The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-06-21

=. cAss.'s 100 s,ssssr = - Or
m lossigu bankers and stoctjobhess ~ this
chr ar pulsing tlsusslveS ID : fatiess ps66gon
tae5ls1s ~ Secretary 81 ~ Treasury becaass
Il hi6 6pplioatioa . Cosgfsn for fresh Isess
cf . ku1essd and 1fsy nillions o. bank nosss 70
carry On ~ eanpalgn aeaiess IL rebels and
lnieh the wss before IL tssnIn1tion u ssmmss.
n. Chaee aad ~ two hoasss - Csnpeas
decd q - senpse and Asry Aess WIN pass
quickly away, Ike ~ rays u inns, end eely
ripen It cherries and serawbssfiss Of 1nancs.
Or coufse some Of ths puny and Ignoeant jousn.
als Of this cisy-sseh = tie ~World. tie Fissh
end ~ DsvilH-ass hostile % this movement
Bone Of thsm are predicting ssssibls ruin 70 the
finances Of The oooatsy; 0shers afe doubting,
and cannot tell whether Il q right q wrong
Some are perfectly CONFUSED and bewildered In
their total Ignorance upon the ssbjscs-particu-
The whole d this financial matter may b e.
plsined and comprised in nutshell
When this war commenced NJ. Chase came
on 20 this city and obtained from the capitalists
Of New York, Philadelphia and Bostoa about
one hundred and forty millions Of dollars, for
which he gave good government stocks, bearing
good interest. When slis money was expended
10 the prosecution Of the war, the Secretary had
e 20 to Congress for more money, inasmuch 90
the bankers could furnish him no funds beyond
that limit, except by submitting to vast shave.
On looking into end examining the financial re.
cords Of Congress, and consulting the Constitu.
tion, HI. Chase fortunately discovered mine Of
wealth, amounting 70 ave hundred and hfty
millions, In one gulch. He saw that BY the Con.
stitation Congress alone bad the power and an
thority ITO regulate the currency" and could
prevent the several States from issuinR cur.
rency. They have been doing this however,
surreptitiously, for seventy years past, and, by
means of . thousand State banks set up, some
Of them in remote corners Of tho Union, have
supplied surreptitiOus currency 70 the nation,
amounting to an aggregate Of from four to Eve
hundred millions Of dollars, set aHoat every year
throughout the country.
Now, Congress had only to exercise IL own
power and authority, and to remove the spuri.
Gus local States currencies, BY substituting in.
stead q currency authorized BY the United
States, making it legal tender. When Mr..
Chase is authorized by Congress to issue the one
asked for, there will be in circulation two hum
dred and sixteen millions Of dollars Of this kind
Of ourreIcy-a free lean from the people to the
National Government Besides the issue which
the last letter of NJ. Chase demands, he can get,
II It should be found necessary to ask Congress
for It. h,sndred and ffly millions more viltout
INITIATING As currency All the States bank cur.
rency put in circulation BY the States il an nse.
cure and inadequate currency. The whole West
has been injured extensively for the several years
past BY bad currency, and the South may be
said to have none at all.
II therefore appears that the Government 10
only acting under the just and advised policy Of
simply using the dormant right and power Of
Congress of establishing national currency in
substitution of one which has been surreptitious.
y introduced, and which il adverse to the inter.
ests Of the Union at large. But beyond an ag.
gregate Of four or Eve hundred millions, such e
the internal commercial necessities Of the coun
try require, Congress must not 90. The country
requires that amount; but more than that would
cause an imitation.
The ignorant and assuming journals Of the
day, under the influence Of stockjobbing gam.
blera and others, may rant and rave - they
please. If Congress passes the tax bill - the
proper basis of the public debt, the country will
be in no danger, and our financial system will
be the best and most fourishing in the world;
but If Congress pass Mr.. Chase's bill for the ad.
ditional one hundred and fifty millions Of dollars
without passing the tax bill also, then indeed
the country would be in danger of financial
convulsion-not otherwise.-tN. 7. Herald