The New York herald., 1866-04-09

limit the amount Of bonds the Secreiar. Hg,t s' OF
the purpose for which might tho rF"ceeda Tno
present prevents him from increasing the puoIc
debt that he has no power bat 70 eSc'aoke on" or"
q public debt ior another . & ssS reaIes nr m
under any &C, Of Congress" and hs n%'s s.nas The
the quantity Of bouds he can sell, 10 ten millions
OF dollars during the next six months ana -FOUR millions
of dollars por month thereafter This would amount ior
the next year 10 hiry.our millions OF dollars ana for
the wear thereafter forty eight millions, should no
change in the law be made ~ ,e meantime W ,ne ~
by the bill both NJ home and abroad, is therefore but
thirty four millions Of dollars. Az a contraction oil at
least hundred millions OF dollars Is necessary to re-
store us specie payment II is evident that Congress
does look 10 this bill the Of such return.
IN the 10 the act as thus passed usal
Of the House colhe the Secretary the Treas with
the extraordinary powers demanded by the original bill
Is no less emphatic than the former vote defeating The
bill altogether.
Nor does appear that these extraordinary powers
necessary 10 early and safe return to specie payments
1t low 24s, and Its average for month has
been about 80 We hare travelled d1rng foe
already possessed by he secretary q The Treasury C us
not accomplish the remaining one-si1h during peGcs
ty jd'eoas use q ne sa,ae pese,sp zee needed no
ceraialy do The late Loan bill proposed to
authorize the Secretary at his discretion to issue bonds
and receive In payment the Treasury notes illegal ender
whether bearing interest not and also sell bonds
Europe his discretion. There two ohiec-
tons clothing any Secretary with these powers The
first s that II any part of papcr money s
to be retired from circulation in order to bring
us back TO specie payments, the State bank bills
should be driven out Of circulation first Thess
tireefold the people. Not being founded our
national securities, as our national banks are, they fur
nish market for them, and the less the market for
our national bonds the Ices borrow them in
proportion to the ultimate amount we have to pay
deem them In other words the higher the rate Of in
terest pay on our national loans, and therefore tho
higher the taxes to support the government Again,
those local banks having only local credit their bills
from five hundred to n thousand miles from home, and
this forms the second tax Finally, these local banks
which they and their inherent sdss
TO nflaon bring around financial collapse about once
in ten years and their bills issued for full value are re-
fused redemption and are bought up NJ haif quarter
tenth of their value, which is tho third great tax to
which tho people are subject by their operations There
fore II there were to be any fore be contraction Of the
currency should begin with the State bank currency,
and not with the greenbacks on which the people pay
The ac Of Congress taxing out Of existence the bills
OF the State banks by levying upon them tax of
per cent per month for six months, will take effect on
the first Of July next and will result in the withdrawal
by the first OF january next OF the sixty millions
ol TINS KIND o, paper money now sIoat In addition,
sIyo noa ooo r si mar con, comnord S S , I o , o
O. 49,, t;h & p % v -, .; h;h uo,.s @ " ies: en
aes no,es ~hien, omus 10 1e @ nsn rae OF interest,".
S, ne1u nn S M aa, az iese s a.s soe
also o,rcaia.ng eo"'ef' ana az ped'a OF exchange
'''S n. = =. @ , x.h;, .,,.,,,,.x ,,..,,,s m. ,,
and natural ode Of returning to specie psyment Is alter
saans Uus ., .ne S.a'e anu .eauo'ng tno
.onpounu in'e.es. nV'es anu ceI.hca'es apoVe men-
Toned 70 WaM unsn tne government receives more
Th snrra,a pays y GSs hs s, S % U ,
amrS ~ s - u,s M S' cio' % .'h,ea ~ us .nn. .no
@ % % sonn no9 nnn ~ All IoIs' oss ~ to County
M wss aoous M 90 si ns tne nnsuoa o. cur
Iency CAUSES .ne premium on goia, opvous tnaI tne
81 the uromum the rsm - .h,,y 'e sr c"n
o. the premium a. aa .ne premium IL .niy per cent
,hs n".S ra o aa nSn
sSon, ,hsn sa e aoo nnasins hs o. ~, Is
amount we snoua nave % w'nosaw IA ofuer 10 return
w Pecle paymen's now long peioIe sucn wMhdraMa!
~ouia take pace p tue causes now IN opealicn Inc
SecIeiAy Vi tne treasury N nis iast report thougnt
tneIe woua ne an excess OF over revenue TINS
year o SllZvVVvvV But curing the next year ne ex-
pecls SURPLUS Of more ,hsn ihat amount and 70 on
snenceIor~Ma: sneaid tne secretary simply wahdraw
from cifcniotion tnc sarpius OF mrs receipts over
bis expenditures, he could not fail In three
years from this time TO have Withdrawn Abe
sum necessary 70 restore US 10 specie payments If
Great Britain was eight years IN returning to specie pay
nenLs after ner grss, WARS with Sapoeon we should be