The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-07-04
The Little Green-Baclxs.

Inc excuse gwen ZOE tn6 proposed issue
of government notes Of small 'denomina.-
ton is, that they are much wanted in the
West. This is plausible pretext for the
West has performed it's duty so molly in
the war, that every generous and patriotic
person is disposed to grant it at once what.
ever it may wish. But we do not find that
the West makes any such demand. Inter.
preted by. her representative in Congress,
she is by no means unanimous in the wish
for small note currency, to be created by
the government. Senator Chandler, for
instance, is one of the leading men of the
West, who knows the interests and wants
OF the people as well as can be known, and
be is strenuous!y opposed to the whole
scheme.
In a debate the other day, Senator
Chandler, protested with all his ardor
against any further creation Of an irre-
deemable currency. His words have the
more force because he was one of the
strongest advocates of the first issue of
Treasury notes, believing them at that time
to be necessary. But the occa sion tor them
having been passed, he regards further
issue as likely to prove disastrous. He
said:
"When the proposition to issue Treasury
notes was first made, it was received with
great apprehension by Congress and by the
nation. AS early as March, 1861, 1 urged
upon the Secretary of the Treasury the abb
sclute necessity OF such an issue, and gave
at that time as reason for it the vacuum
which had been produced in the North
west by the depreciation of southern stocks.
There was at that time vacuum, in my
estimation, of about fifty million dollars
taht must be filed from some source, and |
then urged most strenuously upon the Secs
rotary of the Treasury the recommendation
to Congress of this currency. then be.
lieved that $l0O,00O,O00 was requisite, and
that $l00,000,000 was enough. 1 believe
so now"
He added:
elf were to touch the already author.
lied issue of demand Treasury notes I
should reduce it from $l5O,OOO,OOO to
500, 900, because I believe 500, O00,.
600 would perform all that is requisite for
it to perform; but having authorized $780,.
000,000,-to be used, to be sure, at the dis.
cretion of the Secretary-the fear that it
may be thrust upon the banks and bankers
of the land, creates at once panic, it cree
ates a,surplus of circulation, it creates fear,
a dread, distrust--and your notes will de-
preciate. l cafe not whether you call it
notes depreciating or coin approaching; the
moment you authorize the issue of $780,.
100000 your coin will rise to ten or twelve
per cent, or your notes will fall to ninety or
eighty-fve. The result will be that the
government will be paying just so much
more for every article it purchases than it
would if you kept your circulating notes at
or about the value of coin.
"Again, sir, the moment you reduce the
value of these notes, even to the point at
which they now stand, even to seven per
cent. discount, you drive out of circulation
the coin of the country. The temptation is
too strong to be resisted, to uss something
else besides coin for change and for small
circulation. But, sir, at two or three per
cent, the price at which it stood before, it
does not thus affect the circulation F.; it is a
small matter, and change continues 10 circus
lation. Are we to be reduced to Shin
plaster circulation, as is the case today all
through the South? That will be the result
if you force upon the country an amount of
circulating notes beyond its requirements"
After supporting his position by various
arguments and an imposing array of stats
tics, Mr.. Chandler said:
81 consider it a duty we owe to the
country, duty we owe to ourselves, to pro-
claim that under no circumstances shall
currency irredeemable in coin beyond the
present issue of $l5O,OOO,0OO be thrust up.
on the money markets of the country. /
hope it will be done, and, as I have shown,
it is ample, it is more than we can use. The
Secretary of the Treasury told me only yes-
terday he had issued but $90,000,000 of
the $l5O,OO0O00 up to this date. We'll, sir,
$1OO,OO0,O0O, believe, is all we can ever
use. What We want is to offer every facility
for receiving these notes back either on de-
post at FIVE per cent, or in exchange for
our twenty year bonds, or in exchange for
permanent securities, or in receipt for taxes,
or in receipt for duties; that we should offer
every facility for rapid circulation of these
legal tender Treasury notes; that we should
make them do the work not only of the
$l5O,oOO,OOO they represent, but the entire
work that the Treasury requires to be done.
believe, as 1 have already shown, if they
are worked up to their capacity they will
do the work Of $1,8OO00O,000 year; and
that is in exact accordance with the bank
circulation Of the country for the last TWEEN.
ty-fve years"
MIR. Chaudler's conclusions are sound, and
we entreat Congress to consider them. be.
fore we are launched upon the high seas of
national MISUNDERSTANDING Post.
SIR COLIN CAMBELL ON GENERAL Nc
CLELLAN.--The great Indian commander,
now Lord Clyde, is perhaps the highest
military authority in Europe. His opinion
of the conduct and ability of our Command.