New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-25
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TAXING Tank Notes

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I..,,;,a q shinpiasier era Of indefinite d'Hatop,
80 60 and in the wreck Of public and OF private
IT, Rnt there ia another OF the tna0c,l expert
cant. horn of our necessities, Which "il 80 fur u
.,opo for any mistakes, short OF tho grand one Of
constituting al irredeenGble Paper currency. ihe
r,eseu, crss which will give consistency aud regn-
lary 10 our matt nnl character and iorttutons w,'
xthout much doubt, free us from the dered III
conuuo5s and constantly varying currency m r
which the country Las been cuised heretofore
.sheme proposed by Secretary Chase Of h'''''s w
circulation of all banks predieaied upon oopO'I''
the Treasury OF United States securities 10 ~" 49,
assured success. ,,,;, 10.
The utility and necessity OF miAeo 'n0"'''i'" -. |
nsan tnuv demonstrated and universally conceded
To a trading community, purely pup VI P"'''
,,e,aII, sysem is equally fatal. Under the paper
,ysem the standard OF value IS uhseIIieu ny on'nu
.;on oua there is an utter destruction Of the most
powerful element Of ccnlidence--eon'denee ID money
sr,os.etioos Tie metallic system is hostile TO COM
crce by its inolegable inconyenienees ana lie con-
slant tendency 10 accumulate wealth in the hands OF
q few-thus lesseniug the range OF eirculanon' ana
drawing wealth into large maascs Paper ard specie
must circulate together. dItusing wealth without
altering tie standard OF vaIue.
The use OF paper money Is but modineatoh OF
and Improvement on bills Of exchange. Bank NOES
are in all but form, bs at sght on the banks when
issue then--dyided into such sums as TO Sdit the
public convenience, and retained in circniailon
for the same purpose--to avoid the trouble ana isN
OF transportation Of specie.
The advantages OF such medium OF exchange III
our country are greater than In other countries oy
iust 60 much ne is more extensive, ana a. inter
MAJ trade and travel are more universal. Inc Only
Questions are: Where shall tie power OF 10 nshins
the circnlaticp be odgedi Where ean the people ID
die most quiet, prompt and efieciual way con'ioi
shose who exercise IT These are questions OF inc
first inheritance to the people, nasmnoh a. the
power OF furnishing the nation With paper cur
rency is equivalent 10 the power OF taxing theh'
or what il the same, of borrowing money from them
,v;,hon having interest. As regulated in most Of the
States, il has practically amountetto more thah 'ns
the money has not only been borrowed without
consideration, but without security. When the pa
ner he's derreciated OF when the banks have become
insoye, tie loss has fallen upon the people, while
Gle au.bors Of the probation or insolvency have
ssnioved gain exactly equal TO thls loss
We tried tie scheme Of delegating the power 70 q
gr,sf national corporation but we found II Danger
ns not merely to our financial prosperity, but TO cul
Treasury, and left the paper cIreuhuioh 10 Dc iegu
,lated by the several States
The consequence IT, tba, we have as m'ny bank
enc systems nc there are States and some SEQ diff
ferept institutions which issue paper for circulation
The fault OF cur first plan that it conferred f
sig ante, irresponsible power upon sefsh corpora
ton whose interests were not, and could not be
n,ade, identical with ,he iBteress OF the people
The second utterly mpotent for any good AND
left the whole matter to take Of Itself, which il
hns done to the great injury Of every common ia
s4aest The scheme Of Mr. Cbase has too adyau
tges of both without the irresponsible power Of the
one the mpotent qualities OF Inc other 1t will
drive out The worthless trash which he's circulated
M heretofore in than half the States; il will give
VI 90 the whole country Uniform currency based oil
specie; IL viii equaze exchanges and prevent tios'
violent movements Of the precious m-tas whici
have produced such perturbations in trade and
will accomplish all tbis while afordng 70 tie Who'll
people what they have never had heforo-a peffc,
security in all the instruments Of exchange.
No power of patronage is conferred upon the Go,
ernn,ent, no monopoly is created by the re,umpiio
of the power Of regulating the paper circulation
more than in the exercse Of TIE same power wit
regard to the specie circulation. The Goyennel
furnishes 10 al associations, alike, d guarantee
medium to the amount, within certain limits, wiic
they fit TO purchase and the several tiont
% long ss they contDue to redeem the notes i
specie, receive the interest on the bonds on wLicl
sheir circulation is psedicated.
The existing circulation will be- gradually with
drawn, under the influence Of tax which viii b,
imposed upon it without seliors disturbance. In,
new plan viii interfere TO check the homes. opera
lions Of no class Of tic community; its power vii
Ihwsrt nOuei but il VIII silently promote fruitful an
lerakinss
Tho plan has been conceived in good Time Tlief,
will be uryon; necessity Of gIeat ns.ion..
system Of currency il the future than in The past
ard lack Of il would produce NOR serious evil
The disbursements Of the Government viii be OF
occount Of payments on the debt, mainly al The cen
ter OF the r1oHeyed interest Of the country, ard
,uoe SECTIONS, more then ever, at the mercy OF tt
Orisnaiols Of shiuplaster, wildcat currency. No
only will relief from 'his uniiglteoas ~ st.Il
swIldng be ali rdco, bat the peo pc viii Do roleye'
from tho insoeiate burden Of certainly 500 0Jo V0J
probably s39o,0CO,000, Of tho public debt which vii
h. withdrawn fom The open markets Of the world
and absorbed as security for tho paper circulation O.
tbe whole country. considerable amount Of note,
viii be kept in circulation in foreign countries. al
NOES will be Of equal value in every part Of on own
country, fer al wiz be guaranteed by the United
~ lies. The erilt Of islaiion will he more readily
guarded aeanet, and by the exercise Of the Jscre-
rion Of the Commissioners Of the Cure.cy, tie
banking capital Of the country will be distributed 30
ss 20 more fully meet The wants Of the various Soc
lions than under the old syslem.