The national disbursements for the present and succeeding fiscal year, as stated by the Secretary, together with his remarks on that subject, supersede the necessity of any further argument in proof of the absolute impossibility of specie payments now by the Government. We are compelled to resort to paper, and the only question is as to the character and extent of the issue. It is my opinion that we should limit this paper currency, as far as practicable, that it may be as little depreciated now as possible; so that when the rebellion is crushed, the banks and the Government may resume specie payments at the earliest moment. I favor the plan of the Secretary mainly because, by arresting depreciation, it would furnish a currency approaching specie now more nearly than can be accomplished in any other way, and because, when the war is over, it provides the best means for a return, in the shortest possible period, to specie payments. An irredeemable paper currency dissolves contracts, violates good faith, and its history here and in Europe is a record of financial ruin, bankruptcy, and repudiation, of frauds, crimes, and demoralization, which no friend of his country or race can desire to witness. The issue of treasury notes as a legal tender was favored by me as a _necessity_ super-induced by the rebellion, and as a substitute for the present bank issues. Such notes would be depreciated much less when made a legal tender, and, to that extent, our expenditures would be diminished, and specie payments could, therefore, be resumed eventually at a much earlier period. Why, then, it is asked, not continue and extend that system, rather than adopt the plan recommended by the Secretary? Because, Congress refusing to prohibit a bank circulation, such increased issues of treasury notes would cause a further great depreciation of such notes, to that extent augment our expenditures, and postpone, perhaps indefinitely, the resumption of specie payments. Gold now commands a premium of thirty-two per cent., payable in treasury notes; but, if such issues be increased one half, they would fall to fifty per cent., and, if doubled, to at least sixty per cent. below specie. At the last rate, if our yearly expenditures, paid in paper, reached $700,000,000, this would command but $280,000,000 in gold, thus subjecting the Government to a loss of $420,000,000 per annum, and at thirty-two per cent. discount, $224,000,000 per annum. These notes, it is true, bear no interest, which at six per cent. on $280,000,000, would save $16,800,000 a year. But as under the Secretary's plan (hereafter developed) the Government would only pay an annual interest of four per cent. on this loan, the saving would only be $11,200,000. Deduct this interest thus saved from the $420,000,000 of increased annual expenditures, arising from such depreciation of treasury notes, and the result is a net loss of $408,800,000 per annum to the Government, from the use of such redundant