, 1861-08-08
Cbirago Crih,@t1t
THURSDAY AUGUST s. 1851


THURSDAY AUGUST s. 1851
NOT KErEALEn.
There is. an EXPRESSED fear on Up thR part |
If scme Of orr co:emporaEies that the
Sub Treasury law, By the operation Of
= hich Government has, dince 1857, kept.
clear Of -hnancial complications growing
cut Of IN expanded hence deprecated !
paper currency, was repealed BY Congress
in the Extra Session just cloaed, and that |
at the very beginning Of The: war, the Gov
eminent will descend to thesuse. IF paper
medium insieado gold and silver: There
is a degree Of obscurity about the act by |
which the repeal is said to hare been ef- |
fccsed; but We cannot construe it to mean
that bank paper Of any,sort is. to be re-
ceived for Government dues, Of that the
officers of the United States are authorized
topay it out fpr any purpose o. at any 1a's
whatever, The Journal Of Commerce ana
few papers, Of thai lk,' are busy Win
their representations Of evil as the result
Of the recent legislation; but their evident
desire to coax or tc1rify the North into
an immediate and dishonorable peace with
the rebels must account for their obliquity
Of sight or their :Aagrant dishonesty. To
ouiet all aprrehensions, aad to assure the
country that the Government is not about
10 fall into the :slongh into which it Vas
mired in 1887, ne, quote Mr.: Fessenden's
report from the committee Of conference
on the disagree1ng vote Of the two houses
ofCongress, on the bin supplementary to
the act authorizing. . national loan, and
which was agreed to by both houses.
It is as follows: -
The committee Of conference on the disagreeing
~otes Of the two houses on the amendmentuf
the senate to The amendment Of the House to the
Iii 6. Nc. ~ supplementary TO an act entitled
Ian act to authorize q national J. an, and for
other pu1posea,'' having met, after falland free
conference thereon, hnve agreed to recommend to
their respective honses as folows:
That the House recede rom thsir disagreement
to the Senate'e amendment, and agree to the sane
with the following amendment; add the follow
irg: :: s.
HKE. o -a1s4 ~ u ! A5IttF EH4E1tHs 11At kAI
provisions OF the act entitled San act to provide
for the better Organization Of the Treasury, and
for the collection, zafekeeping, t<ansfcr and dis
b1rzeme1t of the public Eeye1ue, passed August
6, 1876, be, ard the same are hereby, suspended,
50 as TO allo1f the Secretary Of the Treasury to
depoeit any Of the moneys obtained On any Of the
lcsus NEW authorized by law, to the credit of the
treasury OF the United States In such solFent spe-
cie-payfrE banks, IS he 1nay select; and the sa1d
mons ye 30 deposited may be Withdrawn from such
deposit With the regular authorized depos1tarics,
CT for the payment Of public dues, or paid in re.
de1nption Of thenotes authorized to be issued IN
der this act or the act to which this Is suppemen
fa1y, payable OF demand, rs may seem eIpeaien'
to, OF be directed By the SecretaTy Of the Treas
ury.
@sskc. Z. Ind b. it further enacted, That tn
Secretary of the Treasury may sell OF negotiate
for aoy portion Of the loan provided for in th
set which this is supplementary, bonds psYabl'
not more than twenty years from date, and beas
ing interest not exceeding six per centum per an
Ium, payable seruiannuslly, at sny rate not les
than equivalent Of psr for bonds bearing seven pc
cent interest, authorized in the said act.n
". r. FEssESDEH,
JAMES A. MCD0UGAL,
Managers on the part Of the Seaatt
THADpEUs STErEis,
Z. G, SrAULDNa,
Nda0geTs On the part Of the Hoxs.
We see in this no repeal Of the sub
treasury act-nolhing more than 6 suspeu
sion Of one Of its clauses which pro
1ibits the deposit Of money in local bank:
This suspension, we take II, WAS ,ins!ste
upon as matter Of convenience to th
subscribers. Of the loan, which, if the ps
triotic instincts Of the people have nj
been oEerrated, will find takers in all par
cf the land. Whatever the hidden desig
Of the movement hy which, under sp
cious guise, this chHnge Of a necessa1
and important 1aw-never more necessa
1oz important than during this war-w
effected, VIE have sufficient guarantees
the financial eoundness Of Mr. Chase, tt
he will consent to no arrangement vine
by the good credit Of the Government Y
be impaired and the permanent
terests of the people imperi1led. Wekn
him to he q warm friend of a metallic c
rency; and ne cannot conceive that a
probable exigency will cause him to
that which would be condemnation Of
sound opinions that he has always he
On the contrary, we have implicit ia
that the discretionary. power with VII
he Is clothed viii be simply exercised
the maintenance Of that well tested d.
ccsh1ic policy to which he is commit
sid tie value Of which will be now O
more proved.