The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-06


peri.
IMPORTANCE FINANCIAL QUESTION
Next IN impar % The questions involved in
the restorfo OF tho federal authority the southern
States and tile rrastsb shnent IT civil government
ther in under the constitution tho financial ques
tioLs, embracing
The Currency;
The Public Debt; and
The R-venue;!
all Of which demand tie early and careful attention OF
Congress.
In presenting these important subjects with their
ons connections, the secretary painfully conscious OF
he own inability properly 70 discuss them, difficult
hey are and invo! NJ thny do tho national honor
and the pecun,ary or ,hty millions u people
He VIII however, oi.r clearly and definitely he
can his ,"as IL relation = them, doubling tina.
Congress will ain aud out ov appropriate lcgis
nno toee TIM, approved by III. rsup"ror wisdom,
al. roget ;osc which rcsa. dec as either imprac-
ticahie Or uns,und
Ev'D':cra or -uE GREAT RES URcEs TnE corvTRy.
The fac: THAI have raised. without foreign
loans. 10 meet the expenses OF prptrac,cd aud very
Costly war IS ev'euce only OF thu great Of
the country bat o. the wisdom OF Congr la pa, sing
the necessary laws, ana OF tho distinguished ability or
the immediate predecessors Of the present Secretary IN
administering them. IS hardly necessary To siggc.,
however that the legislation winch proper and wise
during the progress Of o-tiles b. appropriate
jastihabe in o TINS OF pe ace.
CONGRESS- Hrrrr AUTHORIZE,
LEGAL TENDER CURRENCY
The right Of Congress ut all times TO borrow money
and obligations for loans in gu IA ofa may 10
Convenient Is unquestionab!c; but their ait.or,y ~
is obligations fer circulating medium u. money,
ard TO make the-e obligations legal tender, only he
found In the nnwritien law which sanctions whatever the
representatives OF the people, whose duty il Is 70 iaain
tain the aga ast its enemies, may consider In
great emergency necessary to be done. The present
legal tender measures ard while The repeal
those provisions which the United States notes
Law III money Is not recommended tho -ecrctary
Of the cpnon TINT they onsh, not 70 remain II E cc
dry ongr. than shall DO necessary 70 enable tie people
prepare for the constitutional CURRENCY.
II is not supposed that IL was the Intention 81 Con-
gresa, by these nct 10 Introduce standard 81 value,
In times Of peacs lower than ths coin stand
ard In,,h LEES pcrpe'uatc the dl-creit .hi must
attach great nation which dishonors ia oblga-
tons by unneces srIy keeping in circulation an RE
dccmahle paper currency. II has not In post tmcs,
been ardei the provinc OF 10 furnish tho
pcop!e rcsy wh money n any orn. Thor autrori-
~ Is ito CON money AMI nx the value thercn " ana,
inasnacb mixed currency, consisting OF paper and
specie has been found 10 pc commercial nsrcssity, t
would also to be ths duty IA provide, has been
by the National Currency act that this psr
ency should be secorcd beyond any reasonable consia
grncy 10 60 beyond ~ e however AMI Is. govern-
meni oil cations making them b. stature legal tcndr
FOR III dch,s public snI pr vs,. not hi -l 10 BE-
under ordinary circumstances, thin the scope Of hci1
duties or constitutional po~era
osJEcr7 ~ 10 T Il tUrR'S~Y srTEx ro'ry
Tho rcasnns which sometimes urged in favor OF
Tn ted States notes permanent rurrerrv arc the
| value
cusfion NJ IN. ccun,rvsoud ne nexbe increasing aHd
decreasing according ~ hw v.-iarrsnsnss " sssssste
bisin.~s while, II furni he'd By tho government 10
would he quite likely govcrrcd by the ncccsss u
the Treasury TIE ntcrss oi parties rather than tho
government. currency w"ad he greatly il iee way Of
public ocouernv, and would gv- 10 tho party posses-
sion NJ Tho government power which there might -
strong temptations for oier purposes than The
public bookkeeping tho question IL the currency con-
stansy before the people ~ political question:, thso
which few hngr would liz moro Injurious a. bosanesA
hat tho grcai and ycrabic objection already
stated to tie direct issu II notes BY the government
| a. policy, Is tho fact, that the government os
the Un.ted states Of limited and defined powers,
an that thc authority 10 issue Does money II neithe1
expressly given 10 Congress by fairly
10 I've isrerred except a. measure OF necessity Ina
gr at National cxifcncy No consideration Of mere TO-
CANARY character soouid aducc an exercise oy Consre
| OF poacrs MT cary contemplated BY the instrument
nlon which our pol teal fabric was established The
government In the great contest which has been recently
cosed has sought n increase IL powers 70
inierfS.e vii. tho rghtfui powers OF the states The
dc ried BY Inc that the Union indis
be removed tina, the federal authority wnbn ir propcr
or re Is supreme and that tue validity OF aep Of Con-
a 81 not b. determined by 'he States hut by thaa
tribunal hlch the complex character ~ the government
male necessity u 10 the crvwnins glory o the con u
tn tiat "a grea, war has been wasea ani closed
without the pawcrs ~ tic ernmr' BEN. enlarged or
/ Us rciat ofs 90 tue states beng changed
Exf,RS Y seEcis r,yMts RyQviPsp
rha issuc ~, Cnted States ntrs lawful money was
neasnr cyi~den q, bless and necessary IN the great
EN- rgcncy ~ Witch WAS adopted; ~ ih'a "n"gency
no hanger exists, aud however desirable DO he saw
iny interest and howe satisfactory these nars may
he y circnet ,g dinm these VIII not,
u N ctfullv snUitet 'us r. departure from thas
stfirt cu~tru o. ,.c vnsttnion ~ On - y previous
~ the war by patriotic o. Il, ar e. aud which Is
| essential u the .quhi ad he mnniotf w"rhhgo our
peculiar inst buttons 1n strength ~ tho tottrnmtns
has been proved ny tie manner IN which " fa 'arred
on the VI Attest ~ ~ uncsi " "nly remains,
Tor the yindiratian cr 'ia n"rc ~" ~" penes-
ton III IT. triunphs 'hp ~ '1'aer1 ever 's'i ior
4 lis preservation, expressly Iran Ell ny mo
/ tonst,lu be EA,AgI shct Win TIE r"tnrn W
peac. white thcrr;,r v Secretary = u the opnion
that he ,uc',at atd ~ ~. 'egal nlcr Iro, isious
~ ID. referred H. wnli ~ anwse A. peing hx-iy
10 a'cct nurOu.y thc legitimate business ~ me 'o' o.
try up,n the trDs MY " which dep"id NE welfare
az The ~. mic gud the which nccss
Tho u,,ut psoc, . the nral ,yedt, aDd unjust to
IN. bolasft ~ the nn'ss tic vs. ~ the oiu on hat nos
orlv theer prn i~i nv tr tie acts also souid
s,,., a. ony tenn Yrrv snd the retiring
M notes hH been lTsueI under them should 10
comm need without de ~, ard care uy and perssently
| cont nued until all arr rercf
iNrtRgr SAILING kJffs WI rTgNpFD TO ~ CRCufAr
IN rcatng ~ the legal euder ects reference has only
i,ecr made those Viii authorized the issue ~ United
states n,trs Tue inter II bearirg notes VII Oh are
| q les al tender fur their iace value Intended
~ hc seerriiy rniher than q circulating medium and
would We neither THUR the public an acs OF
bal fsi ~ the holders for compress 10 declare thaA
after Their maturity thrv shall TO be legal ten.
der. while such declarations would sid the governments
IN ils Efforts % retire them, and 10 therefore recon-
mcndrf.
TIE WITHDRAWAL aovsnSssSr scrws
The rapiity With which the government notes can -
Withdrawn Will peri upon the abir ~ no SecrssAy
dispose " secartics Tho Influences Of funding apoa
The money marie, VII sun eny prevent sns., sos
rapid withdrawal. Tt. secretary, however, believes
MAJ decided hss, smtni .oaards cvnssNe0 y ~