, 1861-12-14


iancce prices In very great degree. It will
&c adtnnittcd also, that II the new dollar or
he new hundred milllon arc real dollnrs, nc
ual gold or silver, the necessary increase in
prices is not IN element Of danger, because
It Is permanent, and not liable 70 be "hisked
ers, who are always the first to take alarm at
the dangers which they create-Khile, on the
other hand, II the addition to the circulating
medium consists Of paper 1ctions, having no
value In themselves. and rcprcsentlng ouly the
debts Of sixteen or seventeen hundred cozpo-
taions, the increase in prices 1s only mo-
uentary, and liable to vanish at the T1l of
those who created it, resulting, Of course, in
what VIC call panic or financial rcEulsion.
ict how persistently will some persons insist
gold eagle "as long as it will 60 AS though
that were q clincher to Ill larsament, aud there
could be nothing more said These persons
arc always inre1ghing against "thc drain Of /
Re et f Eat ffoss 0 aoar III Ra1s
where it will buy tho most, in spite Of tariffs,
enactmcnts. t
That the present banking system, or lack Of |
system, In the United States, ought to be |
currency restorcdto the normal standard Of !!
gold and silver. it would be easy to show BY I
fair argument How to do this without incur t
ring widespread ruin and distress by suddenly |
reducing prices and lmpaiE1ng the value Of Ill |
contracts extending into the future, is another
and more serious question Obviously the
General Government is the only power which
saa do it.
If the suggestions Of Secretary Chase arc
adopted, as they undoubtedly will be, the
amount Of currency in circulation can be
known to dollar at any time, At present it
can only be guessed 1t, or approz by
laborious compilation Of bank returns IN the
various States and eren. thenwe eau only
know what 1t Was six months ago, for 20 two
States publish their returns at the same time.
Sudden imitation or contraction can thus be-
prevented, and when the time comes, as all
true patriots hope il is coming, when the pre-
sent exdgency> of the Treasury shall no
longer exist. the notes can be slowly
retired and redeemed, without creating any
furry OF conlmotion, without working any
injustice to debtor OF creditor, and leaving us
beyond the reach Of panies OR re1U3sions here :
after. 1t may be safely affirmed that no such
thing as monetary panic or general bankruptcy
was ever known TO the civilized world priorto
the beginning. Of the eighteenth century,
when bank notes first came in fashion. The
Chinese had several such panics before that
period, each followed By rev oluflon, a change
Of dynasty and enormous hloodshed, and al
Of them oceasienea by paper OR deeE-skin
money, but before Europe and America learn
| cd the art of making money from such matc-
rial, China had nh1oazned it, and She has been
| drawing the precious metals away from Eu-
! rope and America ever since, Is the Banks Of
| England and France are particular to tell Us
| about twice eHra year.
The most obvious advantages OF q Treasury
| note currency are: 1st7 its equal and un-
| changcab}c Talne in all parts Of the country,
| placing exchange at par In every State and
| Territory, city and village, foE, in no eFent,
can draft on New York Or Boston OF Wash
| ington or Chicago cost more than the expense
oftransmitting the funds By express,.a small
fraction Of one per cent; "a, its unequalled
security, for surely the Government, upon
whose stability ali lesser institutions rest,
presents EolTencY more to be depended on
than ything else not literally framed Of gold !;
Sd, its healthy influence on the people, who
will be the l0lders OF the note5-eaeh man
being thus enlisted in the support Of the Gov
ernmcnt and y1tally interested in its financial
success. That there arc dangers connected
with the plan-dangers inseparable from all
schemes for making money out Of auglt else
| than gold and si1Fer--it would be useless to
deny. The chief danger is that there will be
constant temptation to increase the issue
beyond the point Of the present currency 81
the country, and thus run into the ditch which
is about receiving the rebel Secretary Mem.
mimgeT, who has added bis treasury notes to
the bank note circulation Of The South, instead
Of substituting it therefor, and thus doubled
:. the prices Of everything il the Richmond,
kets, except those articles, such as sugar and
cotton, which depend entirely on foreign
markets for price. But it is believed By ths
best fnanciers i'll either House Of Congress
.. that these dange7s are not to be compared
with those to which the country is CONSTANT,
!. exposed By leaving the currency in the handt
and at the mercy Of thousand banking cor
porations, more or less honest, more or les
able to pay their debts more or less capable
Of managing so vast an interest for the pnbli'
| good. It should be remarked that those bank
which have SO nanfnlly helped the Govern
| u1aut md i0daeH shou1darad IL olancr eEn
l since the fall Of Sumter, have no circulation
r Of their Own worth taking into the account
and they are in favor Of Secretary Chase plan
: Of the two plans proposed in the Report 70
= accomplishing the end had in yiew, the fozme,
e which contcmplates the gradual Withdrawal
+ from circulation of the notes Of private corpc
= rations, and for the issue, in their stead, G
c United States notes, payable in coin on de
t mand, meets with most favor. The latter
c which conten1plates the preparation and 1.
prepared for circulation under national diret
: tion, and to be secured as to prompt convert
d bi]ity into coin by the pledge Of United State
It bonds, is simply the exploded Illinois syste1
~ Of banking on security. Under such a pla
tic notes would be just Us good or just as ba
; as The Institution through Which they shoul
IL pass, for the security will be very good whe
you don't want to realize on if, and yc1
, doubtful OF very bad when you do.
l. Gen. Fremont has taken apartments abo1
Is / ulluNit1 QELhtC4 llE NHp1lUl LIZ L1ACCI
h tive Mansion. He has not reached the cit
IL yet however It was reported yesterday tn:
n he was whiting for Congressional dclegatio
l. togo to New York and act rs his escort Or bod,
IT guard. If he be tarrying for this ceremony,
predict that he will not come at all, for 1ia1
searched diligently to find one single memb
y Of either house whc proposes to defend hin
G, That one is not to be found Two Or thrt
,s members, who enjoy the confidence Of Il
10 country to a large extent, were on his staff
4 l r; In rupE 4hpf he
c. from them is entire silence. FSchuylcr &C
T. | fax, his wlole-souled friend and warmest d
A. fender, Gays word in his behalf on the flo
u OF the House, he will surprise those nj
ar know him most intimately. Mr. Colfax1ov
be not wisely. but too well; vet venture to s.
a. that his sadness at finding his idol to be mas
w. Of clay, is not more gricyo1.s than that Whi
us once pervaded the Office Of the CHICAGO II
IL BCEE for the same reason. The fact is, t
d. main items in the report Of the Investigate,
- committee Of Congress have become publ
~ fortified as they are by the sworn testimony
I'd, some 800 witnesses and by the handwriting
or Gen. Fremont hi7,Self. Such things as the f
re lowing arc not to be defended by anybody
" 70 be out Of jail; The story OF t
well ventilated in your columns, that
es- SO far as it went. Major Kappner built flye
re =. I. Beard, Of the California gang, was p:
Y, S171 ,ooo hy Gen; Frcmont's written requi
al. II. -
Far erection Of the five others, not in any deg
WI more expensive than Major Kappner's. Be:
nc was paid at the rate Of tacenty 7pe cents per
na Ion for cisterns, which cost Major Kappl
NC only t.eo and aes.ea,-te,eM csnts per gallon
-, other items in the same proportion The
I'LL ders drawn by Gen. Fremont on Quarterm
en- ter McKinstry were in about these words:
HEADqCARTERs NEaTEKH DEPAR2aEsT.
,:,- ST. LOFTS, September 1851.
oA ION viii pleaee pay to E: L; Beard S80,0oo. .
or. informed bF him that that Euu1 le feQult
and il not received he will be obliged to discha
large number Of 1aborerE, and the work On
fortihcatons viii cease.
(Signed) Jous G. FREaosr,
d Major Geuerul Commanding
nv Tod McKReTRT Quart e1maater {. S. a.
5as9 On tic re1y se1t day comes another or
-: a from Gen. Fremont, IN precisely the same
~ ~: guage, for SCI, COO, hut without any date
~. - obvious inconsistency Of diEcharEinE Ii
~, number of laborers to-day, for want Of 468,
w when $50, 600 Was paid On their account )
te1day, seeming to have Impressed the ma
of the draft. McKinstry, not having
money at hand, endorsed The draft over to
:, Is, Of his subordinates, and accidentally date
tue on the back. AL the payments to Beard n
est made IN the course Of single week;
Lar- Gen. Fremont ordered a pafment Of s68, ,0N
Nh be made, five days after be had received Ses
the on the fortidcations aRd to u7akc no nsore 7
to | s,,c7at8 on dccotsnt Of them. Major Allen.
on- whom this draft was drawn, refused to paw
a'' Therefore, though Beard got only sill 900
lin his FIVE forts, he received Ffennont's writ
its. orders for s237, 900. or four times Us mucf
mia | Kappncr got on an honest Jet profitable {
tract for Lis five. Il would be strangc ind
sar if such acts Of robbery AID mntiny 6ho
see find apologists in either branch Of Congr
A.A