Year: 1864

TT vasDAr, July 26-6P.M


Mr. Fessenden has at last advertised the much talked
OF authorized BY the Of Congress Of June
last Subscriptions hree-lenths interest in
currency bearing legal Treasury notes, par
viii be received Treasury, sab-Ireasury desg
mated of public funds, well such Of the
national banks chosen TO fiscal agents OF
the government. lie notes will be payable in lawful
money in three years from the 18th of August 1864 and
will be issued in denominations OF ATTY, bundred fve
hundred one Thousand and five thousand dollars and in
blank payable order at the option OF subscribers,
with semi annual coupons attached. They viii be
convertible maturity into six per interest IN
gold bearing bonds redeemable after five years, and
payable twenty years from August IS 1867 Those
scrbng previous TO August Is will be allowed interest
their deposits TIL that date, and those subscribing
subsequently must pay the accrued interest from the
date Of the note TO that OF subscription AS stated
more than ago. parties subscribing the amount
OF twenty five thousand dolars or any time
will be allowed commission OF one.quarter Of one per
cent, which will be paid ey the Treasury Department
upon the receipt OF bill FOR the amount certified by the
officer with whom the deposit made.


The extent which subscriptions 70 these notes
limited hundred millions; but no specified amount
has been called for.


The Urgent appeal 70 the people accompanying the
nouncement OF the would lead us to infer that Mr.
Fessenden nsensble the responsibilities resting





that 50 himself TO the best OF his know
ledge aud ability 10 restoring the public finances to .
sounder basis. But in doing this he must rely
much upon appeals patriotism Of this kind which
OF questionable utility at home and apt TO be mis-
taken sgss Of weakness abroad. In finance, moro
than In anything else the basis must be rea and not
merely assumed and hence the measures which the
Secretary refers having been initiated by him. with
view to the Increase OF the by udcious taxation
har.
the national credit than all the appeals has could
written withsut the logic OF facts and events sustain
them 1t may be well enough for Mr. Fessenden to say
as he does that ths is no. the tmeor lover OF his
country inquire TO the state Of the money Market
or ask whether be can SO invest his surplus capital to
yield him a larger return" but the experience OF all
countries teaches that the tendency capital
the safest and most profitable market for investment
and whenever government fails q borrower offer
equal advantages and security to those which may be
found elsewhere capital seeks other channels prefer
ence.


Mr. Fessenden may proclaim that no return and no
pront be desirable il followed by dissolution
national disgrace and that spresent profit
qured but the OF future and speedy desruc
ton; and further that emo investment be surely
profitable that which tends to insure the national exist
ence'' but he remember In so speaking he is
expressing sentiment not maxim political eco
nomy. To be successful In the management Of ma
tiona monetary affairs must not depend upon the
prices OF the popular Imagination but upon taxation
which has been truly called the touchstone OF finance
those other vital elements nations support with
out which successful government durns cos,iy war n
impossible


We agree with Mr.. Fessenden in b Is estimate OF the
capacity OF the country for yielding large revenue and
we glad so learn that much q million per day
has been frequently received by the Treasury under
new Tax bill, which came into operation the Ist
sian which certainly gives promise OF Mr. Chase's
mate Of two hundred and twenty ions for the fiscal
year exclusive however, OF income miscellaneous
sources) being largely exceeded But even with this
prospective addition 10 the the government
its expenses are on SO vast scale and likely become
so much larger, that it little 10 comparison
with the expenditure or the receipts The reye
nue. returns OF Great Britain for the hsc year ending
the LIST of July current show income round num-
bess OF seventy millions OF pounds sterling, hsand.
ing the free trade principles, which have resulted
the abolition OF many and import duties,
and the reduction Of almost all others If, them
GreA Britain, with population, according TO the
sus Of ls61 OF twenty millions three hundred
thrtyfour thousand raise so much, and that 50
easily that there is not iDpost which might not be
doubled without pressing severely upon The people,
surely the United States with Its tweniy-one mors Of
the North and its vast and rapidly developing resources
can bear burden approximating TO that Of England.
and sncen 70 place the national rranceS on the sound
basis which is necessary TO success


there should be break downor the national credit,
what Is there that would in the disaster IL
the vital importance OF this great question Or money
which requires 10 be better Understood, for Uyon
It hang to great extent the destinies OF America


II is unfortunate for Mr.. Fessenden that the ntei.
OF the return OF the recent formidable racing
force towards the Potomac should have followed SO
quickly upon his announcement OF the new loan The
,k,f, .
meraie but they OF sufficient weight to divert pub
lie attention and produce that feeling OF insecurity which
will, till the raid is over, make the Treasury note
loan blank on the market. With six per
cent interest in gold bearing bonds selling I05 sub
scrptons at par TO loan bearing for wears only
and tnreetenhs interest 10 currency cannot be
expected. The former advance 10 their market
price before the latter be worked o The effect Of
the raid will not be much 70 depreeiate the price
the bonds to suspend action the loan for the
former selling considerably under their value
taking into consideration the present prospective
premium gold.


The delay in receiving subscriptions 10 the forihcom
ing loan will have the evil Of contributing to the
imitation OF the currency for the Treasury issues OF
compound interest six per cent notes mus. continue
with probably resort to the OF legal tenders
tended TO calls on the temporary depos line The
Secretary may also feel that his necessities require an
issue Of aud three ienths legal treasury
notes under the last Loan BILL he having the power
make any portion OF the authorized hundred millions
aoga tender, with interest payable maturity What
amount there in venId be