The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-04-05
The Proposed Ns,lon.l Curr.ncy

that are already winning approval at home ant
, admiration abroad, as wisely adapted to tn
emergencies of our condition. The first of thes
measures lie that already adopted by Congress
to authorize one hundred and fifty millions o
Treasury notes and Eve hundred millions of Gov
eminent bonds to meet the extraordinary expen
Gee of the war The second is the tax bill, nov
under discussion, to raise, with our tariff, on,
hundred and fifty millions year, which vii
meet our ordinary expenses pay the interest Oh
tie debt created by the fret measure and pro
vide sinking fund for its early repayment Th
cy, and this will be brought forward as soon a
Congress has finished the tax and tariff system
The best explanation and defense of this thirt
measure we fDd in the speech of Mr. Hooper
tue eminent merchant and 6nancier, who repre-
sents Boston in Congress, and has become
prominent member Of the Committee of Way
and Means This speech elucdates the who'll
financial scheme Of the Government, and ba
been commended in the English journals for it
comprehensive ability and large familiarity will
the subjects discussed. We extract from it tn,
part relating to the currency system, with th,
simple remark that we believe It forshadows
most grateful and useful revolution in the cur
rency Of the country
For nearly thirty years the country has beer
without uniform paper currency. As nearly
of paper, specie being seldom used excep,
in the payment of balances, the inconven
iences resulting from this want have been very
great. The travelling public, remitters of small
sums by mail, and the laboring classes who OF
ten receive their pay in uncurrent funds, chiefly
experience these Inconvenience In order tt
relieve this want II is necessary to give to tht
paper currency three qualifications:
"First. II must be well secured, SO that the
people may feel that they are sure of obtaining
its value when needed
Secondly. 1t must have governmental en-.
dorsement or guarantee, so that the people ev.
erywhere may be able to distinguish it, and the
government prove its confidence in it by taking
it in payment OF taxes, assessments, and other
dues t,
"Thirdly. 1t must be guarded as far as pos.
sible, against arbitrary increase.
'These requisites have all been provided for
in the proposed bill. The paper currency is to
be secured by deposit, with the government
Of United States stock, the market value ol
which shall be equal TO the amount Of currency
issued. There can be no higher security known
to The government, and its permanent value has
heretofore been known. The government, upon
the receipt of such security, is to certify on the
face OF the notes for currency, that the same
are secured by pledge of the United States
stocks,' and is to take them in payment of all
taxes, excises, and other dues, excepting only
for duties upon imports. Lastly, the govern
ment cannot increase the amount of the curren
cy, except upon the application of bank, and
the banks cannot increase it except upon the ap
plication to, and depositing security with the
government. .,..-. f. .....r..
ct has been suggested that, as far as the gov
ernment alone was interested, the objects which
it had to gain could be attained in an easier ant
less expensive manner; that the paper circula
ton of tho country being in reality loan from
the people without interest, it would be equta
able and just for the government to take thi.
loan directly into it's own hands, and furnish all
the paper circulation, instead of allowing
the benefit Of it to private associations and in
dividuals But the committee deemed it more
wise to attain their proposed ends, If possible
without disturbing existing institutions, or hab
its, or doing anything that might injuriously af
feet private interests. The currency is there
fore left to the banks; they are only required to
deposit security for it, and to submit to certain
established rules and regulations prescribed in
the bill, in order to insure conformity of man
agement for the common benefit of the banks
themselves and the public.
ITO many Of the banks these requiremen nts
will not be difficult of performance, as they al
ready hold stocks Of the Unitod States, which
they will be at liberty to pledge. In exchange
for the restrictions imposed upon them, the bank
will enjoy the benefit Of fixed and permanent
interest upon their hypothecated stocks Al
odor of nationality, as Mr.. Webster called it, il
also impaired to their bills, enabling them to cir
culsse wider and fusther than before; and wha
would become a constant drain upon their spe
Gle 10 checked by the consent Of the governmen
to receive their notes in satisfaction of it's dues
.'1hus are secured all the benefits of the ole
United States bank without many of those Oh
iectionable features which arouse opposition.
vas affirmed that, by its favors, the government
enabled that bank to monopolize the business Q
the country. Here no such system OF favoritisI
exists II was affirmed that while large poi
ton of the property in the several States, owne
by foreign stockholders, was invested 10 tha
bank and it's branches, yet it was unjustly ex
empted from taxation. Here every State is lef
at perfect liberty 20 far as this law is concerned
to taI banks within its limits in whatever man
ner end to whatever extent it may please. l
was affirmed that frequently great inconveni
erce and sometimes terrible disaster resulted Il
the trade and commerce of different localities b.
the mother bank Of the United States arbit.aril
interfering with the management Of the branch
es, By reducing suddenly their loans, and some
times Withdrawing large amounts Of their specie
for political effect Here each bank transact
its own business upon its own capital, and i
subject to no demands except those Of its Owl
customers and its own business. 1t will be q
il the Bank Of the United States had been di
vided into many parts, and each part endowed
with the life, motion, and similitude Of tht
whole, revolving in its own orbit, managed b.
Its own board OF directors, attending to the bus
insss interests Of It's own locality and yet to the
bills Of each will be given as wide circulation
and ss fixed value as were ever given to those
Of the bank of the United States in its palmies
days. It is not to be supposed that variation il
the rates Of exchange will entirely disappear
specie itself yields 70 the Law of demand and
supply, and Auctuates in value with the eontin
ual changes of the balance OF trade. But thi
currency will approach as near uniformity in 1t
value as possible. These Institutions all orig
nate among the people in their own localitie.
sndssre not created by the government. Th
government simply authorizes the investment
capital in the loans, and the use Of the bond
'eP'eSueu6 the loans Ae basis oil q sound eli
culstion. S 1tf
This measure, will, therefore, give to Ii
people that which they most desire, q currene
which shall not only purport to be money, b,
shall actually be money in broader and MOI
positive sense than are the notes Of the Bank
England, high as they are in the estimation
the commercial world. for the reason that Il
depositors Of the Bank of England, equally VII
the holders Of its notes. look to the governme
stocks, in which its entire capital 10 invested
their security; while this plan Of the commit,
proposes that the stocks Of government, vii
lever liabilities and paying larger rate of /
tesest, shall be specially pledged for the securi
OF the notes alone"
woodson McIntire, Deputy Sheriff of Mere,
county, Kentucky, was murdered on the 201
INST, while going to sell some property und,
an execution, by man named William Burn
50 sayss Harrodsburg correspondent of IL
LOuisyills Democrat. .s''..1-