New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-08
NETWORK DAILY TRIBUNE MONDAY, DECEMBER g. 1862.

acceptable, and Of uniform value, and 30 famil-
lar to every one that counterfeits shall stand
no chance Of circulation. Let every one who
chooses start bank, just as he is at perfect
liberty to start grist-mill, a tin-sbop or
n-factory-but let the Currency be uni
form and National. We need Paper Money;
the Government owes, and must for years owe,
a vast Debt; and there is no reason why the
currency should be supplied by individuals or
companies, when the Government-that IL, the
People-can furnish better security more ac-
ceptable circulating medium, and really need
the credit that Paper Money supplies. Suppose
the Government can borrow in peace at five
per cent, while the Paper Currency required
for the whole country is Three Hundred Mil
lions Of Dollars: to make that greenback or
Federal currency, rather than have it supplied
by bankers, is to save Fifteen Millions per an
nun to the People, reducing their taxes by
that amount, or else reducing by so much an
nually the aggregate Of their Public Debt. Can
any one say why the People should give these
Fifteen Millions to the bankers rather than
keep it themselves
We do not clearly perceive necessity for
any dealings between the Government and the
Banks in creating and sustaining the National
Currency. Let Bank notes be gradually and
quietly withdrawn from circulation, through
the agency of progressively increasing tax
or otherwise let their place be filed by a
progressive issue of greenbacks,' until, at a
fixed period not far distant no other Paper
Money than that Of the Government shall be
permitted to circulate; and let the amount OF
this be constantly adjusted to the existing de-
mand That is to sag Let the Secretary Of
the Treasury be authorized, whenever green
backs" shall not be worth their face in coin, to
, buy them up by the issue Of Exchequer bills
or other short-date issues Of interest-bearIng
securities wherewth to redeem them at par
and let him, whenever the market demands
or will take more "greenbacks" at par, use
them in meeting his obligations and buying up
the securities aforesaid, thus, by the purchase
and salc of Understanding obligations, keeping
those paying no interest but circulating as
currency at exactly specie par. Keep them
at this point in New-York and they will be
fully equal to if not better than specie in every
part of the country being preferable for pur-
poses Of remittance or exchange 10 coin And,
with an adequate revenue and a diminishing
debt, they might be kept at that point by very
moderate purchases aud sales Of inierest-bear-
ing securities 50 long as care was taken TO
adjust the supply to the demand and not en-
deayor to float more currency than was really
required by the business wants Of the COM
munity
But this would be Government Bank"
We think not. II would loan no one dol.
lar. 1t would neither sell nor buy exchange.
Ii would have no patronage, no power, 10 point
of contact or OF collision with TIE business IL
terests Of the people. II would condne Itself
to the single function of supplying the requisite
amount OF paper currency aud keeping that
currency always equal in value to coin. This
would leave to Banks all their natural iunc.
tons, and would ensure their existence where.
ever wanted and nowhere else. Now, they are
often located at some out-oi.the-way Shutdown,
or Owl Greek Diggings, or Prairie Dog City,
in order that they may never be required TO
redeem their notes at par, but enabled TO buy
them up through some city broker at u smart
discount Under the system we propose, genu-
inc banking would 90 on, while the fred dog
species weuld inevitably and utterly die out.
having nothing whereon TO live. and who but
bankers of the cred dog percussion would not
hail this as general blessing