The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1861-12-18
Financial Condition Of the Country.

The report Of Secretary Chase has produced
"a celebrating effect in Wall street. Bulls,
that were wont to push with their horns in
times past, are peaceable now, and bears no
longer hug each other except in friendly en-
brace. The stock jobber is rarely found favor
able to the country or the government, but at
present his one strong purpose is to see the re-
bellon crushed out, and the public credit
maintained. The banks and the government
work together without collision, for the first
time in our history.
The progress Of the national debt is as fol-
lows:
On July LIST, lSoc, it was So 7s0, 703
On July lst, 1861, II was 90 S67 ,S2s
On July LIST, 1862, It will be. SIT 372 sO2
On July lst, 1888, it viii .sS7 372 S02
The expenditures for 1852 have been $543,-
40s,42l. This has been in part provided for,
500, 10000 AID more by loan, but there is a
deficit of SzlS ,9O4, All. The expenditures tor
1858 are estimated at $475, 3Sl, z45, oil which
there must be raised ny loan, S37y, 53l, zi5.
There is yet to be raised On loans authorized
$75,449,675. A total amount of over $o5I,.
00O,000 for this aud tine two Coming } ears is re-
quired. Inc deposits in New i ORR are $5O,-
0OO,OJJ greater tnaa last year wnile the loaus,
including the government i0Au, are only szy,-
OOJ,OJJ more lhau u Year ago.
ExciudiAs the government loan, we have Al
cents III specie ~ every dollar vi Liabilities,
while last year at TINS time, it Was only 4
cents. Adding the loan 10 other liabilities AND
the sp.c,e Is ~ cents " the dollar, or, inciud-
ing every thing the banks have one fourth more
sps'c.e sasa last year. Our exports have been
over SlzA, OJJ,OOJ aad in excess Of our imports
by the sum OF S7,OUo,OOO. Last year ut tuis
time the imports exceeded the exports by more
than $ll4, oOJ,OOO. The Independent says OF
Mr.. Cusse's report:
Mr.. Chase does not recommend the establish.
ment VI u UMitcd States Bank, Or that Of a
paper cirf.icy as Legal tender; OuI he propO-
ses WAC .ic aud ia1icai change O. the cur
rency, ny .io,tiIdtino Tor the present bank
notes La CIRCULATION u Govcrnmeas paper eur
rency, Da,ct exclusively Oh Tue depUsi. vi u,
>. stocks, AID ISSUED W me Treasury DEPART
mens ~ Washington 10 The several bAuxlux
Institutions vi Tic county. TINS wiii dlspiace
tue present paper currency Of the otates, and
False the vaidc vi Cnsted SIatcs stocks, which
al00e VAL De received Ua,ls Tor D,li issues
and thus facilitate toe Negotiation vi puoiic
l0aas, besides obtaining The advantage oi An
iminediAte public issue vi demand notes. All
issues, however, are W Oe Made payable on de-
mald IN specie. Thus the specie la the country
Will be retained, aad . Goa servative basis liz
preserved. Tue wisdom OF Mr.. Chase's policy
10 appreciated. The advantages VI a papcr
CURRENCY are secured to tue Government M
Stead vi the BANKS, while the safety principle
81 specie basis Is Retained In all It's useiul
eficieacy. The nnanclal measures Of Mr..
Chase mud acceptance. HIS proposal will i'm
prove the currency OF the Whole UniOn vastly
when carried 0ut, aud the currency OF the
western States wall NJ longer We dlstrusted.
wildcat banks Will cease to exist. The banks
Will Dc cOnnaed to their proper business OF DIS.
counting, not OF making CURRENCY vi their bill,
issues. Tnere Will ouiy lie one form of bin
issas, probably, all over tae country, and one
sanctioned by the Federal authority.