Year: 1862

AiSnou synopsis OF the Dill reported to Con-
gress by the Committee of Ways and Means,
providing for an issue of Treasury demand
notes to the amount of one hundred millions of
dollars, in addition to the fifty millions pre-
viously issued, making In all one hundred and
nifty millions of legal tender currency, of
various denominations not less than five dollars,
and convertible at the pleasure of the holder,
in sums of not less than fifty dollars, into bonds
bearing six per cent interest and redeemable in
twenty years, the issue of which bonds is
authorized by the bill to the amount of five
hundred millions of dollars. The demand
notes are not to bear interest, and are payable
only at the Treasury in Washington or Sub.
Treasury in New York. This is in substance
the measure which we long since recommended,
and we are glad to see that it is now at last
fairly before Congress and the country. Ac-
cording to the outline of the bill which we
have received, 1t contains some provisions which
appear to be Objectionable; but we prefer wait
ing for complete copy before criticising those
points.


Instead of authorizing the Secretary of the
Treasury to issue only hundred millions of
/
authorize him to issue double that amount, not,
of course, all at once, but by degrees and as
the necessities of the government may require.
If the whole should not be needed they would
not be issued, and no harm could be done by the
authorization. Better to provide too much than
too little Besides, it is most desirable that
Congress should make such ample provision as
| mil oh fo oIi
and have no necessity for meeting again till the
regular period in December, thus leaving the
| government free and unshackled to act upon its
own responsibility in conducting the war, and
at the same time removing from public view
the angry debates and contentious about the
negro, which not only have nothing to do with
the war for the Union, but embarrass the 60
vernment and the generals of the army, unne-
cessarily exasperate the Southern rebels, and,
what is still worse, ALLEVIATE from the national
cause the support of many thousands of friends
scattered over the rebellious States What
is the proper business Of Congress at this
moment? 1t is to make law of the bill now
presented, to vote men and supplies for the
army and navy. to impose tariff, to adopt an
|
bankrupt law for the relief of those merchants
and traders who may be broken down by any
sudden contraction in the loaning operations Of
the banks, whose circulation will be swamped
| by the new national currency, which will have
| the effect Of reducing them to banks of deposit
These are the bills which the country needs,
and in such an emergency as the present all
minor legislation ough! to be postponed till the
war is concluded, and all speeches for bun
combe and all debates upon other topics than
those vital and necessary measures ought to be
voted down by the good sense of the national
legislature.


| Above all, the tax bill ought to be reported
Immediately, being the foundation of the whole
financial fabric. Without this basis the super
structure would be like castle built in the
air. Before Congress can vote understand
ingly on any Of the parts, or the country can
appreciate its merits, the whole scheme ought
\ to be brought forward. Then the adaptation
of each bill to the other, and the harmony and
strength of the entire edice, from the corner
stone to the capital, may be determined.


1t is idle to compare the paper money issued
|
Revolution. or the assignats issued in the
French Revolution by the Constituent Assem-
bly,, with the new paper currency about to be
issued by the United States. Neither the
Revolutionary colonies nor Revolutionary
France could bear taxation to the amount
needed. The case is different with the Ameri-
| can republic, whose vast and rich domain,
| chod
varied resources, enable it to tax itself
as no other nation in the world can
now do or could ever do in former ages Ade-
quate taxation, and making the new notes a
legal tender, will prevent them going much
below par for the short time which the war is
likely to last; and when the struggle is over
those securities will rise as high above par as
other federal securities have done before our
national troubles began. They will be greedily
sought for as the safest of investments by the
moneyed classes of every nation of Europe
| For what government on earth can offer such
good security for the fulfilment of its oblga-
tions as the government of the United States of
| America? Let there be no hesitation, therefore,
about passing the financial bills Immediately;
and when that business is done let Congress
disperse and go home, and leave the suppression
of the rebellion to the President, the Secretary
of War and General Mcclellan. They will
know how to take care of it; and probably,
when Congress meets again in December, it will
receive from the Commander-in-Chief the graft
flying and glorious announcement that the Union
and peace are restored, the republic, one and
| ;pdiy;sible is saved Democratic renresentat;ve
government has passed through the fiery ordeal
unscathed, and liberty has taken new lease
of power, renewable forever.


THE DIsrREssEs OF THE TRIBuNE.-The Tii-
b,me announces, yesterday, that in consequence
of the hardness Of the times il has not made .
single cent during the past year. and 1t presimes