New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-12-23
TIE WAR FOR The UNION.
TE0M vyksIENGTON.
ryr. Chasc's Financial Project.


counter viii be that growing cut OF old prejud'ces
remaining from Tie struggle between bhhN ana
Anti.Bauk men and tha; made by an inconsdcrabe
portion Of tie banking Interest Discussion ana en-
planaion will correct the misspprehensOus of those
who imagine that the National Bank is to be Fesusci-
tated. while it is hardly probable that the plSn viii
be opposed by any Of the banking associations,
EXCEPT those who have made money from the depre.
citation, in the hands Of the PEOPLE, Of their shin
plaster carreucy, VINO unable to redeem their
notes, and they viii not be likely to receive much
sympathy or consideration.
In some respects the plan proposed by Secretary
Chase is similar TO that recommended by President
Tyler and 10y his Secretary Of the Treasury, in y,
under the name Of "the Exchequer" but il
more comprehensive, and entirely free from any
features of resemblance to the bugbear Of the
last generation National Bank. "The Exchequer
plan contemplated the transaction Of business in
bills of exchange with the consent of the several
States, and hesides, contemplated furnishing
repoy not TO replace, but TO circulate side by tide
with ne notes of local institutions 1t was proposed
10 limit the issue to SIS 100000 and the eXchequer
bills" were 10 be, in effect like our demand notes"
an addition to the circulation of the country. The
whole country was suffering then, as portions Of it
now, from over Issue of paper, and from
unsound banking system The EXchequer" bill
united a the moderate Of both the old parties,
Bank and Ant-Bank but il was killed by the ultras
OF both sides. The anmOsities attending TIE strug
gle over the old Bank Were yet TOO fresh, and tie
business interests Of the country were ground to
powder between these two upper and neither mill
stoues-tae class who wanted a restoration Of
the National Bank and that which wanted
an independent Treasury. The EXchequer'
was defeated, and the independent Treasury
we have had and, while no peculiar exigency
existed we got along well enough with Il.
But with the fret real exigency it has bad to give
way. Tie truth is, that National Bank meGdled
too much with the everyday affairs Of tie people, |
while the Sub-Treasury bad 700 little TO do with
them Tie advantages Of the Sub-Treasury were
more than eCunterbsa1 ced by The evils Of the Ma
tiona Bank, while the freedom from possibility Of
abuse claimed for the former lost all force from its
inability to do good.
The idea Of national currency has always main
tsiped lis hold upon the public mind, and has made
itself felt every few. years in way or another.
Ii was urged by the earliest ststesmen of the Re-
public of the most important means Of support
10 the Government. In one form or another some
time of public pressure, not only by Government
but by every oher yet none has had the wisdom
to carry out fully the principle of which all have
awaited themselves to greater or less degree. In
1898, the English Government authorized, in time of
panic the issue of G5OOOOcO Of Excbequer bills,
and the aid afforded thereby saved the trading class
from universal bankruptcy. This was constantly
resortei to during the struggle with France amounts
u
large as the marke, would absorb, and the same
policy is still continued. The pledge of the national
faith has always been eagerly sought for because it
afforded the nearest possible to perfect security.
In this country the issue of Treasury Notes, sub
stlntially the same az Excbequer bis, has been
favorite means Of providing for similar eXigences Of
the Government, ofentimes TO the amount Of ten or
twelve millions of dollars. These have sometimes
only borne a merely nominal interest but even
then, with the disadvantage 10 the holder Of not
being convertible at his option, they have been
readily taken up and larger amounts called for.
The readiness with which twenty millions of
" demand notes has been taken by the PEOPLE in
the short space Of four months 10 sag nothing Of the
$50, 001, 600 Of Treasury Notes taken up in
vesnen and this in time Of doubt and trial, shows
the estimation in which this currency is held by the
people. Forty millions might have been put in cir
cuation within the same time without disturbance OF
monetary conditions The only limit their circua-
ton thus far has been the ability prepare the notes
themselves.
No man can have a more hearty deesatiOn Of an
inconverble paper currency than the present Secre-
tary of the Treasury. His early political associations
were with the party which broke down the old Bank,
and be has steadily opposed the issue Of excessive
amount of paper, which might be thrown back upon
The Government for redemption in such way as TO
enbarrass its operations. The adoption Of his plan,
as proposed in bis report, viii relieve the country
from one of the most odious and oppressive taxes
ever endured by peope-that ola constantly depre-
ciating and oiientines diecredited currency. He
proposes to invest the Government with no monopoly
which can be made the means Of political favortism
snd jobbery butte furnish the people with properly
guaranteed currency, from the circulation OF which
they will themselves derive the benefit. 1t throws
no additional power or patronage into the hands OF
tie Government but simply gives it power Of self.
projections and Of consequence of the protection OF
the people against the abuse by parties having no
support but the uncertain of private credit, of
prerogstive properly belonging to the Government
and one with which Il should never have parted AT
the same time no injustice lis done to those private
persons and corporations now engaged in banking.
To the amount of their circulation they will be re-
qpired TO deposit with the Secretary Of the Treasury
bonds Of tie United States The interest Of which they
will receive 50 long they continue 10 redeem their
notes. The notes themselves, signed in blank would