the value throughout the whole country
has been long general object OF desire 10 have It's
Importance questioned II 10 this great and obvious
good be added the benefit to IN It's financial
operations Of being freed from all tho uncertainties and
can exercise no control. the advantage Of any sys
tenn which will effect these objects can admit Of
1p @,, dsoa'e 70 sporovs the ps .So sy
aud which seems to be recsiving the popular
sapction. Time and observation OF It's effects have how
ever convinced him that the system, not without do
based upon sound principles and Ii entitled TO all
tho beneft Of fair trial. and quite apparent that the
good bo hoped cannot be fully realized so long as
other system with the great objects 10 be attained
shall continue 10 exist unchecked and uncontrolled.
.aS"son @ Of unfrendiy or severe weasures likely TO
emesrrass the business OF the country, especially
rsss % .ooa are sc e
ter, he is yet Ct the opinion that such discrimi
draws Of all other circulation than that issued under
national authority, at the earliest possible moment.
TREAsuHKR AND H AssisTASrs.
For statement tho ,rAnsactious Of the Treasury
during the past year you respectfully referred to hs
report tho Treasurer The Iabors OF that officer ar,
largely Increased by the bar of depostoricS which
b~vc been designated under the act to provide ma
also Of the Assistant rrsssurers n The Jprneps cities
aud the repositories designated under the act OF August
~. De tho % se
responsibilities Of some arc such as few men whose
character and capacity would justify 30 important q
trust are willing 10 assume Necessarily obliged TO sur.
round themselves with large number OF assstants for
whore and integrity they must be answerable and
to give bonds 10 amounts that few private fortunes wond
meet high degree OF required 10 endure the
perplexties and incur the hazards OF such Office. In
view OF these facts and OF the much better
tion readily paid 10 such for abors much lighter,
ard RESPONSIBILITIES far less important, cannot but
Assistant Treasurers, and OF the designated de-
poatories be increased within the current year The
Assistant Treasurer at New York having been compelled
by III health to resign, after long and most useful and
honorable service, became necessary to find person
qualified by bis knowledge Of business ana financial
asrs, by spoiless character and acknowledged ability
discharge the duties OF that important position
This the Secretary found to be extremely difficult princi
pay the great pecuniary risk deferred who
had anything ~ ose wbcsthe compens ton allowed by
law was nucn lower than is cusomary paid for similar
but FAR Interior service
The Office most reluctantly occupied BY the pres
eut incumbent who relinqushed honors BILE position,
with much higher saary At the urgent solicitation OF
PEELED by the same honorable feeling, the Assistant
Treasurer st st. Louis consented TO withdraw his rssig
nation. which had been rendered 10 the Department
Not oly juticc but the best interests OF tho govern
ment, require that such COMPENSATION be paid 10 all
public officers ~ will enable them TO discharge
important trusts freed from tho harassng and
snxiees attendant upon nade1uate incomes and bear
ing just proportion TO the nature and amount OF SER
wee. The difncuty OF iUadequate compensation has
casioned much embarrassment n other operations Of
this department. Many persons Of experience and
skill, and Who could readily command higher pay in
similar employmonts elsew hero, have resigned their
places the department These places has been found
extremely dlcnlt to all. although there been no
10 complain OF lack OF applicants for employ
m-nt. But In the vast and complicated Affairs OF the
Treasury Department many persons required pos.
sessng high order OF ability derived both from study
apd experience and without whose aid these affairs
could not be well ond speedily transacted Such persons
be expected remain In the public service and
be content with a pen sstion smal for the daily
OF themselves and families, when soicted and
ceped in other situations. and justly and even literally
renuoerated. WHILE therefore, the Secretary does not
favor high salaries and feels az strongly as anv one the
necessity OF strict economy, he compelled this
condition things for the consideration OF Congress-
PREVENTION sMrGatfyG.
Tho high rates Of duties imports imposed BY recent
laws afford such temptation 70 smuggling, aud such
facilities presented for successful attempts 10 evade
the reven no by extent and nature OF
asst and especially OF our frontier. that the me-
cessitv OF strenuous efforts TO prevent and punish
offences OF this kind impressed upon the department
With lily increasing force The affection Of Congress
Is particularly invited of the report OF the