Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1861-10-11
Government Finances.

From the n. Y World, Monday-money articles,
E2- The New York banks have gain
ed about $4O0, 600 to 100000 in specie
each day of this week. and now hold about
thirty niue millions the mercantile loans
have fallen below one hundred millions. -
At the associate bank meeting to day it
was agreed, by unanimous vote, to take
the second installment (ffty millions) of
the government loan some details in the
arrangement are left open until Monday.
1t is not improbable that the banks may
arrange on Monday to take the third fifty
millions of that loan, thus agreeing to sup
ply government with the whole one hun
dred and fifty millions, sufficient for the
war expenditure until February, 1t is ve-
ry satisfactory for the nation to know that
government is in complete accord with the
bank managers in their desire to keep our
currency to specie standard, free from
imitation by an unnecessary issue of treas
ury demand notes, and that the specula-
tors who hoped to inancier an imitation of
prices by issues of an irredeemable paper
currency, to the iminent danger of the
Union cause, have been signally defeated
in their schemes to aid the rebels. Gov
ernment means to adhere to the principles
of finance (recognizing specie as the only
money! embodied in the sub treasury sys-
tenn, as those sound principles have been
pronounced right, by the calm. deliberate,
and well considered judgement of the poo-
pie of these Uated Star es when they vo-
ted down the United States Bank
The wisdom of their decision was corob-
Grated by the veto of Andrew Jackson, and
was in accordance with the opinions of
George Washington, Franklin, Jefferson,
and all the best intcllects that aided in
founding our republic. Government can
obtain by loans all the money requincd to
prosecute this war with the rebels and so
long as the money is borrowed from those
who have it to lend, the nation benefits
thereby, because government then does
not depreciate the currency By an issue of
dmand Treasury notes, but simply bor-
rows unemployed or surplus capital to sx-
pend in cash for the purchase of domestic
manufactures. agricultural products and
American labor, thereby taking the place
of business discounts to the amount of the
loans, and wonderfully stimulating the
trade of the nation in it's exports by keep
ing the prices of our products down to a
specie standard This policy also pro-
vidcs an extra trade for cash to the extent
of 375. 100000 per annum, which exceeds
in amount and advantage to the country
the average of our whole foreign importa-
tions. In the war of 1912 the advocates
of government issues of paper similar to
demand treasury notes without specie to
redeem them, were open opponents of gov
ernment, traitors to their country, who
suggested the scheme in the hope that gov
ernment credit would be hopelessly ruined
thereby, and the honor and best interests
of the country fall sacrifice to their trail
torous policy. Abraham Lincoln and his
cabinet merit tie hearticst gra.tude of the
county for their frmness in resisting the
pressure of designing spectators. who
would gladly see an issue of demand treas
ury notes without specie to redeem them,
in order to further their own selfish ag-
grandizement at the expense of the nation
and the nations honor and credit. The
scheme is so transparently for the advan-
tage of the rebels that it is simply another
phase of the Peace Party's" treason, and
the discontinue Of "the irredecmable note
spectators is the nations gain.