, 1861-10-09

ANAylONAL CURRENCY.
Fer the fist time l. the history Of the
country the people are to have q National
currency which men Of all parties can cor
daily approve. We allude, Of course, to
the Demand Treasury Notes. The mora
circulation they gut, and the more the prin-
ciples on which they are issued are exam
ined, The more popular will they become.
In the first place, they possess whatever
advantages can be claimed for paper
money without Sny OF its defects and dis
advantages. They have none Of the ex.
pens;ye and unNisldy machinery connect
ed with banks Of issue They do not form
The basis Of di~counts, and no Board Of
Directors, dispensing avors to a lew In
terested parties, is needed TO regulate their
Issue. No splendid barking houses need !
to be erected IN which the business of
shaving s1aI be carried On. Tie Govern
mcnt simply pays them out to its creditors |
in place Of so much coin, and>they are
receivable for ali dues to the Government, |
OF they are 1edeemable in coin at the |
0plllu u ilE pu AOlAEl.
Th responsibility Of the utterer Of a
"p1onise to pay n The form Of money
is tn essential clement in our estimate Of
it's value. Tie American people are the
persons responsible for the payment Of
these Treasury notes. To use metaphor,
there are 24,000,000 Of stockholders, in
the bank that issues them, aud they
have an accumulated capital, as shown by
tue census tables, Of THIRTEEN THOUSAND
MILLIONS OF DOLLARS. In this statement
both the people and the capital OF the
rebel States, who in the end must contNi-
butte their quota to the security and the
payment Of these notes, are omitted They
viii be in the hands Of our own people,
and who can doubt for moment their
integrity and their ability to pay them to
the last fartling.
In the case OF bank notes, the bank
charges and receive Interest on its own
debts. Hence for time expansion goes
on swimingiy. The more OF its oWn debts
that Is, bank notes.-the bank lends, the
larger the dividends it can make. But
when these bunk notes bsve fosterea
speculation and by their cheapness driven
nearly a1l The real monsy coin out Of the
country, inaneial reyllsion renders most
Of them nearly If not quite worthless, and
bankruptcy and ruin are the inevitable re
su1t. Now all this, system Of expansion
and interes; paying is done away with By
these Treasury notes. There is no inter
est charged By the government-non
paid by the people. Scarcely any man 81
poor that he does not have a bank bill i
his pocket Unless he is the man VIII
borrovs it from the bank he pays no il
tercst On it; but somebody must pay th
bank Tor its absence from the vaults if b
docs not, and hence bank issues are . COL
slant TX upon the community. NO,
the aggregate Of the money, tor the tin
being lying idle in the pockets Of the Pc
pie ii, enormous, and # they keep the
reserve funds, as we believe they will,
Treasury notes, it will be source Of gre
convenience and in reality Of profit to Il
government It will saye.bo1rowing, 81
Of course paying interest on the san
amcunt of money.
But perhaps the greatest advantage t
people will derive from the use Of this I
tional currency, Is that it Will do away {
ti1e1y with the enormous tax which
business Of the country pays for exchau
The bills will be equally good in all part:
the country. With them in his pockei