Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1862-03-15
Rspsrt Of the Secretary Of the Treasury.


evidences Of the success Of the system of ap.
peal to the patriotism Of the people for funds
10 carry on the war in behalf Of the Govern.
ment Of the country. Notwithstanding the
falling Of in the receipts for Customs, caused
by the falling off in exports occasioned by the
war. the finances Of the nation, owing to tho
success Of the popular loan, arc in rcmarka.
bly, 6ourishing condition. A very note.
worthy portion Of the Secretary's report il
that jp relation to the paper currency Of the
country. His recommendations under this
head are calculated TO prove great benefit to
the people. The Secretary says:
:" 1t has been woll questioned by the most
eminent Statesmen whether currency Of
bank notes, issued by local institutions under
State laws, is not, in fact, prohibited by the
national Constitution. Such emissions GER
tainly falls within the spirit, If not within tho
letter, OF the Constitutional prohibition Of the
emission of bills of credit by the States, and
Of the making by them of anything except
gold and silver coin legal tender in payment
Of debts However this may be, it is too clear
to be reasonably disputed that Congress. un.
der its Constitutional powers to lay taxes, to
regulate commerce, and to regulate the value
Of coin, possesses ample authority to control
the credit circulation which enters so largely
into the transactions of commerce and affect 8
in so many ways the value of coin. In the
judgement of the Secretary the time has ar-
rived when Congress should exercise this au
thority. The value of the existing bank note
circulation depends on the laws of thirty y-four
States and the character of some sixteen hum
dred private corporations. 1t is usually furn-
ished in the greatest proportions by instittu-
tions Of least actualcapital. Circulation, com.
monty, is in tho inverse ratio of solvency.
Well founded institutions, of large and solid
capital, have, in general, comparatively little
circulation; while weak corporations almost
invariably seek to sustain themselves by obtain
ing from the people tho largest possible credit
in this form. Under such system, or rather
lack Of system, great fluctuations, and heavy
losses in discounts and exchanges, are inevit-
able and not unfrequently, through failures
Of the issuing institutions, considerable por-
tions of the circulation become suddenly
worthless in the hands of the people. The
recent experience of several States in the val
ley Of the Mississippi painfully illustrates the
justice of these observations, and cnforces, by
the most cogcnt practical arguments, the duty
of protecting commerce aud industry against
the recurrence Of such disorders"
Under the operations Of a system of currcn-
cy founded on this plan, it appears certain
that the people in their ordinary business
would find the advantages Of uniformity in
currency; of uniformity in security; of effec-
tual safeguard, if etfectual safeguard is possi-
bic, against depreciation; and protection from
losses in discounts and exchanges while. in
the operations of the Government, the people
would find the further advantage.of large
demand for Government securities, of in
creased facilities for obtaining the loans re-
quircd by the war, and of some allcviation Of
tho burthens on industry through a diminu-
tion in the rate of interest, or a participation
in the profit Of circulation, without risking tho
pcrils Of great money monopoly. The Sec
retary justly urges that under this system n
further and important. advantage to the people
may be reasonably expected in the increased
security of the Union, springing from the COM
mon interest in it's preservation, created by
the distribution of its stocks to associations
throughout the country as the basis of their
circulation. Further than this, the whole
circulation Of the country, except limited
amount of foreign coin, would, after the lapse
of two or three years, bear the impress OF the
nation, whether in coin or notes while the
amount of the latter, always easily ascertaina-
bic, and. Of course, always generally known.
would not be likely to be increased beyond
the real wants of business. This financial
plan. if put into legal operation, would do
away with the entire horde Of wild Cat"
banks which now curse the people Of the East.
ern States; would relieve the people Of Orc
gon Of the heavy taxes they are now Obliged
to pay in the shape of premiums for exchange,
&C.. and, would. in fact, establish paper cur
rency Of uniform value, throughout the United
States for the solvency Of which the United
States Government would he responsible. The
people would be relieved from paying prsmi-
uins on exchange. and would have n Ill times
. currency which would bear the same value
in Portland and other parts Of Oregon. ~ in
New York and thus would save to Oregon
yearly. a very largc expenditure.
The Report is Of great length. and does Mr..
Chase distinguished credit as financial doc
umcui.
U The Louisville .Joxrrai SAYS: We
still hear the cry Of "peace." Under the cir
cunssances that now exist. it is cry Of infa-
my. The argument peace in the presence Of
enbattled hosts, when the invaders are ap-
preaching upon u.s. means. as adistinguished
statesmen says. nothing but humiliation. the
end of the Republic. the beginning Of the scom
and contempt Of the world, the setting Of the
last hope ofthc oppressed people Of the Earth.
-.s.-----
A SAD MIsrAKR--A contemporary says
that female recruit was detected at Rocb. -
ter, New York. by trying to put her pants on
over her head.
~ clcrDvmon copsnlino n vornr wid-