New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-12-03
WASHINGTON
Dehe ACKNOWLEDGEMENTS East Aonsll-
THE TreasnrY ReDorta

Deb2 Staten1ent-Decrease AasS AOnri-s
The Treasury Reports
STAsEfISGT0E, December s-Tie debt
statement shows a decrease OF 81, $4,000.
Coin in the treasury S6j.500o50. Currency
$40, l25.000o
The treasury report says shas Ghe neces-
sity exists tor = new Issue G. a3Ssoaa. banks
notes.
The Secretary e2onerates assistant treas
urer HiiIlsuse from neglect ct duty III the
stamp diY5sioQ Of assistant tSeasGry At Seg
York.
The Secretary again :econmeais She
passage Of bill 60 amend and consolidate
navigation and customs Jaws OF the United
States, as the leading pursuits OF the ccun-
try are DOw stronger than ever before. In
the possession OF adequate capital and q
SUNNY of intelligent laborers, there may be
a moderate deduction from time to time in
the rate of duties, as the diminishing ex-
De1ses OF the government shall permit, with
OF: either alarming ca9:t2o "s 6njuring
labor.
H. Gays she circulation os .ne 3anks
should be fixed and limited, and that the
power 20 change the volume Of paper III
circulation within the limits established bT
law should remain in the Treasury Depart
ment. 4 degree of tleXi6ility ii the volume
o. currency IS essential 4OE t"O :easons.
First. the business OF the department can
n0a be transacted propertF II !in!c IS
fixed ani the power TO raise Hhe circulation
above OF reduce it below taat limit IS denied.
Secondly, there is a necessity every autumn
for moving the crops without delay from
the South and West 20 the seaboagG that
theV may be Oh hand :0G expect anu con-
sumption as wanted.
IGe problem is to fnG way % incGeas-
ing the currency, for moving the crops and
diminishing it at once when chat work is
done. This is necessary work, and mas
much as il can not be COntdeG TO the banks,
the power should be reDosGt Il tie Treas
ury Department, believing the country is
not prepared 10 sustain :i.e foicy o: con-
traction
Tho Secretary considers The means BY
which the value Of our currency may be
improved The basis of our policy OF ;m-
pr0veInents must be found in q sturdy re-
fusaI TO add to the paper in circulation until
it IS of the same value, essentially, as coin.
This being accepted as. the settled purpose
OF the country. there can be no permanent
increase OF the difference between paper
and c9in. and an opportunity wi!9 be given
for the influence of natural causes. tending
upon the Whole to better :iaaEcIa! con9i-
ti0n.
All 2egisIation limited IL tss operation
the paper issues OF the government, whether
bearing interest or not. and which in its
effects shalt tend to diminish the market
value OF coin will be found upon al analy
sis to contain plan tor contracting the
volume Of paper currency, and al leglsla-
tion so limited which does not contain such
q plan will prove Intellectual.
The Secretary, without proceeding to the
discussion Of the general subject Of resum-
ing specie payments, thinks al will have
been gained that IS Of value when the treas
ury shall be prepared to pay the demand
notes Of the government in coin, and the
banks shall be prepared to pay their notes
either in coin or legal tender notes, and
then our good fortune will clearly appear
in this, that our paper currency is not ex-
cldsiveIy of national bank notes nor excsT-
siveIv Of United States notes,