Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1862-03-22

Wing. and opposed to the issue Of treasury
notes. Nov We find his Secretary Of the
Treasury putting into active circulation some
hundred millions Of treasury notes. by the au-
,hority Of Congress, and making them equal
to gold and silver as . legal tender in the
payment Of debts; thus giving . practical en-
dorsement Of the opinions and recommends
tons Thomas II. Benton urged upon the eoun-
try 30 yean ago by him. solitary and alone"
The value Of CURRENCY Of gold and silver or
treasury notes. that was 50 zealously urged
by that immortal statesman for many years
without being realized. except by man here
and there among his own party admirers Is
now receiving the almost universal apProea-
ton Of the nation
The efF.c, Of the issue Of hundred mil
lion. Of treasury notes. that will be equal in
all par.. Of our vast country to gold and sill
-er or e-en better, rs they will be- just as
safe and more convenient. as will b. apparen,
to all business men. In the frs, place. it will
furnish to the Government the means II meet
ing the present large expenditures on more
favorable terms than could b- done by ordi
nary loans. and save very large sum TO the
nation in the shape Of profits that would 9TH
erwise 60 into the pockets Of public and Pri-
waite bankers, who have hitherto furnished
the paper circulating medium Of the country.
So long as there is confidence among the peo-
pie in the permanency Of our Government.
there can BE- no depreciation Of the currency;
and, besides. if the balance of trade is in our
favor, ms it should be. and no doubt hereafter
will be- the notes will be as good in London
and Paris as in New York City and San
Francisco.
The question may be asked how one hun
bred millions Of treasury notes can be made
to pay three or four hundred millions in the
course of the year, that being about the ag-
gregate expenses Of the Government. There
will be raised by duties on imports and taxes
some two hundred millions, all of which must
be paid in specie. The Government will
have this large amount of specie to pay the
interest on the debt, and as a basis for the
treasury note circulation Of one hundred mil
lions. The Government debt is already about
three hundred millions. Now suppose the
treasury will be compelled to borrow two
hundred millions more. making debt Of FIVE
hundred millions to pay interest upon the
present year. This will require thirty mil
lions of specie, leaving one hundred and thirty
millions at the disposal of tho Government
for the redemption Of treasury notes when
presented for specie. The one hundred mil
lions is issued and paid out as wanted. If
loan is required of one hundred millions, it is
taken by capitalists, and they pay for Gov
eminent bonds, drawing six per cent. per an
mum and payable in twenty years, in this one
hundred million dollars of treasury notes
and they are again paid out to the Govern
ment creditors. When exhausted, another
loan is made for any amount required for car
rying OH the Government. We have assumed
that four hundred millions will be required
for the current year, and that one-half will
be collected from duties and taxes in specie,
and the other half raised by loan in the way
suggested. The Government will be able to
give creditors their choice Of specie or treasu-
ry notes, and SO long as the balance Of trade
with Europe is in our favor, merchants and
large Government creditors will prefer the
notes to specie, just as they used to prefer
the notes Of the old United States Bank. The
notes will give to the country sound circu-
lating medium, in place of the paper of the
Thousand and one " local banks.
We think the Secretary Of the Treasury,
Mr.. Chase. has displayed great ability in this
scheme of finance, and we feel sure his policy
will meet the almost universal appreciation Of
our people. 1t will save to this coast very
large amount now paid for eastern exchange.
- The Telegraph Of the 14th contains
the following paragraph:
| ANOTHER LIE The Olympia
Standard some time ago stated. that Judge
Wyche had expressed gyare dos6es in his
opinion. as to the legality of the act locating
the Capitol At Vancouver A perusal Of the
opinion will At once satisfy the reader that
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