Referring to bank issues, the Secretary says, in his last report: 'It was only when the United States notes, having been made a legal tender, were diverted from their legitimate use as a currency, and made the basis of bank circulation, that the great increase of the latter began.' At the present depreciation of these treasury notes, it is better for the banks, by one third, to redeem their circulation in these notes, rather than in specie; and they need keep only one dollar of treasury notes for three of bank circulation. This is the policy forced upon the banks by Congress. But the more redundant and depreciated this currency becomes, the easier will it be for the banks to provide the basis of redemption, and expand their circulation in the ratio, like that of specie, of three dollars of bank currency for each dollar of treasury notes held by them. Thus it is that the enlarged issue of treasury notes necessarily increases the bank circulation, in the ratio of three to one, and thus also, that the circulation of bank and treasury notes becomes redundant and depreciated. Under such a policy, every bank then, however loyal its stockholders or officers, becomes a citadel, whose artillery bears with more fearful effect upon the Government than all the armies of the rebellion. This will soon become obvious, and the odium will rest upon the banks, their officers and stockholders. But the real responsibility will be with Congress, who, by such a system will have arrayed the banks in necessary and inevitable hostility to the Government. Such, we all know, is not the intention of Congress; but as this result will necessarily flow from their measures, upon them, in the end, will fall the terrible responsibility of the disaster. It is this appalling condition of our finances that gives the rebellion its only hope of success, and invites foreign intervention. But if Congress will adopt the policy of the Secretary, they will render certain the triumph of the Union, and the rebels, from despair and exhaustion, must soon abandon the contest.