, 1862-01-28
,4f ~
T. !; I{C. GLr1nttttE.
TUESDAY, JANUARY -, 1857.
THE NATIONAL FINANCES.

we NN1GCF HOW IL TAN Or cnltct1lncU lUT a |
moment, II IS espccteti-we expect. and
.'Tc,, body else cxIcets-:ht The resort Of
sl.c Government must IN 10 paper. instead
<1f coin. Tic distressing blunders Of the
<xira session, and the subsequent i1lactivi-
ty, rs unnecessary IS it is inexcusa5le, Of
tie army-long ngo made that fact apra-
rent; and nobody is now astonishcl a: its
realization. Brt nobody with compre-
htnsiye knowledge Of finance, or Of the
pcrnicious effects Of an excessive Issue Of
paper, has supposed that tue Government !
and TIC banks would cnIcr into spirited |
competition tc see which would contribute !
tl.c NEST 10 the innumerahlc and imnaeas-
rrah2e disasters which our Legislators and |
our bankers seemed to be deter
n,iEed to rrecipitate upon the |
people, On the contrary, the exrectt-
ton Of all financial thinkers has pointed to
III, enlightened and statcsmaulike solution
<f the problem ION presented aoW shall !
*vc compel the withdrawal Of one kind Of |
"papcr money, as the issue Of anotherAiad !
sis made necessary by the national c2igen |
"ey and this avert the cala,nitjes which
'cue hundred aad fly millions Of Gouera-
meat paper, added to the existing and
daily increasing circulation Of tie
.. banks, will be sure to bring upon
"us:' That, We say, is the problem
10 which some statesman-Ike answer las
been expected But, so fir as We have been
able 10 observe, in Congress, in the Cabi-
net, in The public Journals, there is no sus-
ii>ion that such q problem has any exist
cncc We, months age, furnished il solution
at once easy and certain, and have endeay-
cred to force it upon the attention Of the
ccurtry but SO 1ong as there is ~ belief
in the threatened danger, neither the rco-
1',- 11cr their legislators care for suggestions
Of safety. Cur plan. a. our readers well
knew, Is comprehenaed in 4 law Of Con
gres= taxing all small bank notes out Of
cxistencc-a law 50 stringent and effective,
1l24t On the first dsy Of January. 1863, there
will not he a 1,ank-nots Of s denomination
Of less than teeenfy dollars III circulation III
a1:y one II tie loyal States. We have en-
~iirayorct: to sh..w that a year Is time
cnuugh fer Ill solvent banks to retire the
prescribed notes. We have called a:teu-
1icn to t1.c ;act tllit banks tl,a: cannot do
SO, are insnlyent now, and should bc closed
NJ. We Lave pcintcd out the other
fact that the gradual and sure sub
slitutson Of the bills O. the Coy
efEnaent for the notes of the banks,
would go Oh so imperecpiibly that the in
tcrnal business relations Of the country
would not be in the least disturbed. We
lave shown that by this process, as there
would he 10 treasury notes OF less than five
dollars, ai least 1i:y millions Of specie
would be released and given back into the
channels Ct trade We have ad1crted tc
lit fact that, ct tl1e cnd u the war, tLe cir
cula!ins nlcliur1 Of the country wou}t
consist mainly, if not entirely, Of tic note:
q! TIE Government; that they, fixed II
amorn. and unluestic,lably good in al
tuT:s Of tie 1,c:,rhli:, could be usel 4:
long as the use Of paper money Of an3
SOFT is desirable, 2na .c tLen gradual,
1tlcrmeA and Withdrawn, leaving nothing
tut gold AM. sil1e1-.hc constitutional cur
rcncy Of the cocllt1y~-ia the hands of u.,
people. We have many fines pointed OF.
the effect Ut this policy upon the & etF;w, ~,
that lie people a!: a:}t TT HHoibs Hsi1 So ,qye
u'"I n That the war c.n 5c carried on and
Peaceconqucred, 1t less tLal l1alf.Lc cost, by
it's use Of specie ssr lis equivalent, tAa
would tx: incurred by the issue Of hundred
81 millions Of irre''ecmabla promises 10
ny; that at the End Of Tic struggle til:
country, free from thc arrangements, tll
sosses and tic bankruptcy Which ;lIwu7
follow; floods Of paper, would bc ready Il
star! off at once upon u new career Of pros
petty: that the national debt, every dol1l
Of which, though incurred under a pape]
regime, must finally be paid. .by taxation ans
ii s<lid gold and silver, would he KEEP
within payable proportions; that our enc
mics are already wallowing i'll the Sloug1
Of Dtspord, while tacir bank notes an
tColfc1eratc notes. laye opened at thei
fcct7 that, yet near 4 specie basis, we hay
u: advantage which nolling but blank ie
nnrance or blacklist treason would foreso-
I'll advantage, which, al other things bcin
equal, would alone decide the victory i
our favor. We have proved that unde
the proposed paper system, the beuciei;
effect Of tue new tariff would he Destroyer
HAT imrortaions would pour in; that cs
rorations would measurabiy cease; tn;
CIR coin and bullion would so abroad
payment Of our debts: that prices wouI
rise as the currency became inflated, til;
speculation would again touch the point
madness; and, that the end Of al1 would |
ruin so general aud comprehensive th;
few could escape it! Thcse things, all trr
aud undcniab1e when Judged by listor
souni logic and vigorous common sens
hardly make 4 ripple in the public min
The cid f+l}acy that papcr-notes-ls Il
debt hut money, and that The more pape
tie more wealth, is s17pcrInost: and tbs
ifrossiblc, worse dclasien That d LAW Of Co
Eress making Treasury notesa legal tend
will make thcm equivalent 10 geld, has II
yet iccn banishcd. Tic banks, fearing I
demard fur specie, are sowing their proz
iscs-to-1'ay, broadcast; the Goycrnlne1
seemingly Uliad 10 the consequences Of
acts, is preparing to follow their bad c
ample, and away the old ship goes vi
studoing-sails all set, straight toward t
rcck, bankruptcy, upon which never bcfo
was 50 noble u craft wrecked. We appt
10 Trumbull, arnold, lovejny, and Was
burnc. Let Illinois lie tie first to cry q
III Congress and make the country hear
4 LOOK AHEAD.
The ACTORS in the scenes Of to-day, bliu
cd by the passions and p1ejuliccs Of t
period, have but faint idea of the jul
ments which posterity, elevated above I
fogs Of ignorance and hate which obsc,
%t,o ,,<,,- ,,y11 -,re>o o,,o<a ,,.>,,, Al,