The sun., 1873-10-01
THE GOVERNMENT PAPER
GL4rT"g ron 40 BENEFTr 4 FEW
or GHINIH FRTENDN

Bar.auna. ,s"i.ca tp. irEN. .rHOrItnBry
IOrtrart Tor Paptr th,c. Na,gIs 40 Pr0.
lection agsiu-t CIuntcrit..Ig.
CORRESPOND nee Of Ihe sun.
WAsHtNGroN, sept. 2-Tho suspension
of specie payments In the early ptrt Of tho re-
bcllion compelled the substitution of paper
currency Tor gold anil silver. Tho military
operations ~ the United " itos were upon such
a vast scale that the financial department of tho
Government w4' taxed tO tho utmost TO suurly
tho sinows OF war. The total coinage Of our
nlu,s up e. that late had only rcachod $.j01ol,-
90. The demands of the Government were 80
great that paper money and obligations hal {,
be produced, within a few months, representing
far greater sum.
Tho responsibilities of the financial depart
mcnt were vastly Increased by having u super.
intend and control the issue OF such vast suins
Of paper currency. The depart nent was alto
gethcr without experience in the details OF
many of the new dutles whieh thus dayolvol
upon 1t. 1t Wa also without any of the ft3ii-
iic. to produce tue new currency, anl therefore
had 20 depend upon private ent'rpri'o skin,
aud honesty. There wore u thu umo bit wO
btnk n'.o engraving and printing companies Ia
thoc luutry, 1ud ,he nece tcs of the G'yrrn-
in'nt were so pr'-sing that tho Secretary of thc
Treasury. Nr. Chase. was compelled To trust %
their pttriotl-m, ldcli'y, aul honor. Tho
amount ~ work TO ba done Wa 80 g'9at thIt
the GOvern ueu was practically suupiiant bc.
fore those Institutions and Wls forced by dirn
unHc--itvfl ID accept what 'v"r terms m W'rH
p,ca4ei - demand. In t1e short urriod of
tVcuty-uu, month. the bank note tpunauir4
W,t. pd.i los tIir Government for cu.rtNlu- uud
rti tug i'H,nl In notice and securities tA'
The sfrr.tary ~ tho Trrosury believed 'hst
Oh, '',"r'"cat could min.'t 'r,ir' II. ni..'.y
u"i ONLY % 90 .tt uru Citt',r, nut With mOr'
Ioti~ct sctufttt dA uuei toss.
ACo4riY sYsrr'f
Th' cypenjitlrc liI uot rcr'r vita t'i' pave
Non 80 ne bunk u.ie r,'tAE.'t it me
Na. lin .iNn in sheet. lni r'rr.d anl ts!u-
mel Bro the Tle.snry De.Ir,mcnt by hnul. Tho
' ' n NV, ~, - - " .''s
~ hisl nir M cna4'. after thorough cln-
vit. of the stu con, detcrniuod TO .ry tne a.
L.rim"ut &c prlui'nf tho public money IN u q
Treasury D'tartneut at Washing. 0n, whcrc 10
would be under his control aud ihucdiAte sh-
several vcarl conusrfrd with the Tr'psIry De-
p1r'mcnt ms a dishursing agent, was selcrted 10
urcaulge aud supornteui the new Bureau of
Engraving and Printing. lie was "a m m Of very
con iiCrdnlc scientific ai tdiulncu s,With genius
f,r mechanics lie had con.tructcd a mnchlue
for separating and trimming notes. and iisp ono
for anixnc The seal of he Treasury to them,
both OF which saved the Government several
"a 'tl.tpd a. llar- every month.
ruC,B wEug GREAT DGFFtCULrtEs
10 bs overcome. however by the Department.
Tie bank note Companies h al grown wealthy
and pow rfdl oG ne necessities OF the Govern
mont AMI were NOT disposed to surrender ths
rich placer they had worked so PR ataby. They
A. once hesm 10 throw every obstacle they
dice the mind Of the Sc rcttry aslin,t him. ID 10
Nr. Chase was not a man To h' iuluenrod 10y the
n'r w in' ,u ne n@' M AZ
4 ter.lucl TT Now the illl u:roed anon. amt
we not TO ne driven %. q -nteAcd into abandon
.f,irft, nr,iodic, ,h' se'r'tlry u.liust Mr..
Glars. me hflk note upfn.'- !t1 uh i.ri'.s
pni hark note printers in fls country. There