The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1862-01-16

as The National Finances. ~
The financial measures necessary to
carry the Government through the
present war, are engaging the attention
OF capitalists and financiers in every
quarter. A wide diversity of opinion
exists between the advocates of a pa
per currency and those who would at
tempt 70 carry the war through on
specie basis. The latter policy seems
TO have the greatest number of support.
ers. Mr.. James Gallatin. of well Known
financial ability, has recently addressed
letter to Mr.. iFessenden, ch airman Of
the COMMITTEES on Finance in the SEN
ate, expressing his views on the sub
ject. He opposes the plan of an ire.
deenaa6le currency, but also holds the
opinion that Secretary Chase's plan, az
submitted in his report, will fail to pro-
duce sufficient means to meet the wants
of the Treasury. He therefore sug.
ges:s the following combination of ex-
pcdients: liHssec ''l' i. 'a.''' i'."y Z,
81. The issue of Government obliga-
tions as small as FIVE dollars, ten dol
lars, and twenty dollars, to contractors
and for supplies, bearing a moderate
rate of interest, (say about three per
cent? until funded, to be funded in a
twenty years (say seven per cent? stock.
when presented at the Treasury in
sums Of one hundred dollars or over.
in even hundreds, &c.
80. The issue of Government stock.
on portion Of which interest and prin.
cipal should be payable in Europe, to
be sold in the market upon the best
terms that can be obtained for th at pay.
able here, as well as that payable in,
Europe. " H,aiyi'Hs','2 '"
-''3. The drawing direct upon the
banks for proceeds of Government
loans taken by them. - - - -
ga. The increase of direct taxation.
particularly on luxuries, such as pianos,
carriages, &C., which would fall lightly
on the poorer classes, in preference to
high duties on imports, the latter being
already, in some eases, almost prohibit
tory, and if further increased would Of.
fer premium to smuggling. 49, 80 80
Another well known New York e. /,
|nancier-Edmund Dwight-publishes
a letter, in which he proposes some !
notifications to Secretary Chass's plan.
These he embodies in the following, =
lst. All future bank note currency in
the United States shall be issued in the !
manner following: The United States
Treasurer, Tor Banking DEPARTMENT.
shall furnish to banks or bankers, cir /
culating notes equal in amount to nins-
ty per cent of the market value of the I
United States bonds, which such banks
shall deposit as security for such banK
notes, and such banks shall keep their
notes secure by an average excess of
ten pc: cent in United States bonds at
their market value. .,i..,.I =. 81.
Cd. The aggregate amount of bank
notes which may be so issued by tho
United States Banking Department
shall not exceed an amount which, ad.
ded to the amount for circulation under
State laws, would be equal to, saw
$500, 900, 900, that being aboutthe aver
age amount which experience shows
that the country will hold. .iw .s1saosir
Sd. The Bank Department. shall hold )
IN Sub Treasury, or in special deposit
IN specie, an average sum, equal to
twenty per cent. of the bank notes is
sued to the banks upon the pledge of
United States stocks. ,eo.- e,-|sar.'- esi 4
4th. In addition to the notes which q
may be issued on the pledge of United
States stocks, the Bank Department.
may issue to the banks bank notes .
equal to the amount of specie which
may be pledged with it as security
therefor-such specie to belong to the d
banks, and to be held apart from the
twenty per cent. provided for in section,
third, and such issue so secured may
be independent Of the limitation in SEQ,
tion second. s,.. -
5th. First, the Bank Department
may, at the discretion of the Secretary
OF the treasury, use any portion of the =
twenty per cent. provided for in section
second, or any specie in the Treasury,
to buy from the banks the United
State bonds pledged with him by the
banks at ten per cent. or more, below
the price at which such bonds were
pledged /; (that is when the margin Of
security is exhausted)-and second,
may also sell again the bonds SO pur-
chased whenever they shall be saleable
at ten per cent. more than cost. -
9th. All the banks in the United
States, whether under State or Nation
al laws, shall make and publish "week-
ly statements" as is now done by the
New York city banks. '' 80