, 1862-01-03
Thf> Tribttut.


our arms or Tor the rerpetulty OF our IN
stitutions, il is only fair to presume that
he terms which they exactcd were for
heir OWN advantage alone, aud such Us
Ihc Government could not grant without
not only recunia1y loss but positive detri- t
mcnt to our cause. It is no part Of our
purpose to inquire what tile disagreement
YVES, or whether Mr. Chase was in fault OF
the banks were to blame, or whether no
Cancellation Of the conflicting Interests /
Of each party 10 the negotiation could or
could not hav Fl effected We wish to !
point out tn tact Of which even acute
minds in the country hare been Oh /
iyious, that under wrong reading
or wilful misiuterpretation Of the Fed |
efal Constitution, there has grown up by !
the sanction Of the State Legislatures and
under the shadow Of the Federal authority, |
power which proves itself little inferior |
to the Government itself; and that divides /
with that Government the exercise Of the |
right to furnish the currency Of the coun-
try. Clothed with this usurpcd preroga-
tive, it assumes now, at this very crisis Of
our national existence, to dictate the man
ncr in which the money, without which
the Government must die, shall be obtained
We need not say that this power to which
werefer is that many headed monster, Bank
paper Nor need NC affirm That the GRIM
inal negligence in our rulers, which has
permitted part Of the sovereignty Of the
Republic to be shared by eighteen hundred
irresponsible corporations, and which has
given these corporations the right to furnish
the currency which the people have been
compelled to receive as coined money, is
now yielding its expected and legitimate
results. The Government, which, in time
ofpcace, was weak enough, though warned
again aud again by disaster succeeding dis
aster, to surrender the control Of the Purse,
without which the Sword remains in its
scabbard. into hands that would be sure to
use it for private interests, ought not now
to be disappointed if it finds in the author
ity wht.se usurpations it has silently Sane
toned an enemy hardly less malignant,
ecrtain1y..not less unscrnpalous or powerful,
than Secession itself
This question Of corporate banking under
the authority Of the State Legislatures, and
we think in defiance Of the Federal Consti-
tuition, forces itself upon the country as a
practical question Of prime importance, to
be dealt with, if the people are wise, in a
way not only to meet the demands Of the
present, but to guard against the re
currencc Of the evils with which the coun
Try is now afflicted. It is demonstrated
again fer the fifth OF sixth time in the his
tory of our Government, that banks Of is
sue, though potent for mischief to industry
and commerce, are poWerlcss for good
They have now repudiated their obligation!
to the public in dishonoring their paper
They have violated the laws by which the.
were created, as well as the teachings Q
mercantile honor Which stand in the plact
Ct law, and the people are released ono
more from all obligation to protect then
in the franchises Which they have thu
abused, And now the expediency, nay, til
rightfulness and necessity, Of urging upo
the Government at Washington the ncE
lectcd duty Of rcasserting the power whic
the States has usurped and the banks exc
ciscd-the power Of making and giyin
value to the currency Of the country,
seem to US to be imperative. We are nj
advocates of paper money in any Of i
shapes but then the opinion Of the COUNT
hasnot reached that degree ofenlightenme1
in matters Of finance which cnables it |
rise above the arguments By which sut
money is defended. and a vote Of tt
masses, today, if fairly had, would u
qucstionab1y be in favor Of its continue
use But admitting the necessity for til
poor apology for the precious metals, it
certain that 10 man whose opinion on
question Of political economyis is worth as
ing can be found who will admit, even
arguments sake, that the paper-money S,
TEN Of the United States does not requi
not alone amendment but complete rect
etruction, aud upon basis which shall I
admit Of the glaring evils which nj
largely overbalance its supposed benei
and make it a curse by which sooner
later ninc out Of every ten of the bu
ness men Of the country would
overwhelmed. And only those II
by education, interest or prejudice
welded to practices which have prevail
will deny that the present time, Whet
revolution is in progress which has aires
done its worst upon the finances Of
country, is the opportunc moment for
Government to rcassert Its prerogatiYe {
claim for its Own the right to make the
per currency Of the country, even if in
doing the innumeralle and now suspen
manufactures Of corporate and indiyid
promises-to~pay are put into Gquidat
releasing the specie which they hold ;
supplying the commerce and industr.
our people with circulating medium
toned on the filth Of the GoFernm
limited in amount, redeemab1e in spe
receivable for public dues: and free from
liability to fiuctuate either in volum
value.
We do not pretend to indicate the !
BY which to effect reform 80 indispe
bic to the present safety and future I
perity Of our people; but if that Cong
at Washington has dozen men in its
branches who know the wants Of the c
Try, and who dare to study aud earn
advocate the measures Of relief, they
lot only put the Government in the
Of carrying on the war, but forever
solve its connection with, and make
dependent Of, that other Government ;
in itself its rival OF n1astcT-whicb, th
confesscdly i,npoycrishes and bankr
is debating terms to the Republic.
". II. RUSSELL, l.. T.. D.
Since the publication IN the newsp
Of this country, Of Mr.. RusselYs letter
London Times, in which he afhrms til
surrender Of Mason and SlidcH won
fnT11u.Ff1 he tho 1,rnaEinr III, nf this