, 1862-06-19
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THE NATIONAL. prc.urru
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THURSDAY, JUNE 10. 1861 Il
THE NATIONAL FTSAECEs. t
Vic columns Of the TR1Rrsr hear fra t
,cnt testimony to the fact that in this {
,attcr Of National Finance We have not
lied to do our whole duty in the way of
cmonssrancc aud cxpestulation against
he icno1ance or negligence Of Congress
Il refusing to protect the people against
he ncrnicious effects Of the floods Of paper
money, by which the business OF the coun-
Fry is threatened. We have, again and
srain. pointed out the fact that the two
financial systemB-that for which the
State banks arc responsible, and that
devised BY the Federal Government for
carrying on the war-cannot coe11ss, .nAs
onc or the other must go down, ana 1nat
with it a share, and perhaps no slnah
sn.rc nf the industrial interests and pros-
reritv Of the North, will be dragged down
also: that when Mr.. Chasc's system was
nut into operation, blow ought to have
1,ecn struck at its irresponsible but power
fri rival, to the end 1st, thst the people
might be assured Of q currency that had Tor
its ultimate redemption the guaranty Of the
Repuhlic. and I'd, that by the exclusion
from the channels of trade Of the circula- |
fio. Of the local banks, the paper issued by !
the Government might hare no competitor |
= art lad m
uucntly point out what ought to seem
Obvious to every tyro in finance, that the
local banks in q state OF suspension, but
still to 9 certain extent commanding the
confidence Of the people, would be tempted
to abuse the trust reposed in them, and
throw out upon the country new aud
larger foods of their ir1edeemable paper,
the use Of which, at q small per centum OF
depreciation, would drive the specie rapidly
and certainly into its hiding places; that
their currency, worth less than treasury
notes, would also drive treasury notes into
bankers vaults; that specie would steadily
increase IN price, and That by and BY, On
the heels Of some disaster, or from the
operation Of some freshly wakened distrust
at the money centres, the whole banking
system would 60 down with crash. We
have dwclt 50 often upon these things that
Vt have 1Nen afraid that our readers would
tire of the continued iteration, and turn
away from the whole subject with disgust.
And as our warnings to Congress have had
10 effect save to draw out half dozen
private letters from members Of that body,
SAYING that all is safe" VIC have been
ready to abandon the ground, and never
say bark note again. But the nearer ap-
proach Of the calAmidcs that we appre-
hcrded, consequent upon a realization Of
the conditions which We pointed out, de-
mands Of US to make one effort more, III
:lc hope Of waking up Congress to the i'm
nincnce Of the danger BY which the none
ta1y soundness, and, through the failure Of
that, tie great national cause Of the country
is threatened.
The steady and now alarming deprecia-
ton Of all paper, shown in the premium
asked for gold, ought Of itself, were there
no other reasons for apprehension, to teach
lie legislators that there is not only re
dundancy Of paper afoat, but that the con
5ldcncc Of the people in the reliability o
both the systems, to which we have re
f.r1cd, is seriously shaken; and ought tt
in1pe1 them, before they 60 home to theil
constituents, to devise some remedy By
which the impending disaster may bs
ayerted.
There is but one course left There ha
been but one policy which promised safety
since the day that the government wa
compelled to resort to treasury notes 70
the supply Of its daily wants, and tha
policy was the taxing Of the notes Of al
banks out Of circulation, BY the exercise c
d power in Congress, the existence Of Thic
no sane man disputes. And the tax La,
bearing st first heavily upon al denomins
tons Of bank notes Of five dollars and les
and, atlcngth, with like weight upon issut
Ct greater value, ought to have been il
corporated into and made part Of th
law which authorized treasury notes in IL
beginning. Then the government coul
have had the field TO itself It would ha1
not only enlarged the sphere Of its oper
lions, but could have raised no inconsider
lie revenue. Tic people would have
currency, the goodness Of which cou
have been questioned only by these vi
despair Of the preservation Of the Rcpubli
It would have been Of uniform value I
over the country; though unconvertit
it would have commanded universal co
tidence, and if tie amount had not be
greatly in excess Of the wants Of the cot
try's business, would have been at all tin
easily ard cheaply converted into SO
metal.
It Is not too late now for Congress to
trace its steps, and stand, where it ouE
to have stood always, SIS the defender
the national so]vency, and not the power
promoter Of nationa1 bankruptcy. It c
not recall the paper which it has auth
ized. It cannot undo the mischief t
has a1rcady been done BY excessive ba
issues; but it can, and We hold thai
should, Shut up the doors Of every bank
issue in the country by process just as
fectirc and just rs speedy as will be C.
sonart with the Importance Of the st.
which the people have: in o successful
suit. We assure the gentlemen at Ws
ington that they are triners and uuwor
the places they fill, if they fail to do
Thing; and the country will hold them
eponsible for their ac1s.
DIRRCT RAILWAY TO THE N
SOCRI.
However important the matters I
stantly attracting attention, our own
zens and all interested il the railways i
ing into Chicago from the seaboard sht
keep carefully posted III regard to the
gress making in The extension Of on
mozc Of our railway lines to the 3usst
The necessity for the early opening offs
q line is rendered morc apparent and p
ing by the prospect Of the passage ol
Pacific railroad hill # not at this, ccrta
at tie next session Of Congress. In
view Of the subject, the present cond
and prospects Of one or two Iowa +
hrcnmc matter 0f p,,,rl, c,ncar,1