The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-12-24

Ting as we have banks of issue, con rolled by
sen of like passions with other men, they will
I'D and abet extravaganza and speculation as
% other agencies of credit can do. There
3ould be just as much living beyond our means,
spd going in debt just as much wild specula-
,ieu and excessive credit, entailing the neces.
fly Of periodical crises of revulsions and
5scuidations, in our country, closed against for.
! ign trade, as there is now.
3 But to return to the Treasury Mote bill. In
he House, it was objected to by Mr. Banks,
) tho justly observed that it was measure that
.sad always been regarded as of doeptful pro.
Zriety, and that never before had been re-
6rted to, except in extreme c ses, and
A,ere loan could not be effected. .fe argued
p favor of the policy of effecting can for a
sraited period.
= We think his position the right ot-. There
but little difference between the sotes pro-
zcsed to be issued, and those of Gsyernment
.ssnk. They are to be paid out to shose hav'
.sns claims on the Government; they are to be
.e,eived in payment of debts due it; they will
* transferable. The twenty millions of notes
1il be issued, not on specie basis, but be-
Suse the G Government has no specie, and its
= tn alone will be pledged for their redemption.
Ser the time being, the Treasury resolves it
-,slf into bank, and its only capital is credit
4 Democratic member from Connecticut claim
II that the measure was demanded by the bust.
: IS interests-it would add go much to the
Hrrencyl Aye, instead of adding twenty mil
u ms of specie to the currency, the Gorernment
lfl put in circulation twenty millions of Gov
Sament notes, increasing by SO much the evil
& paper expansion, against which the Presi-
4 Mt and the Secretary of the Treasury level
4 yir weightiest denunciations. 1t ie nonsense
5 say that these notes will not be uscd as cur
ssacy. TIE poor people will not see many of
saem, they are too large for their purposes 4;
Int they will suit the large dealers, and will
q used, not for investment, but exchange.
= For one, we do not believe .in Government
..anking, however innocent the form. Il the
government cannot pay its debts, and there is
reasonable ground for believing thai there will
permanent deficit from year to gear, there
D but one honest course for it to Enrsue, and
hat is, to provide means by additional taxa
sion to meet all obligations. But, il it be rea-
sanable to suppose that the deficit is excep-
:3onal and temporary, and that the 4ources of
avenue already provided, in ordinary circum-
: hnces will yield not only enough to meet
aren't expenses, but surplus for the liquida-
n of debt, then let the Administration resort
Z a loan for limited period. The country is
i IN, and the loan would be taken up instantly.
Is would be an honest and safe measure. 1t
,Ssld bring gold out of the places where it is
lDy boarded and kept idle, doing 30. good to
I 10 owner or the community, and put it in the
t,nblic Treasury, to be paid out and enter into
rSe general circulation of the country. 1t would
t6en, instead of increasing paper money, in
crease the amount of gold and silver, and tend
to restore the currency to a healthfut condition.
Cannot the Republicans of the House find
enough Democratic members to sub. titute this
Democratic measure of a loan for .he paper
money expedient of the AdministrS. tion, rec
commended by Mr.. Cobbf