New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-12-06

Interest bearing legal tender notes into $40 SIX
| per cent bonds. IL In believed that tho slight
| contraction caused by'sucl conversion would DC
scarcely perccptble, pOre especially al thi3 ume'
IA IL Il hot probable that mOrc than nVe per cont
OF the whole Issue IL now In active circuldton, IL
would be simply exchanging one security heid as
an investment for another.
| The national banks.alOne, as shown by their re-
ports, held OH the lSt Of October last SlcSV'','o
In legal tender notes or S22,7T2%5Z more thhii .ne
whole amount of their national bank al mat lime;
they aIso held in notes OF other banks SlG.2i72ll,
and of their own notes not In circulation slo,12b'
| I52 MAKING a total OF unemployed circulation IN
the hands of national banks S22S ,9s6,1oS. whch
4, several millions more than the entire paper cir
culaiOn of tho country on Inc Isl oi 'ahuaiJ'
| 1861, or nj any previous PERIOD.
| In view of The urgent demand that VIII 'in-
doubleday be made for an increase OF the natiohal
| bank circulation, and as gentle mOoe oi Iurthtr
reducing the volume Of legaI-tender notes hb
1 sucres, ed that the National Currency ACT Ue SO
amended AZ 10 allow an increase OF the limit TO
four hundred millions OF dollars on conditions
only that oil the banks be required 10 redeem
their notes In New York, Boston, or Philadelphia;
and also that an issue or ak per cent DIV oOhuo
he authorized to the amount that IL VIII require W
secure the additional circulation under the pro-
visions OF the act, which bo.ds the banks whea
IorganlSpd shall purchase rs each may require Vi
the Secretary Of the Treasury. at seh air rate az
he may from time to time prescVbc, but not less
than their par value and pay for the same IN the
limited States lpeal.tender notes, and all notes SO
received shall be cancelled and destroyed. Inc
bonds so Issued would not affect the price or de-
mand for other bonds. a. they would be held az
security for the circulation. and only onereu IN
market In the event of the failure or closing Ola
| bank.
| With the requirement to redeem at the central
and accessible points mentioned. there would DC
but little danger Of bank issues exceeuihg Tue
limits prescribed by the demands oil legitimate
business.
Under the action indcat d. 1t Is believed that
the balance OF trade with other nations would
| within reasonable time be again turned IN ia'or
OF this country; whenever that point Is retcheu,
with the perfect confidence which womb ensue II,
the convert,blity OF legal-tendcr notes ana the
stability OF sound bank circulation. the return 10
and maintenance of specie payments would De
rendered comparatively easy, and the demand ior
gold be confined TO the heathiul aud legitimate
adjustments of ba ances with foreign countries.
II Although OF comparatively recent origin ana
vet In the infancy Of lis development the nation
al banking system has become thoroughly inter
woven with all the business and Interests Oh tue
country. Not only the stockholders IN the ma
tional banks but every member OF the cOmlnuni-
~ has an immediate interest In the stability OF a
currency which forms the medium OF exchange
and value not in isolated sections OF the country
between particular classes. but throughout inc
length and brea ih Of the land, and by every citi-
zen OF The republic And this system so raini-
lied and ~ essential 10 the prosperity oil all CLASSES,
is based upon the national faith and credit a. us
chief cornerstone, aai can only exist rs thaI
credit Ia maintained Intact
| NObly have our citizens battled Tor the pfeser
walton ~ our institutions; freely havethey poured
out their blood and treasures 10 sustain thr gov.
eminent In ils contest WITH ruthless treason; ana
now thai success has crowned their eXcrtloDs ana
,acrilce, the maintenance OF the national h0nor.
through IN unsullled public credit, becomes no
less imperative aud solemn duty; nor can IL De
doubted that ali Just measures Calculated 10 Nus-
Tain the faith and integrity OF the government
will ind ready response IRON the patriotic
masses
The resources OF the country are great beyond
enumeration, the development OF wealth rhpn
beyond precedent. and II requires only a luulelos
application OF means 10 the end proposed 70 eha
bic the GOV rrnmcnt not only 10 meet all ltt Pc
cnniary obligations with entire promptitude. bat
without imposing exactions that shall b. undnlv
burdensome or give just cause oil complaint 10 tue
people.
IL IL believed that from n Lew sources revenue
can be raised sufficient TO meet the interest on
the public debt, pay the ordinary expenses OF
government, and contribute thirty millions or
dollars annually Ia sinking fund that wll pay
, the national debt In ihlrty-two years and half
The iarn can b. so adjusted AS 10 produce one
r hundred and twenty millions Of dollars one hun
dfed millions can be- rai-ed on whisky, malt
liquors, aud domestic wines fft.en millions on
tobacco one hundred and twenty-five millions
on cotton fifteen millions from stamps; from
} licenses twenty millions, and from the premium
on the surplus Of gold, AFTER paying interest on
bonds, ten Millions making In the aggregate,
+ four hundred and i've millions Of dollars. u sum
| probably one hundred millions In excess or the
. amount that will be- required under an economi-
cal administration or the government, leaving
. large margin on the above estimate for reduction.
The estimates. however, OF the revenue derlva-
Bile from the several sources Indicated are not the
result OF loose conjecture, but each Ia founded
upon careful Inquiry In reference 10 past pro-
, duclions and revenue under the existing law.
II Is estimated that the cotton crop the next
y year Will amount 10 between two and half and
= three millions of bales; n tax Of Ten cents per
Z, pound on two and a half millions will produce
: one hundred and twenty-five millions OF dollars
Ii Is reasonable 10 suppose that the annual crop
, Of cotton. after two or three years, will equal In
amount the average of the crop for few years
: previous to 1861, which was about four and half
i millions OF bales. tax OF eight cents per pound
i on that quantity would produce one hundred ana
II eighty millions OF dollars, u sum more than SUI
fccnt 10 pay the Interest on the public debt after
the entire amount Is funded. The license and
O stamp duties could be dispensed with after the
next fiscal year, and II Is 10 be hoped that after
L that period no more Income VIII be derived from
G premium on gold.
r Thrce.fourihs Of the crops Of cotton and tobac-
CO are exported that proportion therefore OF the
i tax on those articles would be paid by foreign
. countries, and TO that extent contribute 10 the
. people.
!; A tax on cotton OF eight or ten cents per pound
d would neither diminish the domestic production
! or foreign demand for that staple. Our means OF
y production. natural and applied, are such AS TO
: enable 10 furnish the article al less price, III
d Guiding the tax proposed, than any other conn.
n try Even AT half the price which this product
. now commands In New York and Liverpool II can
Z be grown and sold at large proat, including the
o proposed tax, In It's cost. Nor would the impo-