other capital to invest hundreds of millions of dollars under the new system is very great. Is it wise to commence the effort, confined to our weakest securities, now below par? Besides, considering the old and new debts, and constantly increasing responsibilities, is there any prospect that we will have liquidated all these before the end of five years, and the five-twenty loan also? Surely, upon a benefit so doubtful, and a contingency so improbable, we ought not to risk the fate of a measure on which depends the safety of the Union. But if we could pay off the five-twenty loan held by the new banks, is it prudent to assume that so many hundred millions of capital will be withdrawn from the present banks and other business for investment in the new banks, which may cease at the end of five years by payment of the bonds? The change from the old to the new banks may involve some loss at first, but, if the system may be arrested at the end of five years, just when profits might be realizing, the plan could scarcely succeed. When the Secretary first proposed this system in December, 1861, he probably would have succeeded with the five-twenties, in the condition at that date of the public credit. But the disastrous fall of our securities since that date, seems now to require bonds of a higher value. I would then provide a twenty years loan, for all that may be made the basis of the new bank circulation. But it is not a six, but only a four per cent. twenty years' loan that is proposed, by deducting one per cent. semi-annually from the interest of the bonds made the basis of this bank circulation. This deduction would only be a fair equivalent for the expenses incurred by the Government in furnishing the circulation, for the release of taxes, for the deposit of public moneys with these banks, for making their notes a legal tender, and receiving them for all dues except customs. The tax on all other bank circulation should be one and a half per cent. semi-annually, secured by adequate penalties. If, under this system, during this stupendous rebellion, involving the existence of the Government, with armies and expenditures unexampled in history, the Secretary (as, with the aid of Congress and the banks, I believe he can) should secure us a sound and uniform currency, and negotiate vast loans, running twenty years, at par, the Government paying only four per cent. interest per annum, he will have accomplished a financial miracle, and deserved a fame nearest to that of the first and greatest of his predecessors, the peerless Hamilton. The bill organizing the new system, presented in Congress by Mr. Hooper last summer, is drawn with great ability, and it is much to be deplored, that (with some amendments) it had not then become a law, when it could have been much more easily put in operation, and would have saved hundreds of millions of dollars to the Government.