, 1862-12-20
Chicago Qtibt11te.


n e~.sE4 AND THE CURRENCY.
Thc1c 1,cine considerable doubt and un-
rcra;nty as to the course WINCH Inc aoV-
ornncnt will ADOPT 10 supply the needed
e,,,as fo7 the fiscal year, 1t may throw
sor,a 1;c1,t on the subject to consider what
~ secretary Of the Treasury proposes.
rr,,,,o s ,rc only two methods bY which the
-rnnts If the Treasury can be supplied;
ono ~ ,7,c borrowing Of money On bonds,
e..a e. tho other the further issue Of United
e,stcs @ Treasury Notcs. The Secretary CON
s ,a',ns The latter method, if carried beyond
~ .,.a l ,;mi, now fixed BY law. According to his
s..tcuent Of the various acts authof1zlns
~ :..ro of Treasury Notes, there may yet
,'o ,n issued ss7.oes-ss, to which lsto be added
~, ~ ar,onnts Of fractional currency as the
Scr Secretary may see fit to ISSUE anu ""eh Is
,1;n,itea by legislation though the whole
ar,,,,,,t Mr.. Chase asserts, Will probably
mt exceed $40 ooo,oo before the resump-
ton Of specie payments
m Mr. Chase thinks that with all the cur
roncv issued which the present laws Of
congress permit, the volume OF paper
N ..:=,,. vi1l moi exceed the legitimate busi-
ss. w,n,s Of the country, and can in no
lanse ~ hc considered redundant, Or can pro-
....o,, ,,,1uc expansion or imitation Of prices.
I1o f1,thcr asserts that the issue Of the
',o,e 1' amount Of United States notes, now
a,'t1,rized hv law, {{ss250, 900 ,0009 is neces
ssw "a su,Y,l : the circulating medium, in
S',,;.h alone the Government is permitted
- rc,c;1e the proceeds Of the bonds he
,'n,,'s 10 negotiate Should Congress SO
.,,'.1 the law that the Secretary may be
clio IN sill fi7e-twenty-sixes for less than
t,cir market value; or refusing to give
,h;s 7,rvu,issirn. should Congress authorize
DC Issuing Of bonds bearing a higher rate
~ interest. or longer time to run, the
sncrpta1y is Of opinion that the Govern
1,.nt c;ln procure all the money it needs
Il, ,r,:ent fiscal year (S21s, ,ooo, ,0oN with
ont Issuing more United States notes than
the present law authorizes.
This opinion Of Mr.. Chase is based On
tbc 1:y rs it now stands, Independent OF
anv legislation that Congress may adopt
in :um,o,t Of lis proposed banking scheme
Should Congress conclude not to adopt bis
,3an for establishing . safe and uniform
currency. lie nevertheless is Of opinion that
tie money needed TO carry on the Govern
mcnt during the fiscal year can be obtain
el 1y the sale Of bonds without an issue OF
Treasury Notes beyond the sum already
fixed 1,y law, Hen the other hand, Con
,-ress should in accordance with the Secre-
tary'* recommendation 1sy such tax upon
bank ,,arer IS to reduce its circulation.
then lie }roposcs that the vacuum thus
created shall he :siled With new issues o.
United States notes; and he estimates ttlf
;.,,,o,nt needed for that purpose will rcacf
fi:ty millions this year, and 1ifty million:
more the year after But Mr. Chase PRO
,.csts only to issue Treasury Notes suf1
c;cnt TO maintain the vulume Of currency
about where il isnow the further issue O.
Government paper being just enough TO fl!
tic vacuum crea1ed l,y the withdrawal O.
bank lsal~r.
Should Congress refuse TO authorize Mr.
Chase 10 negotiate bonds at less than thci1
market value: and also refuse the author
i1v to issue bonds Of longer time, and higher
rates Of interest. as the Secretary proposes
Or should the bonds thus issued, lack what
Mr.. Chase styles purchasing power" suff
cient to buy the funds the government
reeds, then. there can be no remaining
course for The government, but the furthe:
issue Of United States notes to the full sun
necessary for our enormous expenditures
How Congress will regard the variou
propositions Of the Secretary, and wha
shape its legislation Will take it is imrossi
to conjecture; and hence, we must remai]
in doubt as to the further issue Of Treasu1
notes until VIC learn what is the action {
Congress
There is. however, one effect Of the issu
cf Treasury notes, in swelling the volu1n
of currency, which is Of great importanc
although it il quite impossible to say ho'
great it may be, A1r. Chase states til
making United States notes legal tende
b1sresuitel ina large increase in the issu'
ofbaIk notes: and although the volume
currency is not yet, he is OF opinion, 1arg
than the legitimate business wants Of Il
country require there is no probabiit
that 1he banks will reduce their circnlatio
On the contrary, the amount Of bank pap
s1oat: is likely to be continually on the j
crease, unless it should be checked by sol
such legislation as the Secretary propos
Should the United States government
compelled 10 issue its notes to carry
country through the struggle Of this t
nendous conflict: and should the Yarie
banks throughout the North, show tn
usual diligence and assiduit3 in paying
their stuff to the people, we may feel 81
that we shall have great and wonder
abundance Of money. The volume Of c
rency will carry prices of all things t
fabulous hight, Great fortunes will
made, everybody will be rich; and all 4
will he prosperous and happy, until
reckoning, the inevitable payday, and
explosion come. Mr. Chase is labor
strenuously and increasingly to avoid
terrible catastrophe, and deserves, in
object he strives toaccomplish, the help
support Of all men Of common sense
zopd morals, in Congress and the cou1
TEE WHITE MANS PARTY
No falschood is repeated oftener or 81
10 more tcnaciously than the asse1
that the Democratic is the "w white II
party" except the other talsehood that
Republicans are opposed to the r1gh
white men and devoted to negroes.
Shareholders coined these lies and
Northern hckspittles circulate them :
The section Of country where the ide
The Democratic party have been adt
as the form Of society and rule Of
and witness the fruits they have b
The white mans party" has wield
scertre over Virginia, Carolina
throughout the South for generations.
what it has done for the white man
has divided society into three classes
tocrats, :" poor white trash" and s
The former, counting families, num1
two millions; The second class, six mi