Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-12-11


can be provided for7 He takes up the recon-.
mendation that II be supplied In Government
paper money, and while asserting that the issue
OF his entire amount "would be as ipjurous "a
II 70 eaey," suggests that 80 certain extent,
and under certain circumstances, limited sd!
ditional issue of United States notes may por.
nspo DO safely and advantageously made" !" This
ne condtms by showing that, 10 his opinion,
tnefe 10 at present no redundancy In the curren.
cy' II this seems to be arguing the question
on both sides, the document lsself must exOlain
the charge. .,......
After arguing "conolusively" that there Ia
no great redundancy In the currency, and also
agalns! the theory of depreciation, he proceeds
TO irquife, "f there be a considerable Fedund.
ancy then, II there be considerable depreoia.
tion OF the circulation, which 10 by no means
admiited(D what has cauaed the redundancy
and daprecation7' The former be attributes
to the expansion Of the banka on the basis of
the Government paper The latter part of his
question (es to the deprociatIon) be does rot
| appear 10 answer.
He then introduced bis grand scheme. "Ths
pain Of Tiadom and duty seems very clear. II
ieadh T. The support OF U0i ed ssatea note cir.
cu'ation' and 10 the reduction Of the bapk note
circulation" The latter he proposes to effeet
tby"a moderate tax upon crporste trculs tor !"
the propfiety and feasibility Of which he a.
teBpte to defend The former he would In.
augurste Through banking GsSOe;ations sTesn.
ICED E.de7 national leeisldtioan The great
burden OF tho report To- after ell. objected 10 the
elaboration and defense OF this grand scheme
OF national banking IIs would have The notes
OF zach banks "recelved eseYypAsre for all other
dues than customs, and depssit The Government
TersGUes in such Institutions" !"
lie deyotes a brief spacu 10 the question OF
tho constlsutioual!sy Of the proposed s,stem.
Inc legal light % execute euch a rcbems he
argues 10 folloas: "is ID Proposed q, an aux
ih@fj te th9 poHGr ~ borrow EeIsy, as an
agency ui' the power 20 c5l!eo: sn6 disburse
taxes, AID 40 An exercise Of the poSer to rsgu-
la'e comHercs, ana OF the poWes Go regulate
she value OF con! The argument uldel this
summary u most extraordinary: "If Congress-
can prescribe the structure squipmen etc, Of
yssse!d TO navigate rivers flowing through the
States, Cd o regulation o; commerce, Congress
may aasufcdly detSTmine Dtal eayysnev shall be
employed IL the interchange Of their commod-
ties!' II our readers DO noL see the logical
sequences it Is not the ianli of the document,
| he recommends sinking fund 10 pay off the
debt, all OF which will be read with interest, II
Congress shall not agree with him. aud still
thihke IL better TO issue more Government
notes, be hints that II would be better to leave
such Issue discretionary With him, 30 limited ss
TO allow no incfeaae heyond the clear demands
OF real business. He also recommends the au
thoIlz.tlon Of twenty five million more deposits
at the Sub-Treasury He urges the repeal Of
tho conVerubility olauaes which ALLOW hciders
OF currency to exchange them for BONDS, and
also sne repeal OF the limit placed upon his
power 10 negotiate any part Of the five hundred
millions at the marktt palue If the latter, es-
pecially, were removed, he could induce tatties
to take PORTIONS OF the loan to sell IL out again
at 4 profit.
lie admits in substance that hs issue OF
"smsli notes" fractional currency was not
authorized by law, but pleads (What 10 reality
10 very good Iexcuse, II any violation OF Law
may be stolerated) thas the stamps authorized
were not adapted to the purposes of currency.
He solots Congress 10 approve his action.
This Report will be read with anxious solicit
tude By every lover of American institutons,
lts grand feature is the proposal TO authorize q
huge sys!em Of banking by pational authority.
The notea Of these banks "to be everywhere
received whether under legal tender clause
or not does not appoar) and the inatitu ,cni
thus created, To Be DKPosrToRiss OF TIE PUB
Lic FUNDS. He may well argue thar this
system will meet with favor from a large
class OF the people. Those who zee in Is an
opportunity to engage in a scramble for the
use OF the public money will no doubt favor i..
Bht could there be an engine OF political 90 yer
more exposed to the influences of fraud and
corruptionf The argument used by the Secre.
tscy that every bank thus connected with Che
Government, every individual who holds del.
lar of their circulation, every manufactures,
every farmer, every mechanic interested in
Transactions dependent upon their success, -
will be shus bound anew to the Governments
fally exposes the magnitude of such oorrupans
Influences. According TO this plan she Sub
, Treasury Ia 30 be retained to bold the small
amount VI specie received for customs, whlls
the hundreds OF millions received from loans
taxes, aud all other sources VI income, will bt
deposited Ia these new banks. Does Mr.. Chas,
see what al opportunity would thus be afEordei
10 shrsWd and unscrupul0us Secretary Of th,
Treasury, having control Of these immeus,
funds, to corrupt the needy by dlstrlbutinl
Treasury fsvofs through such q channel 81
T. should contribute to his own political advance
ment2 We have certainly fallen upop EVIL
times when euch schemes 80 these are 0rigi
> mated Ia the Cabinet, and rent forth with th
sanction Of such high ofiioisl authority. w,
might show thai the aitempt TO. execute suol
plaa a0nld conVulae the nation to its center
: and produce @ financial criais withOus paral
lei iu our history. Bat this is foreign TO os
p present subject. We desire now only to ca
! attention to she working of the measure sur
posing that IL should be successfully insugui
ated The picture of such succcss, dark
shaded as IL 10 By the wholssais iuIquity SUI
TO follow its legitimate outw0fkIng, ID sufh
~. nn III lsnss ka.A a. ~.