The Portage sentinel. [volume] (Ravenna, Ohio) 1861-1862, 1861-12-21

The currency plan Of Secretary Chase Is
the subject Of discussion in financial circlss,
and meets with considerable unfayonBle crit
ieisip Tho New York 1ribmss Money ar
Iticis 4 Saturday ssys
An active cooirespondence has been going
ON hs' keen sonis Of our bank managers and
Mr.. Secretary Chase iffFegafd 70 his financial
programme but we cannot learn that any
modification Of It has been brought tabout. A
large majority of the banks Of New York,
Boston and Philadelphia are opposed to the
scheme laid down IN the Secretary's report,
and consider its Adoption as the signal for q
general specie suspension. The bank mapa-
gers are willing "a 90 on lending the, Secreta-
I ~ money for the prosecution of the war, npon
the deposit Of sccuritics; but are unwilling to,
go on further as buyers. They also reqnste
the abandonment Of the Sub Treasury system,
and that the banks be made the fiscal agents
Of the Government Il is also suggested that
the Secretary should issue $266,O00, 600 of
demand notes as national currency to be adj
vanced to banks on deposit Of Government
securities. The bankers Of the three cities
will, we understand, hold meeting here on
Monday to consider the important topics now
presented to their attention. '3'.t ti. ia
The special Washington dispatch Of the
18th to the Times thus speaks of Secretary
Chase's plan Of finance = s'@ ,<''' : =.
The plan of finance proposed by the Sec
retlry Of the Treasury is now under consider
alton BY. the Senat, Committee on Finance
and the House Ways and Means COMMITTEES,
The Secretary's views, as laid down in his able
report, have been explained at length in ano.
lther able, and elaborate. document which is
now before the Committee, together with .
carefully drawn bill, which it is thought viii
not only meet the requirements of the Gov
eminent, but the general approval Of the coun-
I try. Greater advantages are to be offered tC
the banks and banking associations than they
now possess First, it is proposed to securs
n to the country a currency OF universal value
and second, to obtain a large demand for GOV
ernment bonds. 1t is proposed that bureau
of currency be established in the Treasury De
partment, authorized to receive from all tn
banks bonds of the United States on .deposi
as security for the payment of such bills "a
the Secretary shall certify are received in tn
Treasury, These bills to be made payable b,
the signature Of the Cashier or President a
the bank from. whence they may be issued, i
coin or demand dotes The benefit of thi
| provision to be open to all associations fo
banking purposes now existing or hereafter 7
be organized To add to the irducement 70
investing in the Government bonds it is pro
posed to receive and pay out through the Go
ycrnment agencies the notes Of such banks a
r have secured their currency by a deposit 9
8 the bonds of the United States in the Treas
, ury and to induce old institutions.as well a
new ones to invest their own capital in. thcs
bonds the Secretary intends to use such bank
t ing associations rs fiscal agents Of the Gov
crnment, with power to collect all taxes an
other duty coming TO the Government, an
: with authorities to receive and pay out a
i bills that are secured in the Treasury. A bi
to carry out all these objects embraced in til
Sccretarys Report is now beforo the propt
Committee of the two Houses, and will prol
|. ably be reported in few days. Such bill
it is supposed will enable tn, Secretary to oil
tain all the money he requires for twenty ye'
j. bonds f.