Evening telegraph. (Harrisburg, Pa.) 1863-1864, December 08, 1862, Image 1

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TERM BSix Unktilt G PrioN.' - -
The Harty Tnucnaarn le- @aria \ to Bawd
bers in the City at 6 cents per week. YeatlY
subscribers will be charged $4 00 in advance. ,
r yi
The Teutonern %also . ionbileheoiiiiriee a week
during the session of ,the Legislaturei.and week
ly during the remainder of the year ~and fur
nished to subscribers' ki 'the follow ing cash
rates, viz :
Single subscribers peeyear Semi-Weekly 41 50
Ten " , 12 00
Twenty 22 00
Single " .1 00
" Weekly
ADVEUTISENG 8AT1D3.31413 following ,agei the
rates for advertising in the TELEcinatios:_ .Those
having advertising to do will find it convenient
for reference.
Four lines or lees constitute one-half
square. Eight lines or woriktiluin four coast!
tutee a square':
c) 0,2
.m.0410. 7 0 !3.t _
Co o• Co
3 :882,2,38ErigO"ZS8
1 . 1
• .4 Ca ea
ex.e.ocpc.c.e• - ,0.0.
to C"'"Q"g-. 'POOOOc-oCt
t 4
cp " oe Ch •
, .0 0 00 00 , 0 c, Q;
600-4- 1 100114.031 a.-.
000000 ov. 7 - - •-
•11 O.& CO 43 *4
cm-co • .
0 1 90M1.-10MO.0
_W ° Rgo7egB , g
arlroloietration Notices, 1 Imo week, six aimee...i;
.. .. -
• udit,r'.; •...... '1 51)
Funeral N. Urea each Insertiab ' • 50
Bueinesa, notices inserted in the Maid
Column, or before Marriages and Deaths, F. 1111125
CENTS ran Los for each insertion: - • . •
a. C SMITS, -1
ATTCII4ISW-41 4 -iiAliv,
mylOy) NEAR Pri#REET. L,
aiigialr' F. MCCLELLtN, ruontikroi.
• This is a Fist Class Hotel. fi' , 4i 440
put elf the city. It is kept in the 'best ininnet,
patrons will find every accommoilatleketei He'met 'With in
the boat !mum.% lo 1.48, country. isso-dit
Lock Haven, Jency Sharer HilliamsPorto
cy, Uniontown, •Watsontown; NB
liewisl,unctiorpaberhad, StP ;i
bury, I lleve#op f r pprgetown,
Lylkeliktown,, gsbarg,, ~1 1 ..
nalifair . upkin - . ~ ,i
D !CA RRI S. 'I:7. R -
The . mind w i ll& Di.ipet eent*thli'lneain4•'''l6
Drayego will be at the Lowest Rates. Tue Condimitet
goes through with watt tralp i t,q slitvia4 to the safe die
livery of all gonad ititrosietitiolbEr line. Goods deliver=
el at the Depot of
Freed, 'Ward rt Freed, 81.1 • Meriket etr;etlliliedelp
by b Volook, P; M., wilDa aeliinnid in Harrlibiwg
next morning. , 1 •In -!!
'resign' Always .at Low AS " bk Any - pee
• • "' • • •
jOSRPEI tiONTOolliiiii, •
- philadelppia ant Ileadini.PePti • • '
04 tatilit Foo of Market iithet t • urg 1.
B, 3. • HAL It B i t Fli '. •
. ,•• .l ,in J•.•,-rim
Tin and oeot k ition iNara.4%facturer,
f , , .„
N0. , 1t2 . 3tAltkET . 7
' . / 1 4BatraniT 0.7.i:It.:11;i 1 ;
. , -
.LA A o S alwaya Oil hand a , trill ianantiaituit
ing of 'via aud Japanuaa Ware ' 00014ing lia4 l, Paricir
Metres of the hest rsanulaetlMPlht4plffet4Pß-141044111AN1P
Lughold -Galvamsedlron ( !oraull.,,unzugu;stared, 4 1 : 1 4 1W
up ut rraecandili rate* ' , " ' ' -',"
jar itopairing .preee air alien dettle.l •• 1- . -
, .
HAS removeit Mit BOOr Old 51199 ,Otpre
frpm the corner of >ifigebed Areal to
Neat 'door to Bei sea aalv,suure , stererwtitireto dads
lb keep all kinds of kt.imasird
.dhoes, ,dm. and s
large Stook ororrlinht , ;iiid everything his 11 49,L1P:
!Suess ; and id
din be thauol to receive the 'Patronage 'of
his old customers and the pubtt in general at his: l b w
%ma of business. Ail lands of eturid GY &dor le e
beet styleand by skiverjur,workrobig...RopoartEgg do All
short name.' .442dg
LINDEN lIALL t '" " :
At Litiz, Laititatd to., Pa.
• • FOUNDEti 1, 1 704."' °F t!
Afftkas superior advantages foi .thorough and
accomplished female education. , licar °Umlaut
and information. apply to , „ t ,
my: wThwot.,4EicHEi j ,,,,.
oetlii:d3m I?rincipal.
F the Oid.Wathrwer Line respectEnl4
11 infOrina OW redone that this Old Daily TrtilliOdru-
See ijee, (the only Wallow r Line now in
_mdst , mist , in
Ude !.;ity,) is is la sueeriailtel andieldited' .10
carry freight as low as any other Judi kiosk, iwsettire'
ilarrieogr& ,Odnimiry, Lewisearg,
dorsi* Shore, 7,d* Haehn. and all Mbar po(go
on tha.Northernerneral, itimukelpion and Erie and MI-
Hamsport and Elmira Railroads.
. _Aorriebutnit4
Gmmoont tome Wi E il l a
re tee dm - eases. ?names,
Well & ignotomaii, Noe 80Ir • 81Walarket Street Ibb gre
Might!), Phthildelphilt, by 4 otiockyin ti.i, will arrive': itt
Barlisnard, ready for delivery next morning. --
1 9 1 1Wrdm.i.t. ~ 1 - ,
4.1 .6141t11)
a, ~
C4c Etitgra,O.
Important Recommendations.
This document opens with direct allusion
to the "existing rebellion" and the exigencies
of the country, the circumstances which have
effected the estimates submitted for the year
past, and the , inaccuracies which have conse
quently occurred in the excess of expendi
The report states the amount of debt June
30th,, 1862, at. $514,211,871. The estimated
debt of July Ist, 1863, is put at $1,122,297,408,
and tor duly: let, 1864, at $1,744,686,586. The
first 1614.4P8 are spoken of as necessarily effeeted
at a. high rate .of interest, but , recently loans
have been made at five and four per cent.
"while the circulation et United States note;
constitutes practically a loan from the people
to their government, without interest. The
.average rate on the whole:loan is thus reduced
to four and three fifths per cent."
[The statement cif receipts and expenditures
for the year haie been already published in
the .1 resident's message.]
In the estimate of receipts for 1864 $70,000,-
000 are expected from customs and $150,000,-
000 from internal dales. The aggregate .of
SlLPouditgreti for the fiscal year 1868 is' $788,-
558,777. The amount to. be provided for this
fiscal year is $276,912,577, and for the fiscal
year:lBB4.* $322,388,183.., . _ •
canna which l e d to' the BUSpCIISiOIiI of
specie paynientsianit the einbarrassments of the
government in effeeting loans are reviewed, as
ending to the.only alternative of the issue of.
United States mites adapted to circulation' as
Money. The first issues to the amount of $60,-
000,000 were made receivable for all public
dues, including customs. Another issue. of
$90,000,000 was authorized, receivable for all
'dues extbpt customs,:payment of which was
inquired in specie of notes of the two first issues.
'Eittesi3quently a further issue of $150,000,600
was ainterined, of 'which $50,000,000 were to
be reserved until. aStually'required for payment
of'depoeits. • Mete balms, with the postal cur-
Annoy, amount to' saoQ,oop,ooo.
A short, statement will exhibit the practical
workings of the *du
laws ally enacted.
to the Ist !but' Jti1Y,1.682,157,926,116 67
atrbeen ieceivedand were remaining on d e .
deposit.. United States notes to the amount 'of
$158,591,230 had been issued and were in cir
culation ; $49,881,979 .73 had been paid in cer
tificates of indebtedneee, and $208,845,291 86
had been paid in cash. And there 'remained in
the treasury a balance of $18,048,546 81.
The reverses of June, July and August affect
oi, eourile, bajlatiously, tads awwcial waa9.l.
tion. The measures of Congress, however,
enabled' titegks irelfiry to ,proilde, if 'not fully,,
yet almost fully, for the constantly increasing
disbursements. The:"actual payments, other
than for principal of public debt, during the
quarter" ending.= the 80th of September, were
411,08,446 3 75- during the month of October
'they were ,$49,243,846 $49,243,846 04 ; and during the,
Month of 'November, $59,847,077 34 ; while
the aSehMulation of requisitions beyond re
sources amounted to lees than the fourth of the
'aggfegaM of these sums, namely, to $48,854, 7
'791 22.
Thu 'actin' and estimated receipts for the
. 4.rrent Nicol year will . amount under the
tariff act to. $88,041,786 59, and under the in
ternal revenue law to $85,456,808.78. The re
ceipts fOr all other sources, exclusive of loans,
as eetimated,,will reach $13,953,758 47, making
a general aggregate; including $13,043,546 81,
(balance fromla>ityan,) of $180,495,345 60, and
leaving to be provided from loans, in some
form, $608,068,432 02. •
!The laws of the second Close limit the Issue
of United States 'notes, exclusive of the con
tingent-swerve, for depdeits, to $250,000,000;
limit the aMOnnt receivable on temporary de
positni to 400,000,006, and limit' the issue of
five-twenty nixei to 500;000,000. The issue of
certificates of indebtedness and' of frictional
.The.rellort refeni to the rise in the price of
gold, which isascribed to speculation, the ig
norantiethisldfldreigit investers, and the timid
alarms of , nervous individuals: at home, and
proceeds to' show ,that it is, not due wholly or
"eveV i o ,grehtelk Part to the increase of the
cur therebe alee4eldierable redundancy then ;
if were, eenfritticritide real depreciation of
the citcalatisim—which is by no means admitted
.o 31 a
4 VI
LI a,
X. Et
azco ....`
—ft, 8
—what has caused the redundancy and the de
predation." • , , •
Tlii,arria 40 that writts •is easily found
in'tliioataternar4 of , the , banking corporations. 1
The ctrathafictri, of ; corporate notes • increased
chiriztethe year, endaig on! the lat of .blovem-
W 0 8 6 24 4p, $ 1 ; 0 , 00 40 0 to $167,000,000.
bluing tha sarnebtime ;the volume of deposits,
which knawigmlimi4any of the Purposes of dr
culatioii,, 'Vial ~ swelled.; from $264,000,000 to
The S kr etar atm proceeds to an elaborated
pronct or ectililishing a uniform national cur
reticY, and at the same time to the:provision of
thp neceastary, mean 4 for, carrying on the war, as
follolva : '
Under thessil,rcumstaniesthe path of wisdom
and duty seems very cl i max. It leads to the sup
port of la United'Stateinote circulation, and to
the reduction of thalami pate circulation. A
emnPaTathelY tuna l'OcNclipu Of the: latter will
allow &tole looin Irqr,Vm ,whole =crease of the
former; antlibtized* 'existing laws; and as the
reduction proceeds thi,Mmear t e way be extend
ed, Initial., however patilititg ~the, „point. which
admits the negOildion of loans at reasonable
moil.'Tlii Secrettary has heretofore advised
the imposing of azi r oxlerato tax, on corporate
circulation, and itiw ' renews therecommenda
tioo as the best means of tithiction and gradual
substitution. Such a tax iniolVes no hardships.
Auto circulating as-money dolt nothing beyond
the ampensaof picduotion still supervision, and
yet , formia highly; aseumulativa species of pro
ray. The necessitieteof thia liar haVe caused
the,taxaticin otalmost all forms of value. Can
them be a sound' niacin lor"exenipting that
which osta the least and Whigs him most?
It may, two' propmly added that this desirable
lastitation of ;Lebo:dation thiform in descrip
aid ivainei for a citinlatkm vorying Wide
yin.beth, may perhapil lai•itiore easily and
efttially , • effected! now Ihtu t i at any other
e: .1 The circulation •of United B,bileli Pote#
nkay greatly! facilitate thti • Taiymenba to ' the
banks ,through , which their own notes must be
1 iithilrawari and this not' only protect the
community from the liwonvenkknces, but the
rim from the 'lessee ! itidta 'might Otherwise
ttend reduction.
, li ~ , i :/:, ..'i , .1
1 . i t, ,ii..-.A. And 0 ,
I ,t•le i- , -.1. I '. ti. O
. A'4o.diy
HARRISBURG., PA.., NON lAj.:* 7 l/R4-00,:
,DECEMBER , .8 ; 1862.
It may also be added that when the substi
tution shall have been accomplished,' and,
perhaps, if circumstances favor at an 'earlier
period, pigments in specie of halted ' States.
notes may be resumed with less cost and lesS
injury to business than would attend it like
resumption in payment of corporate notes.
With comparatively trivial sacrifice, the,Gov
renment csu r whenever its expenditinieb are
reduced to its revenue, provide , 'by loan or
otherwise, all the coin nelxledo ctiminence
and main tain the' resumption. ' • • .1
While the Secretary thus repeats the 'prefer
ence he has heretofore eipiessed fora United
States note circulation, even when issued di
rectly by the government, and dependent en
the action of the government fur regulation and
final redemption, over the note circulation of
the numerous and variously responsible banks
now existing iu the country ; and while he now
lets forth more fully than heretofore,: the
grounds of that prate' ence, he still adheres to
the opinion expressed in his last report, that a
circulation furnished by the government, but
issued by banking associations, organized under
a general act of Uongress, is to be preferred to
either. Such a circulation, uniform in general
characteristics, and amply secured as to prompt
convertibility by national bonds depostied in
the treasury by the associations receiving it,
would unite, in his judgreent, more elements
of soundness and utility than can be 'coinbined
in any other.
• -
A circulation composed exclesively of notes
issued directly by the government, or: of Such
notes and Coin, is recommended, mainly by two
considerations ; ; the dist derived, from the facil'
ity with which it may be provided in emergen
cies, and toe second from its cheapness.
The principal objections to such a drculaditi
as a permanent system are, let,: the facility of
excessive expansion when expenditures exdeed,
revenue ; 2d, the danger of lavish and cor*ipt
expenditure, stimulated by. expansion .; 3d, :the
impossibility of
,providing' in sufficient,
amounts fur the wants of the people whent4vrir
expenditures are reduced. to equality with rev
enue or below it.
These objections are elf serious. The hist
requires some elucidation. it will be easily
understood, however, if it be 'considered that
a Govemnient, issuing 'a credit &ciliation Can
not supply, inany given period, an anionut of
currency greater than the excess of its disbntse
meats over its receipts. To that amount; it
may create a debt iu notes, and these
notes may be used as currency. Thie is "Prit
cisely the way in which the existing currency
of United States notes is supplied. That pOr
tion of the expeuditure not met by revenue, er
loans has beed met by the issue of these notes:
Debt in this form has been substituted for
various debts in othdr ferias. , WheneVer,
therefore,' the country shall be reSitired i tto
healthy normal condition, mid. 'receipts exceed
expenditures, the supply of 'United States notes
wilt be arrested, and must progressively di
mish. •
But icisaiti in immediate restate that the
value of this slipped' would be Only or chiefly
seen. There are always holders Who desire to
sell sectuithe 'of Whatever kind. If buyers are
few or uncertain, the inttrket value'must decline.
But the plan proposed would create a constant
demand, equaling and often exceeding the pup-
ply. Thu&h steady uniformity in price Would
be maintained, and--generally-at---a rate some
what above those of bonds of equal credit; biit
not available to beating associations. It is not
easy to appreciate the full benefit of such con
ditions to a government obliged to borrow.
Another advantage to be derived from such
associations would be ; found in the convenient,
agendas which they would furnish for the, de
posit'of public moneys.
The Secretary does not propose to interfere
with / the independent treasury. It may be ad
vantageotisly retaMed i tmitir tfte aiiiiitailt treas
urers already established in the most important
cities, where the customs may be collected , as
46,4-ilVdiihr eFtfelitikhdiel lisinefidirfeetly by
the government, but not furnished by banking
absociatiations. ,
--' Bet' Whitfever l theadvanti4es oisucli arrange
ments in the commercial cities in relation to
customs, it seems clear that the seeured ruttio,nal
iiireidatiailfiribiliedfia the' filiikligiesebration
should be received . , everywhere for all other
dues than customs, and that these associations
will christitatethehart and Saila' deraltbries
of the revenues derived from such receipts. The
convenience and'utility to the government of
their employment in this capacity, and often
. alsc i a .4 as Fit er i L VA PaPa,filt's itiol VE, ciintributors
s m
ofips, need ' no de monstration. The'beces
sity for some other depositaries than surveyors
of ports, receivers. postmasters and other o.ffi
'Cent, of whoge responsibility, and fitness, in
mady'caaeej nothing satisfaCtory can be known,
is acknowledged by the provision Itkr . selection
by-the Secretary °Outlined in ;the tutorial
revenue act, and , it will seer& • very clear .tflat
the pnblid interest will bii secured 'far mere
certainly by the'organissition and employmeut
of association. Orgiuiliesi'ag ptopoked than by
Sky offinialselection.* ;" „ , 1 .. i .J
-21 tither ' s ad very "'lfni/sort:ant 'advantage of
the proposed plan hair 'already, been adverMd
to. Irwin i ecencde, its far as practicable, the
interests of existing Institutions with'thede lof
the whole people. , ..... ' ' ' I
All changes; however ' impOrtatit, should he
introduced' with - catition, 7 and Proceeded in
r i m
witht carefoirregard 'to every, affected inte t.
Bash innovation: Is. hot 'Us thingereus ' th
stupetledinaction. The time; ' has come trti n
a oirmilation'of United Stated 'hetes, in so e
form,', must be employed.* The . ' people de d
uniformity in currency and claim, 'at' 1 t,
part of the benefit of debt Without , interest,
made into money; hitherto enjoyed exChleive
ly by the banks. These demands are just d
must , be respected. But' there need be 9
sddden • 'change '; (there need be 110 hurt 1
interference w ith existing interesta. Ae ' yet
the United Stites note circulation hardly Ala
the vacuum caused by the ' teruperary witli
drawal of , coin ; it 1 dcies- not, peth,,,,ps, fully
a l
meet , the &rand for increased circulati n
created by the increased number,. variety d
activity of payments in Money. There is o -
portunity, therefewe, for the wise and benefic'
regulation bf its subsiitutien brother Circul -
hon.. Them:de of substitution also May .
judiciously adapted to actual birettnistances. '
' , 'the plan'ting . gettteirritnisalts bOth uipesaa.
It contemplates gradual WithdraWar of ban i t
note circulationwind liter* a United States
note circulation, fainiiihed to banking assecut
tionsoin theadvantagee 6f ' WhiehllieY ma
participate in full proportion' to the (ore an
responsibility assumed And= theetuviceiperforcu r
ed by them. The prornpititilde and zeal atilt
which many-of the- eidatirti- intaitutioms Came
to thefinanciaL support of the 'government' iit
the dark days which followed the outbreak of
thelebellion is not forgotten. "They ventured
largely, , and 'boldly, and patriotically on the
side of the'Unionand the OonStituticinal entire
rimer of the tiation over States did citizens',
It does not at ididetrant frointhe merit of the
act that the losses; ihieh %hey `feared ; but Met
hesitatingly risked, were itied int 6 'mai
expected gains. It Is 4 rielid recommendation
of the suggebted plan. that it' /Alois the bppin4
trinity to alutee and I Untirell 'institutions to
reoirganise, , continue their 'tnalturse under the
proposediack 'mod' with" little leai • and t much
advantage participate in maintaining the `new'
and unifOrM national' currency: ' `"' '
t The proposed phut:fist recortibiended 'finidlyi l
by theifirin anchorage tit /will htibßi to'the!
,Utrion of theirtates. Every banking association
whose bonds rue deposits& In the trasery of
the Union; 'everylindididitaildher lioldsa dollar ,
ot,, the•circulatien secured by Arch ' deposit ~
every , merchant, i every niuMfacturer, ever y
farmer, every mechanic' intereetkr in' trans
actions dependent for Sucliaiti on the' credit of
that circulation, will feel' as ' in' injury eirety
attempt to rend the national unity, with ' the
110111101181100 and stability - Of which all their
interests are so clititelY tind Vitally' anitietted
Had the system been evessi t iple, and had it ac
tually existed two.years,age, can it bed , ~ , t,-0
Ojai the - 00941. ' triterattai melt heti 'rants
enlisted lby it for the Union would have so
strengthened the mot es for adhesion derived
feem e olther soar*, gat thik wild' tree sdii Of he
cession would have toesimpossible ?
The Secretary does not yield to the phantasy,
that taxation istri f bleating ae& debt'a benefit; `
but it is the duty of pulalic men to extract good
front evil whenever it is possible, . Tiehurdems -
I f taxation may be lightened and even made
productive of incidental benefits by wise, and
aggravated and' made' %Wend& by - unwis e
legislation. , In like Manner' debt,
.14 no means
desirable in itself, may, when duchiMitancei
compel+ nations to incur ifs ' obligatiorns. be
made by , discreet nee - less' burdensome,, and
•ninstruniental in 'thel prennotinn of public
and privateeecurity and Welfare" " ... 1 ? ,
1 011ie-rebellion We brought Cgreat debt p p° ,
mi. It is propoinkigteveSe It part of it hi'stinii
at War' that' the - game ofltisluittleii ,inay be
lost in the experience, Of
l litdldentel,' va n-'
The' issue ' tinted ' Shari 'no* is
uch a rise ; but if exclusive, ,is I rtaisaidens and
1 1 wary.' i Th e - ability 'by Euttiolig . X• F olds .,
f similar notes , ' Mailed' to banking aoro, -
how if shell a i n't*, and' hi' comPtarativ,elyl,
d permanent ; sod liiihriAll ilie max,
.= -WI 4 , 1u , 1 it -; n 11l 1111 P Nikt ii‘iirri
I 4_ 4.1 h, ,,,../ '-flf fi'l• ~',,. .
4'.111 , 1
i ~t ' ,. i " ,
Whatever demand, may, be made _for their
rtsiemption in coin niusthast.n this diminution;
and there can bp no reissue ;, for reissue, troleor
to e ,400 9 .8, poly imp*. divagimi l Lti.
aini the revenue, upon the supposition, supplies
more than is needed for that purpose. 'lntire
is, ,t den, ,riO mode, irt accuilehOfize Uni
ted States notes can Ike perulanently maintained
except by loans of thLin, when not required,for
disburseinent, on depositsol. - 0310,'Orliledgt;i:of
securities, or in seine other way. This would
convert the treasury into a government bank,
with all its hazards and miechiefs.
If these reasonings be sound, „little room .Me
remain ter doubt thitt the evils ceitain to arise
from such a scheme Of currency, it adopted us
a permanent system—greatly over-balance the
tewporary though not inconsiderable i ativan
taps offered by it: t 2!
It remains to be considered what results may
be reasonably expected now an act autborizoig
the orgitnization of banking . ., associations, such
as the 'Secretary proposed in his lain repat.
The central idea of the proposed measure le
the establishineut of one sound, nniforui airbe-
Lotion, of equal value throughout the court,
upon the, foundation , f national credit comb' , -
ed with private capital.
Such a currency, it is loolieyed, can be secur
ed through , banking associations organized . ti -
dor national legist4ion. -
It is proposed that' these. associations: Se
entirely voluntary. Any persons, desiriouff
employing real capital in Erufficient aukinnhi;
cau, if the plan be adopted, unite' together' tau-'
der proper articles, and, having tantributed the
requisite capital, can invest such part of it, not
less than a fixed minimum; s.io.U nited
States bonds, and having deposited these)
bonds with the proper officer of the United
States, can receive United Stated' note's
such denominations ait May be dedired', and
employ them as money. in discounts add too
changes. The stockholders of any exisdei
banks can, in like manner, organize under
L ilt
act, and reasfer, by tsueh degrees 'as may
sound convenient, the capital of thbitild 1O i
use of the new associations. The'inOtes tlin
put into aironlationowill be payable, nail' re?
sumption, in United Stators notes, and after re
sumptiQu specie; by ~t h 4) tainocihtitoki Vitifob
issues them, on demand ; and if not so pair
will be redeemable at the Treasury of the
ted States froth the proceeds of the bonds pledg:
ed iu security. Iwthe.pratitical working ot tu
plan, if sanctioued,by,pougress, redemption al
one or more'of great .coutmercial aunties,;
will probably be provided for by all the associa-i
dans whicn circulate the Dottie, din case any,
association shill
.fail',iii such redemption, the
Treasurer `of the United States will probably,i
uuder dikretiouary authority, pay • the , notes i
and cancel tile public debt hind ai3 security. 1
It seems difficult to conceive of a note citcu- ,
lation which will combine higher' local arid:
gencial credit than this. After a few years
no other circulation would be nod; nor cifaild
the issues of the national circulation be easily
increased beyond the legitimate :•deniand' of
business. „Every dollar of circhttion would
represent • real capital, actually 'in-kilted in
national stocks, and the total amount issued
could always be , easily and .quickly' entertained
from the buolmof, the treasury. These circurro4
stances, if they might not wholly.remove-the
temptation to excessive issues; would certainly
reduce it, to the lowest point, while the form
of the notes, the uniformity of devices; the
signatures of national officers; and the
imprint of the national wallauthentiCating
the declaration borne on each that it' is_sectired•
by bonds which represent the faith and capital'
Hof the whole country, could not fail!toffiake
every note as good in any part-of the vioridlu3
the, best known and heat esteemed national
securities. ,
The Secretary has already Mentioned the
support to public credit which may be expected
from the proposed associations. '!'he intjportause
of this point nay' ekeuse koini3"idclitiornd
observations. • ; I ,_; •• •.; „f
The oriPUlZAtion • PrOPMedra. Oaactioned by
Magas,. • would require; .'wlibin a very few
;years; for deposit: as security for circulation,
bonds of the United States to an , amorint not
leas than $250,000,000. It may well be,expect
ed; indeed, 'since the circulatiOn, bYnnifOrmity
in credit and value, and capacity of qUick and
'cheap transportation, will be likely 65 be used
more exteniively than any hitherto hawed, that
the dtmand for bonds will largely overpass this
limit. Should Congres see fit to restrict 'the
'privilege of deposit to the -I)ondg known as
fiveitwehties;' authorised by "the act of last
session, tho - demand would promply absorb all
of that description already issued, and make
room for mdre. A steady market for the bonds
Would. ilium be established, and the negotiation
of them greedy facilitated:
,i;onneeted, for the present, and occasionally,
as: circumstances may require hereafter; the
use of ' the. ordinary United States notes in
limited amounts. . . .
. ' No very early day will . probably witness the
reduction of the public debt to the amount re
quired as a basis ' for secured' circulation.—
Should 'no future wars arrest deduction and
again deman expenditures beyond revenue; that
day .will however at length come. When it
shall arrive the debt may be retained on low
interest at that amount, or some other security
for circulation may •be . devised, or, possibly,
the .vast supplies,of our rich mines may render
all circulation, unativieable except gold and the
absolute repreSentatiVes and equivalents, dollar
for dollar, of gold in the treasury or on safe
deposit elsewhere: ' But' these considerations
may be for another generation..
the Secretary forbears extended argument
on the constitutionality of the suggested sys
tem. Ii is proposed 'as an auxiliary to the
power to borrow money.; as an agency of the
power to collect and disburse taxes ; and as an
exercise of the po*er to regulate commerce,
and of the pov . v.er to regulate the value of coin.
Of the two first sources of power nothing need
'be Said, Tlielargunient relating to them was
king store exhausted and is well known. Of
the Other two there, is not room nor , does it
satin needful-to say Mech.' •
If Cerigie.sa Can preScri be the structure, equip
ment and, Management : ) . .1 vessels to navigate
riVeri; flawing ' bet Ween or through different
Stateisai a regirlation of . commerce, Congress
May assuredly' determine what currency shall
be employed in the interchange of their coin
°inutile*, Which is' the very essence of com
merce, .. Statesmen who have agreed in little
else have ,concurred..io the opinion that the
power to regulate . coin is, in substance and
effect, e power to regulate currency, and that
the framers, ,of the Constitution so intended..
It. may Well enough . be admitted that while
Congress confines its regulation to weight, fine
neaSolimpe and device, ; banks and individuals
may issue .nOtes (or currency in competition
with coin. But it , is _difficult to, conceive by
what process.of logic the .unquestioned power
to maintain or restore its circulation, by exclu
ding from currency , all: private or corporate
'eubStitutes which affect its value, whenever
Congress shall See fi t to exercisethat power for
that purpose.
The, recommendations now submitted, of the
limited isaue.Of United States notes as a wibe
expeffieut fin' the, present time, and as au occa
sional eXpedient in future times,. and of the
H organization of banking associations to supply
tircUlatlyn secured by national bonds and con
vertible. always into United States notes; and
1 after:resumption of specie payments, into coin,
are prompted by no favor ; o excessive. issues 'of. . .
. description..of credit:Money.
- .oii.the contrary,. it..ia,the Secretary's firm be
lief That by no other path can the resumption
of spec e payments be so pertaiuly reached aid
so certainly Maintained. ' United States notes
receivable fdt bonds bearing a secure specie
interest.are next best to notes convertible into
coin. ; into circniatiun of banking associations
Oigarise4, niider; a general act of : Congress,
secured by .such, bonds,. can be moat surely and
safely maintained at. the point of. certain con
.vertibility into. coin.' If, temporarily, these
associations redeem their issues- with United
Statep hetes, resumption of specie payments
Will not thereby be delayed or. endangered, but
haidened arid secured'; for, just as soon as vie
shall restore • peace, the ample revenue
already.secured by wise legislation will enable
t he government,, through advantageous pur
s of specie, to replace at once large
itinorints, and,:at no &taut dity, the whole, of
this circulation by coin, without - detriment to
any inteiest, but, on the contrary, with great
and tuattife4 benefit, to all interests.
The"- SeCietary 7. recommends, therefore, no
'mere pallor' tinkey scheine, tint, on the contrary,
a ,series of, measures looking to a safe and
gradual return ; to gold and silver as the only
permanent .
~ hesis, standard . and . measure . of
'value, recog nized by the' Constitution—between
which and an irredeemable paper currency, ea
he believes, the chnieels now to be made. ~ .
eormtry Tott!easel; the tree eleinenta of a
higher creditttno l cotuitry, , in 'ordinary times.,
can maintain a higher standard of currency
payment than the United States.
The repeal proceeds to a review of the re
sources' of the country as a means of liquidating
tbe , debt•in the future: Anil makes a comparison
with• the nations trf Europe in our favor. Our
mineral resources're alluded to with confidence.
Our vast extent 'of territory under cultivation,
and , various other resciurces of wealth - are
represented for conaideration.
..to view of the exigencies of the time further
loans ere required, and the Seeretary proposes
the issue of 7.30 three years' lxsids, convertible
into five•tweitty sixes' at or before maturity,
and .of ismalleVnotes, bearing an interest of
3...£15 , per cent., as proposed in his first report.
We quote: , • ' • ,
L!.The general Views 'of the Secretary may
therefore-be thus briefly surn'ined:
" He, recommends that whatever amounts
may be ineeded beyond ' the sums supplied by
revenue , and' through 'other' indicated modes
be obtained by loans, without increasing the
issue lob United States notes beyond the
.stinortrit fixed bylaw, unlesS a clear public
eligeneyshall' deniand it. He recommends,
also; the organization of banking associations
for the improvement ot the public credit and
for the supply'to the people of a safe and uni
form currency: And he recommends no change
in the law providing' for the neggtiation of
bonds, except the necessary increase of amount
and the repeal of the absolute restriction to
market value and of the clauses authorizing
convertibility'at will.
Atli Congress shall Concur in these views,
re Secretary, theagh conscious of the great
difficulties which Vitst; s 'audden and protracted
expenditrires'inipoee on hini, Ventures to hope
that he still may be able to maintain . the
;publiocreditand provide for the public wants.'„
The i subject of Uniform weights, measures
'and W 41113 in the commerce of the world upon
the decimal system; is again presented to the
consideration Of Congress.
• A general resume of minor affairs closes the
ieporti all which have heretofore been before
the public. • `
' "141-411,-
RA# Sr.trtheaN Union Atm o9 TUB • " MAST=
Rig: , 7"The Nefitville Union says : " The
reheijonnatislamet, that the Southern people
area .. i n4sier race,' descended from 'Eng i
cOliilots,' mai are much superior to free 8
4 pNlol,Fiipas.' As an evidence' of the superi i -
' of the, rebels we will state that the body - of
the geilant.GeneralrKearney, when it fell into
the, mth is of this 'muter • race,' was robbed of
hissword, pistol, •watch, diamond brooch,
finger rings, and the pocket bobk in which hi
always kepta large ainountof money."
'due same 'master lace' , murdered General
mecopk whilalying sick in an ambulance, and
eintragoal. the ,pereons of three• respectable white
fi)wAss, in thismuntra- few rkeekt ago, because
0 1 11 1 3 3 / 4 4 1340 Mere Union nem" . - i • - ,
t l ,
From our Horning RdltiOn
The Postoffice, Bank, and other
Valuable Property in. Ruins.
Special Dispatch to the TELEGBAPH.]
A very destructive fire broke out in Sloan's
cabinet warerooms, in this borough, yesterday
morning about four o'clock. The wind,being
very high at the time, the flames soon com
municated to the adjoining property. Over
two squares of buildings were destroyed, in
cluding the bank, the Clinton House, Pestoffice,
European Hotel, Rodger ..St, Redel's Hardware
Store, and about sixty stores, offices and
dwellings. Very little property could be saved
in the buildings.. All the best huskies& part of
the town is insured. ,
The Fallon House and property on the east
bank of the, liver is safe. The property was
largely insured.
All the money, books and papers in the Lock
Haven Bank were saved in their vaults, and
the business of the Bank will continue as here
The loss of property is estimated at, from
$lOO,OOO to $150,000.
eto 21lourril kir 111
+air FL 0 a 3&" EL
Corner Front and Market Streets,
ESP'-(71 1 7 ELY invite the attention
Lilo of the public tn their I t-ge a:d well selected
atue of
We now offer for sale'
Stewarts, Loverings Golden Syrup,
White and Brown Sugars of all grades,
Green and Black Teas,
Coffee, Spines and Flavoring
o&c., &c.
We invite ao examinauon of our snperio
Un quailed to every respect by coy io the arket,
gether with all kind, of •
&c., &c., &a
We have the largest haeortment of
In the city ; Wee, a l Iv lid: ei •
Oall at.d examine at uur old -tend,
septl2 Come , Front it , el 31Anket streets..
Collection of Pensions, Bounties, .Back Pay
and War Claims.
Officers' Pay Boils; Muster Rolls, and Re
orulting Accounts Made Out.
IHE undersigned, having been is the em
1. ployment of the United States during the
last eighteen months, as Clerk in the Muster
ing and Disbursing Office and Office of Super
intendent of Recruiting Service of Pennsylva
nia, respectfully informs the public that he has
opened an office in the DAILY TELEGRAM
Building for the purpose of collecting Pen
sions, Bounties, Back Pay and War Claims;
also, making out Officers' Pay Rolls, Muster
Rolls and Recruiting Accounts. . •
All orders by mail attended to promptly.
111:4 Blany.s of all kinds furnished. at this
office. novl-dtt
THE canal grizicerY store and Hodkville
House,•known as tli ppdegi,ve Loct Property,
situated five miles above Harrisburg, fronting east on
the Pennsylvania Oanal and west' on 'he Stisonehan
river road, will be so:d if. applied f.r Wan.
The grocery store, if not the very Lest stand on the
line et the canal; I- only equaled' by ono other. la..ge'
new bar ri and stable has . °neatly been built, so that each.
beatateam can be locked up separately. Also plvety of
sheds, lisy houses, corn crib,.two store bonsai for grain,
ice house, hay scales, and indeed very convenience
that is necessary br carrying on' the business. The
place Is within three hundred yards of nockvitie
depot ,on the Pennsylvania railroad, and Dauphin and
Scbuylkiltrailread also. Yrrbuns wishing to purchase,
please apply on the prendies,
Muringer's Patent Beef Tea- ,
SOLID Concentrated Extract of -Bee
and Vegetables, convertible immediately into
nourishing and delicious Senior Beef T.A.
lighly approved by member of out eb,wkisos who
use it in our bospitalPfor the' %intermit.° fuc our
ihksono4s nut Usn—Cut up ode aftli part of a -
take of the extract, pour on boning water, auout a
pint, more or less, according to the etrength desired In
a few minutes it will Do entireiy disioivel.
This admirable article condenses into a compact ,
Corm, all tile substantial and, nutritive prapertiels of • a
large bulk of meat and vegetables. Toe ['VA 7111 i
which it 'dissolves into a rich and palaable soup or lea,
which would require hours of prepautdon, ace rdia*
to the usnal method, in an advantage is manyilitioatillies
grille to obvious to need urging.' • ' • • • •
ger sale by , . WM. Dttelii, irt, 84 Co
LOT of Fine Sweet Grapes, just received,
and for sale low, at ,
nov6 Cur. Third and Walnut stil.
EYERA_L fl.hudred, from biz :to twelve :feet
high, lox iale cheap
a 6. the Key atone , /4ur
novl y,.,.
w. P. ItE;itCY