Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-12-23

The New York Commercial Advertiser's
money writer takes strong ground against
the issue OF any new gold interest bonds,
and reasons the case out not only on pres
ent economic grounds. but also as a wise
preosution against the contingencies of the
state of trade Immediately after the COL
lGpse of the rebellion. Nearly all the
prominent money writer's advocate the is.
sue of currency interest bonds at eight or
ten per cent. OF course the interest on
such bonds would be payable in specie
some day, at period in the future how
ever when government paper and coin
would he synonymous terms. 1t is be-
lieyed that the faith of the government is
now pledged to the full capacity of the
gold customs receipts, or SO nearly SO thai
the margin remaining ought to be kept az
reserve. The following is quotation
from the AdUertiser's article on the subject;
1t appears to be Mr.. Fessenden's inten-
ton to issue Seven.thirty Treasury notes
until measures are taken by Congress for
providing other means of income. The
act of June 80, 1864, authorizes the Secre-
tary of the Treasury to issue $500, OOO, OOO
of those notes, made convertible into gold
interest bonds. OF that amount nearly
one.half has been already issued, aud. in
the event of relying exclusively upon this
issue, the whole amount authorized would
be put in circulation within fifty days. It
may be we'll to inquire what then will be
the amount of securities bearing coin in
terest OF convertible into coin interest
bonds2 On the 31st Oct. the total coin
interest debt was 1851, 600, 600, and the i'm
terest thereupon $56. 646,6 04 To this
must be added $25. OOO,OOO of Five TWEEN
ties sold to the banks during this mouth,
making the present coin.interest debt
1896 900, 900. The issue of the whole
amount of new Seyen.thirties authorized,
would render the gold interest debt sub
ject to being increased, three years hence,
to 81, lS6, 100000. The interest upon this
total would then be $40, l46. 6O4,
which is full the amount estimated
by the Secretary of the Treasury as the
coin revenue of the Government. Can it
be deemed consistent with careful regard
for the public credit to increase the coin
interest debt to an extent so closely touch
ing the limit of it's guaranteed Have We
any adequate reason for supposing that the
customs revenue can be regularly kept up
to $70,O00,0 900, when, before the war, with
/ all the ports open, it averaged only $751;
OOo. o002 And even if the customs duties
could be kept at that large figure, would it
be sound commercial measure, to embers
rass our foreign trade by so shaping the
character ofour securities as 10 necessitate
the imposition of excessive duties for an
indefinite period of years2
a conservative regard for the security of
the interest upon the debt would lead Con
gress to suspend at once tho Issue of gold
interest bonds, and of securities, ultimate.
ly convertible into such. All future loans
should be on the basis of interest in law
fnl money. Such securities would have
in their favor the chances of return to
: specie payments, which would place them
upon the same footing as the coin interest
debt. The government is not indeed in a
j position to make loans on any other terms.
Pit can afford no really reliable assurance
that il will possess q Sufficient gold reve-
nue. Tor paying larger amount Of coin in
terest thanis demanded by existing secu-
rites The true policy of Congress would
} be to stop borrowing and pay our expeu.
ditures by taxation; but since It is reso.