The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1864-04-21

IA IeoS'0ot iOhilI i"Ae wv 49,
equally as though they had enierec
freely into circulation. This issuing o
the 5 per cent. Treasury notes, we re
gard q very grave financial error
It, indeed, bndsed over the space DO
tween the two great National Loans, bu
at The ha card Of serious imitation Of III,
paper issues Of the country and conse
quent initiation ofthe prices Of all commo'
diLies. The new lo-4O bonds arc now,
however, extensively distributed and are
meeting with the most gratifying sue
Ccss--salca averaging about 100000
daily.
While the Revenue bill failed 10 sup
ply more than half Of its estimated re.
ceipts,the war expenses far exceeded the
estimated expenditures, aud Congress
found il necessary to increase the issue
Of United States Notes, to the aggre-
gate Of $3.50 900, 900, which would not
porccptibly have inflated either curren y
or prices il the new l0-40 bonds had been
promptly put in the market. Part only
Of the amount of interest bearing Urea.
sury Notes authorized, have been issued,
and it is conceded that the Secretary Of
the Tresu'y, seeing its effects upon val.
ues, will rorbear to issue more. 1t will
be borne in mind, all United States Notes
ore a loan OF that amount by the people
to the Government without interest,
while the Treasury Notes draw 5 per
cent interest.
Additional 10 all these financial mea-
sures, Congress, on the 25th of February,
1868, authorized persons, or corporations
TO form National Banks, by purchasing
Government bonds us security in excess
of the amount OF circulating nolss fur
nished by the Secretary of the Treasury,
the amount OF which was not to exceed
$500, 100000. About three hundred
banks have been established under this
act with capital Of about s3o,oOO,O 600
and an aggregate circulation of$S,eOo,-
900, and the number, is rapidly increas.
ing.
This National currency bill will be rad
icalIy amended by the present Congress.
While its success may not perhaps be
considered already assured, it, if aided
by iudicious legislation, will eventually
suppant both State and United States
Notes, This National Currency act was
doubtless a cancellation to the State bank.
ing coporations,-inducing them to
organize under this act and share with
the Government in the profits of legili-
mate banking.
AT the beginning of the war, the pa
per currt ncy Of the country amounted
10 5000, 900, 900, $40. 900 900 of which
was in the South, leaving $3.50, 100000
remaining in the loyal portion Of the
country. The necessities Of the Govern
ment demanded immense sums OF mo.
ney to meet its liabilities; but it being
both expensive and hazardous to employ
he State currency, recourse was had TO
Government issues. While scores--par.
icularly in the West--of the fourteen
hundred State banks in existence in the
N the Spring Of '61, closed up their bus.
ness, others, less patriotic. took advan.
age Of the general suspension of spe.
Gle payment, and actually increased
heir issues Till the aggregate row ex.
eeds $2O0,0o0,0OO. This necessarily |
realty aggravatcs the evil ofredundan-
y in paper currency. The prerogative
I determining the kind and value OF
he circulating medium of the country,
hough explicitly given to Congress by |
he Consultation, yet has long been
oin'ly exercised by the States ia the form
# bank notes. National necessities now
however, clearly justify if they do not
mpetatively demand resumption of
his National prerogative. This $780,.
100, 900 of State currency is surely dOs-
ned to disappear and the speedier the
FORK ofretiting it, Is entered upon, the
etter for the finances Of the country
he speedy withdrawal ofall State bank
urrency, would appreciate greatly the
alue Of Government currency, and
nus check, before 1t becomes irresista.
I