, 1862-01-18
Tt)EI IUtthune.



There never Was time in which all the
conditions were so ia5orahlc for introduc-
ing q reform in our iniquituus and absurd
paper money system, as they are to-day
The banks, in a state Of suspension, have
broken their fifth with the public, anu
broken the laws BY which they were Gre
Sted. They cannot ask. they cannot cx-
pcc:, and they ought lot to have, any
favor at the hands Of the people who hold
their rnredcemcd anu inredccmab1c prom
ises to pay Needed legislation should
not be delayed hs any regard for
their interests; and as experience has
proved that they arc no part Of the neces-
sary machinery Of government or COM
meree, our Representatives at Washington
should sacrifice nothing to insure their
present profit and convenience, or their cx-
istcnce after the war: They may be dis
posed cf as useless lumber, rnd their sue
cessors can, in a day, step IN and take
the place That they have attempted to fill.
"But, asks one 10 whom the proposi-
ton to do without banks Of issue in this
currency" cursed country is as mon
strous as would be the wish to strike the
Book Of Matthew cut Of the New Tesla
ment, "what is your objection to bank pa
per, and how do you propose 50 readily to
reverse the usage :: generations, and, with
out injury to alE material interests, effect so
radical rcyolu:ion il the finances Of the
country"
We answer: Banks Of issue have assum-
cd and exercised Tor their own profit, an
important part Of the sovereignty Of the
Republic-thc right to furnish the people
with their money, or It substitute therefor
In seeking their oWn advantage, they make
money plenty today and scarce tomorrow.
Their excessive issues stimulate impo1ta-
tons, discourage home production, increase
prices, cause the export Of gold, and fill
every man with the fere7 OF speculation.
Thus feeding the business Of the country
with brandy. they reach point in which
the state Of the foreign exchanges and the
rapid drain Of the precious metals admon-
ish them that they must contract to save
themselves from ruin. They refuse loans
and discounts, and call IN every available
item Of Indebtedness. The accustomed
stimulus being thus withdrawn from busi-
ness, an attack Of delirivna tre7nszs at once
supcrvcnes. A1en are wild and trembling
for want of money. Every man who owes q
dollar directly begins to feel F' snakes in hi:
boots,'' and to see, glaring at him from the
bed pests rs he lies down at night, that old
demon bankruptcy. Business enterprises
which redundant currency stimulated, re-
suit in quick and overwhelming disaster
Prices 60 down by the run, and with tht
rapid decline, ruin comes in. This is de
sc1iption of the effects Of bank paper thai
has been realized IN this country time and
time again. And the experience Of every
man who has got a thimble-fi1ll Of brains
in his head, will tell him that every wore
NC say is true. The facts recited are suf
fcient objection to the use Of bank papel
as the common currency Of the country
and they have force and WEIGHT enough *
Damn any system that was ever invented.
But what would you do continue
our interrogation: Why this: 1Fc 5youl<
have Congress resume, as fast safety vii
permit, the sole exercise Of the sovereign
right to make the money Of the country
which the Constitution intended ne7e
should be given up. We would,
L Levy Federal tax Of ten per cent 0,
every bank note Of the denomination c
one, two, or three dollars, found in circula
ton on the first day Of May next The ta
should be collected of the banks issuin
these notes; a1d the penalties for false IT
turns should be such that there will be Il
doaging,
IL Levy like tax Of ten per cent 0
all notes Of five dollars and upward I
twenty, in circulation on the first aav I
August next.
By these taxes, if faithfully levied an
carefully collected, we should expect |
drive every one Of the notes described O,
Of the channels Of trade, to restore fit
millions of specie to the hands Of the Pc,
pie whence these s1in-plasters have drive
il; and to substitute Government paper
exchequer bills-interest paying treasu1
notes-as good as the Republic itself t:
tie private and corporate promises to "a
which now usurp the place Of money
Ill Levy prohihitire tax on all bar
notes Of whatever denomination IN circul
tion on the first day Of January, 1868.
4 year would suffice for every solve
bank in America to retire lis circulado
and as the country is not yet prepared
an exclusive metallic currency, everyboe
would be glad to see, as a bank dollar We
ont. Government dollar come in, uni
the substitution is complete
"But,; saysan objectoE, you have not
ing but a paper currency yetr' True, b
ills q currency The volume Of which "
he fixed by positive law, and not liable
change to suit the convenience or n1inisl
10 the greed Of individuals. It Will be
uniform value-as good in Texas ana Ca
fornia as in Massachusetts, and Illinois,
will rest upon the faith Of our Govcrnme
and not upon the honesty or business gu
ifcations Of board Of directors. Il W
be t1le currency Of the people, in viii
every nun OWLS share: and every MA
interest will be promoted by keeping
good. II viii remove, if not all, the n
formidable, at least, Of the objections 10
per currency; and though, by its use
tariff would bc necessity, by reason Of
continuance Of prices above the meta!
standard, the business Of the country, 81
Of stability and relieved Of the apprclr
sion Of frequent revulsions. would read
accommodate and adjust itself 10
change
After the war is oTer and the preci'
metals, now locked up, are released, 6
their quantity is increased by the produ
of our mines, which, up to this time, ba
paper has made curse to the country, {
by the natural operations Of commerce,
disturbed by fluctuations Of currency
further reform MIGHT he effected, and, al
ten years OF more, a pure, constitutio,
metallic currency might be attained,
use Of which, would, in single half {
tu1y, make the United States the piy
,o.4ra sxf r1,a cor,,rarnn cf thu 1,-or1d