Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-12-12
REPORT OF THE SECRETARY OF
THE TREASURY.

The urorositon Of Secretary Chase, CON
tanned in the allie report Of which we give
an abstrac, to day, cannot fail 10 attract
much attention and excite discussion. He
r-oposes 10 combine national credit with
rriyate capital, to secure for individual en-
terrrjse the advantages TO be derived from
the sanction Of the general government, and
70 give to the nations credit the support OF
r-iyats wealth. lie believes this viii be
accomplished by gradual substitution OF a
currency bearing the stamp Of the general
Government, though issued by voluntary
5anking associations, and based upon United
States bonds, purchased by said associations
and deposited with the proper United States
officer as security Tor their issues. Such a
currency would have the great advantage OF
uniformity in description and IN value, and
would in few years take tn. place q all
other forms Of notes now in use. Its value
could vary only as the credit Of the National
Government varies, and il would soon be re-
c}gnlzed abroad as at home, as being based
upon the wealth Of a nation, and having
that nations honor pledged for lis redemp-
tio1. 1t would afford also firm anchorage
for the Union OF great People, to have
their currency thus uniform and secure, and
bearing upon its face the stamp of the La
,ional approval and support.
The plan Of the Secretary, it wil be OBJ
served, is not proposal to Try an expert
ment. The principles upon which he POUNDS
Lisscheue, have already been practically
tested. and have met with success in the
Empire State, that warrants the statements
and ius.ifes the expectations presented in the
report. His recommendation to secure q
uniform currency by tie APPLICATION Of prin-
cirles already tEiei ana approved, IS pre-
scented f.I consideration At time Wien it is
lizcIy 70 gain a hearing. The l5y1 Of non
de elipt notes which have Of late inundated
the immunity financially, furnish a strong
ay-ument in tie minds Of the people At
least. IN favor Of tie S-cre--TT'z lropas.a-n'
Whether his recommendation to tax c3rQ.-
rate circulation, as a par: of his plan, VIII
render banks uu!4y0r45le a. first to this
scheme, is perhaps q question. Tie general
verde. howev.r seems likely 60 be in his
favor.
The recommendation Of the report, % Oh
tain the S27O,00O,OOO required to meet the
exreasas Of the cur-cat fiscal year, in adii-
ton 70 tie means provided by existing laws
no. by authorizing an Issue Of Treasury notes,
but by negotiating loans, can hardly fail 70
NEE. universal approval. That there has al
ready been an imitation Of the currency
and that the aggregate Of the curran-
eyin circulation is in excess Of legitimate
demands for its employment, is certainly a
prevalent opinion, and enc IN which we
coincide, notwithstanding the ingenious rea-
s5ning u the Secretary 20 the c-nirlry-
Neither can we fully agree, thai il 5y any
possibility there may be a redundancy ol
curreacy-which, however, he docs not al
mit.-such redundancy is primarily and en-
tircly due to an excess Of corporate eiEc1la
ton, and an increase Of bank deposits which
are made to serve the purposes OF currency
Nevertheless we believe all viii heartily con-
cur in the Secretary's conclusion, that neso'
-i,-i-- i1qrs and not authorizing an issue
Of treasury notes, Is now tie true poieY o
the Government.