The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1862-01-01
Wall Street.

Things look brighter
The excitement recently created BY tho
prospect Of possible trouble with England
on the Slidell and Mason question has been
removed, and Secretary. Chase's, report Is
giving great satisfaction.
The feeling Of Wall street does not q.
ways 60 with that Of the country or Of the
Government, but at present it does. It Is
strongly in favor of the Government policy.
Its one strong aspiration is to see the rebel.
lion put down, come what may, and to 500
the public interest upheld.
The banks and the Government continue
to work together. Mr.. Stevens, of the3Bank
Of Commerce, has been in attendance on tho
Secretary for some days in consultation on
the proposed changes in the currency.
Mr.. Chase does not recommend the es-
tablnhmept Of United States Bank, or
that Of a PAPER currency as legal ,e nder;
but he proposes q wholesome anl radical
change Of the currency, by substituting for
the present bank-notes in circulation Gov
ernment paper currency, based exclusively
on the deposit of United States Stocks, and
issued by the Treasury, Department at
Washington to the several banking institu.
tions of the country This will displace the
present paper currency of the States, and
raise the value Of the United States stocks,
which alone will be received as q basis for
bin issnes, and thus facilitate the negotiation
of pubic. loans, besides obtaining the advan-
tage ofan immediate public issue of demand
notes. All issues, however, ara to be made
payable on demand in specie. Thus tho
specie in the country'will be retained, and .
conservative basis be preserved. Tho wis
dom Of Mr.. Chase's policy is appreciated
The advantage Of paper currency are sc.
cured to the Government instead Of the
banks, while the safety principle Of specie
basis : retained in all its useful efficiency
Secretary Chase thus states the outline Il
his plan:
"Tts principal features arc.
1st. A circulation Of notes bearing CON-
mon impression, and authenticated BY
common authority.
3D. The redemption Of these notes BY the
associations and institutions to which they
may be delivered for issue.
3d. The security OF that redemption by the
pledge Of United States stocks, and an ada,
quate provision of specie.
In this plan the people in their ordinary
business would find the advantages of uni
formity in currency; Of uniformity in secu-
rity; of effectual safeguard as is possible.
against depreciation; and Of protection from
losses in discounts and exchanges; while in
the operations Of the Government the pco-
pie would find the further advantage of
large demand for Government securities, Of
increased facilities for obtaining the loans
required by the war, and of some alienation
ofthe burdens on industry. through dimu-
n:tion Of the rate Of interest, or participa-
ton in the profit of circulation. without
risking the perils Of great money monopo-
ly.
I A further and important advantage to tho
people may be reasonably expected in tho
increased security Of the Union, springing
from the common interests in its preserva-
ton, created by the distribution of its stocks
to associations throughout the country, a.
the basis of their circulation"
The proposed legislation will ofcourse sr,.
perccde the state legislation on the subject
Of bank bill issues. The states ought never
to have had such authority. any more than
Of coming, to which II Is analagous--N r
Independent. 18th.