, 1862-12-10
lQl)ifaqo @ribunt.
WEDNESDAY, DECEMBER 10, 1862.

|VD1fd9o Ur1on11f.
WEDNESDAY, DECEMBER 10, 1862.
SECRETARY CHASE,S REPORT.
The report Of the Secretary Of the Treas
nry, the principal portions Of which We
published yesterday, is 8 very able docu-
mcnt. The difficulties 10 be sur1nounted in
any administration of the Treasury which
should l,royidcthe means for rmaintaining an
army Of half million Of men and navy
Of three hundred vessels, for single year,
would have appalled, the boldest 1inancier
1T any former period in our history. Yet
hi lawful demands upon the Government
have bcen promptly met up to the present
time and there was a balance Of over s13,-
100000 in the Treasury at the end Of the
last fiscal year. To the people themselves
belongs the honor Of furnishing the vast
sums Of money required by the extraordi- |
nary expenditures Of the war: To secrc-
tary Chase and to Congressis due the cred |
it Of devising the methods by which the
people have been enabled and induced to
furnish the means. Both people and Sec
rctary have done well their parts in the 81
ra1,tic endeavor. Let us hope that they
may continue to manifest the same patriot
isn, and sagacity till victory and peace
shall crown their united efforts.
While conceting to Mr.. Chase the ut
most prudence and success in his past man.
aeen,ent Of the Treasury. there is one fea-
ture in his plans for future revenue from
which we must respectfully and earnestly
dissent. We-reter 10 the proposed law for
4 National banking system. This scheme
proposes in brief that the sanction Of the
Federal Government shall be given to an
unlimited number Of private banks or as
sociaticns, who may deposit United States
bonds as Il basis Of circulation, and receive
from the Treasury Department circulating
notes therefor without restriction except
such Is may be imposed by the amount ot
United Suites bonds outstanding. It is. in
fact, IN exaggerated form of the present Iii
nois banking system 1t proposes to fill the
channels Of trade with paper issues whose
convcrtibility into ccin shall depend upon
the market value Of government securities,
and the capacity Of the market to take all
the securities which may be thrown upon
it in panic like th;!t If 1887 or 1857. The
security may be. must he ultimately good
but security is Not money. Security is one
thing and money is another. The security
is good when YOU don't want it, ant
is pretty certain to lie bad when YOU wan
10 use it in large quantities. Wall stree
with !: hundred millions Of United State:
bonds pressing upon it for sale II meet banl
suspensions, will tell 4 different story from
Wall street, with fur or five million
changing hands III prosperous times. TIL
sane c:,uscs which have Ut times run I'LL
nois bonds down to Is, may TIL
Tinted States bends down to that, or
still lowcr figure.
The greatest torment the country IL.
cycr endured (aftcr slavery has been pape
currency. We are aware that Mr.. CHASE
proposition opens the while question {
metallic and paper circulation, and "
cutie :iyrce with him when he says that til
present time is more favorable than an
vtlcy 1or :. change in the monetary systeI
If the nation. But We think the chang
should he from bad paper systc,
10 sound metallic system, an
nut from one paper system to III
otlrr equally vicious. 3Ir, Chase estimate
the annual production Of gold and silvt
in our country at the present time at OF
luntllcd millions of dollars. Two yeal
tl.cn will suffice 10 create IN amount e4u:
to all the bank note circulation Df IL
country. Hence thcse is 10 force wilatcv<
in tic argument that you c:tnnct get gol
enough 10 do tllc business If the country
Mr. Chase anticipates certain evils to r2sis
from this large production Of the precio,
metals, but he scems to forget that the mo
effective nethed Of meeting and corrccti1
these evils is to eN:inguisa The valaelc
s1inplaste1 currency which performs in
feeble way the functions Of gold, III
which svclls the volume Of circuiatio
THE Almighty made gold and silver to
used as monty. 1t cannct be eaten Il
worn upon the back; neither can the sto
with which HOUSES arr built, nor the il
will. witch railroads aTc constructed.
all arc alike :ntrin:ivally valuable for iii;
respective rurposes-thc Stone to bui
hollscs the irs;n to build railroads, The e,
10 make usonty IL TIiC statement 81, oft
mou1l.ed that g';id Is 1lct value, except
goye.Emcnts decree that: it shall have
value, is lisl,rovel every day by the p
MUM Witch it bears over lenal tent
rotes No government can aid an inta
CT subtract an i:ta from, the value
an ounce rf geld. E'c tie Almighty
tut IN lnc::3cc!,ie sal Of its value upor
Paper has value, 1t so much per pound
ream for writing and printing purpo
but it can have No value as money Sig
turcs may be put upon it which may 81,
currency, but the paper itself is worthl
Gold requires nobs,dy to stand sponsor
it. 1t is never in danger uf bankruptcy
The principal objection against tie !
poseti national 7'ankins Inv, is the f;,ci
of too great expansion. Congress has
1ht1izcd the issue .,f $500. 600 900 Of
Ter cent bonds, and they will all be iss
before the war ends, and perhaps as III
mere. OF previous issues there arc do
less $1000c0,000 1nozc Here are sc
oOoG00. every dollar of which may be
vc-tcd iuto currency, The only limit u
the amount Of currency which ]
lie produced. is the limit of
governments issue Of bonds.
Chase notices this as serious oil
tien to the proposed scheme,
Lc thinks that an equally ser
objection may bc found in the contrac
Of the currency when The government s
, Commence reiccn,ing and cancclline
bonds. The latter docs nut seen, to ,
be any objection at all, except that c
interference CT the government with