The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1862-12-11

But there need be no sudden change;
there need be no hurtful interference
with existing interests. As vet the Uni
ted States note circulation hardly fills
the vacuum caused by the temporary
withdrawal of coin; it does not, perhaps.
fully meet the demand for increased cir
culation created BY the increased unm-
Der, variety and activity of payments in
money. ,e --- s.-l -.@
There Is opportunity therelore, for the
wise and beneficial regulation of its SUBJ
shtutlon, for other circulation. The
mode Of substitution, also, may be Judi
clously adapted to actual circumstances
The plan suggested consults bothpurpos-
es. 1t contemplates gradual withdrawal
OF bank note circulation, and proposes q
United States circulation, furnished to
banking associations, in the advantages
(which they may participate In full pro-
portion to the care and responsibility as
sumed and the services performed by
them. The promptitude and zeal with
which many of the existing institutions
came TO the financial support ofi the gov
ernment in the dark days which followed
the outbreak of the rebellion are not for
gotten. They ventnred largely, aud bold
ly and patrioticaly on the side of the
Union and the constitutional supremacy
OF the nation over States and citizens.
1t does not at all detract from the merit
of the act that the losses, which they
feared, but unhesitatingly risked, were
Transmitted into unexpected gains It is
a solid Recommendation of the suggested
plan that it offers the opportunity to
these and kindred institutions to ,reor-
ganize, continue their business under the
proposed act and with little loss and
much advantage, participate in main
tanning the new aud uniform national
currency
aarhe proposed plan is recommended,
finally, by the firm anchorage, it will
supply to the Union of the states. Eve
ry banking association whose bonds are
deposited in the Treasury ofthe Union;
every individual who holds dollar of
the circulation secured by such deposits;
every merchant every manufacturer,
every farmer, every mechanic, interested
in transactions dependent for success on
the credit of that circulation, will feel as
an injury every attempt to rend the ma
tional unity, with the permanence and
stability of which all their interests are
so closely and Sitally connected Had
the system been possible, and had it ac-
tually existed two years ago, can it be
doubted that the national Interests and
sentiments enlisted by it for the Union
would have so strengthened the motives
for adhesion derived from other. sources
that the wild treason of secession would
have been impossible? has n,
p.Nynsx.N-rr ,,1, arrru r,r.pr
The Secretary does not yield to the
phantasy that taxation is blessing and
debt benefit; but it is the duty of pub
lie men to extract good from evil when
ever it is possible The burdens of tax
alton may be ightened aud even made
productive of incidental benefits by wise,
and aggravated and made intolerable by
unwise, legislation In like manner
debt, by no means desirable in itself,
may, when circumstances compel ma
tons to incur its blisations, be made
by discreet use less burdensome and
even instrumental in the promotion of
public and private security and welfare.
3 The rebellion has brought a great debt
upon US 1t is proposed to use a part Of
it in such way that the sense of its bur
den may be lost in the experience of in
cidental advantages. The isstfe OF Uni
ted States notes is such use butif ex-
elusive, is hazardous and temporary
The security by national bonds of simi-
lar notes furnished to banking associa-
tions is such use, and is comparatively
safe and permanent; and with this use
may be connected, for the present, and
occasionally, as circumstances may re-
qnire, hereafter, the use of the ordinary
United States notes in limited AMOUNTS.
No. very early day will probably wit
ness the reduction of the public debt to
the amount required as basis for Sc
cured circulation. Should no future
wars arrest reduction and again demand
expenditures beyond revenue, that day
will, however, at length come. When it
shall arrive the debt may be retained on
low interest at that amount, or some
other security for circulation may be de-
yised, or possibly, the vast supplies of
our rich mines may, render all circula-
ton unadyisable except gold and the abb
solute representative equivalents, dollar
for dollar, or gold in the Treas -
ga afa a.Aaait--l----srvr-U. DuJ IneSe con-
sideratlons may be for another genera
ton.
Inc secretary IOrDearS EXTENDED argu-
ment on the eonstitutionality of the sug-
gested system. 1t is proposed as an aux
iliary TO the power to borrow money, as
an agency of the power to collect and
disburse taxes; and as an exercise of the
power to regulate commerce, and of the
power to regulate the value of coin OF
the first two sources Of power nothing
need be said. The argument relating to
them was long since exhausted, and is
well known. OF the other two there is
not room, nor does it seem needful TO
say much If Congress can prescribe
the structure, equipment and manage
ment of vessels to navigate rivers flow
ing between or through different States
as a regulation of commerce, Congress
may assuredly determine what currency
shall be employed in the interchange of
their commodities, which is the very es-
sence of commerce.
Statesmen who have agreed in little
else, have concurred in the opinion that
the power to regulate coin is, in, sub
stance and effect, a power to regulate
currency, and that the trainers IF the
Constitution so intended Ii may well