In consequence of these issues, the average rate of interest on the whole public debt on the 1st of July last, was only 3.77 per centum, and on the 1st of October, 3.95 per centum. It was to be expected that the banks, which have heretofore had an entire monopoly of the paper circulation, and of the large profits derived from its legitimate use, as well as from its disastrous and sometimes dishonest irregularities, would not very cordially receive the system which is destined to supersede their present organization entirely. The Secretary justly exults in the advantages of the sound and uniform circulation which he has afforded in all parts of the country. And as to the depreciation of the Treasury notes in comparison with gold, he reasons, with great force and truth, that the greater part of it is attributable to 'the large amount of bank notes yet in circulation,' remarking at the same time, that 'were these notes withdrawn from use, that much of the now very considerable difference between coin and United States notes would disappear.' Whether this belief of the Secretary be well founded or not, nothing can be more certain than the superiority of the Treasury notes to those of the mass of suspended banks, as they would have been after three years of the present war. It is frightful to think of the condition to which the currency would have been reduced at this time, if the Government had been guilty of the folly of conducting its immense operations in the suspended paper of irresponsible local banks. No one can doubt that the Treasury notes have been of immense service to the nation in its hour of trial; and if the limitation proposed by the Secretary shall be faithfully maintained, there need not be the slightest fear of any difficulty or discredit in the future. Upon the return of peace the whole issue will be easily absorbed and redeemed, either by the process of funding, or more gradually in the ordinary transactions of the Government. On a kindred subject, that of the high prices at present prevailing, let Mr. Chase speak for himself. This statement is so direct and pertinent that nothing could well be added. He says: