• 20 



and an additional motive to invest in bonds is created by the law wliich makes 

 them the basis of national banking. 



Mr. Webster was donbtless correct when he declared that no measnre for the 

 benefit of labor in England would be more efficient than the discharge of the 

 national debt ; and Secretary Chase was right when he said that the " idea of 

 perpetual debt is not of American nativity, and should not be naturalized." 

 There are conditions of society, however, in which national debt becomes a na- 

 tional necessity, and this condition for ils has been created by the rebellion. 

 Among conservative influences against rebellion, the strongest, perhaps, is that of 

 Avealth, for wealth is most endangered by change. Naturally, therefore, capital, 

 seeing that it has no security but in stability, is compelled by regard for its own 

 interest, even more than by considerations of patriotism, to array itself against 

 the political heresy which asserts for each Slate the power to break up the gov- 

 ernment when it chooses. The mode by which capital supports government is 

 by investment in government securities. Ordinarily it sells this support at as 

 dear a rate as possible, but the creation of paper money in limited amounts has 

 compelled it to be satisfied with much more moderate terms than it Avoidd other- 

 wise have extorted. The paper money of the Union, commonly known as 

 " greenbacks," links together by a common interest the government, the capi- 

 talists, and all the citizens who buy and sell. It becomes thus a sort of balance- 

 wheel to the body politic, regulating the action and limiting the power of political 

 leaders and parties. 



Viewed in this light, Mr. Chase's financial and banking policy comes as near 

 as possible to converting our national debt into a national blessing. It makes 

 it furnish and support a cun-ency more national, and sounder than any that can 

 be furnished by State institutions. It makes of the bonds of the government 

 firm supports to currency by establishing them as the bases of banking, and 

 also strong bonds of union by diffusing their possession throixgh all classes of 

 the people. Thus his policy strengthens the government by the general iiiterest 

 of the people in the debt, and secures the debt by the general interest of the 

 people in the government. 



There is every reason, therefore, to believe that if the war be carried on with 

 vigor and success, the currency, far from deteriorating, will impi'ove during the 

 coming year, and that those interests which create a home market for our agri- 

 cultural products Avill suffer no derangement from a depreciation of currency. 



ISAAC NEWTON, 



Commissioner. 



THE TABLES OF THE COXDITION OF THE CHOPS FOR SEPTEMBER. 



The frosts of August and SeptemJ)er. — The destructive character of these 

 two frosts demands a fuller notice than we usually give to the weather. In the 

 last report we stated that the frost of August could not be as destructive as re- 

 ported by some of our correspondents, and we based this opinion on the differ- 

 ence between a frost occasioned by unusual causes and at an early period, and 

 one occurring at the usual time, when both the air and ground had become 

 gradually cooled. This opinion was confirmed by many correspondents, and 

 the ftill crops Avould have been good had not the fatal frost of September 18th 

 occurred. The continued cold air during the first part of September cooled the 

 groinid and prevented the crops from maturing, so that the frost of September 

 was not only general, but found the crops in little more advanced condition than 

 on the 30th of August. 



Both these frosts seem to have had their origin in the same cause. The wind 



in the northwestern States blew strongly for several days before the 30th of 



August, commencing in the southwest and gradually veering round to the north. 



• When directly north, it blew strongly over the middle of Lake Superior, along 



