The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-01-02

cy issued by corporate institutions is at
tended with serious dangers-principall
the danger Of initiation. Even though it
may not itself be allowed to increase be-
yond the limits of the vacuum created by
the retirement of gold, it tends to imitation
by stimulating the issues of banks. The
effect in this direction is already apparent,
as shown by the Secretary, in the extend
ed circulation of the banks since the issue
of Treasury notes. The question then is,
how to avoid these dangers; audience the
original suggestion of the plan, to remove
other paper currency out Of circulation
entirely, and give place to that of the Gov
eminent, held within the limits of the pub
lie want.
So much for the exigencies of the case
Then follows the consideration of adyan-
tages to be derived from - the establish
ment Of one sound uniform circulation of
equal value throughout the country, upon
the foundation of national credit combined
! with private capital Many of these are
so obvious that it is needless to discuss
them. A uniform national currency has
been the object of pub ic desire for many
years. The heterogeneous character of
our paper money, based in different States
upon different systems of security, some of
it almost without security and wholly I'M
reliable, the diversity giving rise to all
manner of speculative frauds and facilitat-
| ing the enterprise OF counterfeiters-these
| evils Of the present system have been but
too sorely experienced, and all classes can
appreciate the general advantages of cur
rency uniformly sound and uniformly fea-
| tured. Those who factiously oppose the
plan of Secretary Chase have been hereto
fore the most ardent schemers in the direc-
ton OF such currency, and their EX-
chequer systems and Bullion Bank systems
have proposed an infinitely more extensive
and experimental revolution than the one
now suggested.
The change to be effected under the sys-
tenn recommended by Secretary Chase is
by no means a radical one, and involves
nothing like an experiment. 1t consists in
little more than the Matchmaking OF the
New York Banking system. We are una
bic to see how the banks, so far as they
are sOundly constituted, can experience in
jury from it, 1t requires their reorgani-
cation and a change in their securities.
The former is a matter of no difficulty !;
and the latter is proposed to be made so
gradual that the disasters apprehended
from it are purely imaginary The only
argument worthy to be styled such that
has been raised against the measure is on
this point that the change involves
sudden throwing upon the market of State
stocks and other securities now cOnstitut
ing the basis of bank currency, sure to re-
suit in their depreciation to an enormous
and disastrous degree.
But Secretary Chase promises no such
simultaneous revolution in the existing
banks. His plan looks to a gradual change,
brought about by gradual taxation of the
present notes, tending towards but not in
| stantly forcing the adoption of the Gov
| eminent system. The several banks may
reorganize themselves under it at their
leizure, and SO execute the change that
| little or no loss will result to themselves.
| The profits OF circulation must certainly
accrue to them under the new system, as
much as when they manufactured the notes
| for themselves.
We need a uniform national currency.
| The financial situation of the times affords
rare opportunity for establishing such a
currency, and at the same time of both as
sisting the Government and easing the
burden of public debt. AsSecretary Chase
expresses it, his proposition is ito use a
great part of the debt which the rebellion
imposes in such way that the sense of its
burden may be lost i'll the experience of
| incidental advantage" The measure con-
suits both the interests OF the nation at
large and of It's citizens individually. 1t
is designed to support the public
credit 10y creating a demand for
United States bonds, thus maintaining a
steady price in the market and facilitating
the negotiation OF loans. 1t gives an addi-
tional and powerful cement to the Union. 1t
furnishes the advantages of national
bank, without any of the dangers attend
ing such an institution. 1t is recommend
ed, indeed, by SO many and such cogent
reasons that to nationally oppose it is a
very hard matter. TO assail it with cpl
thets, and bare assertions, and sneering al
lusions, is very easy-:just as easy as for
the Papal priests to oppose Galileo''s astron-
Omy, OF the pious Professors of Salamanca
to oppose Newton's science. This sort of
opposition the measure has to meet, from
that faction whose only principle of action
is hostility to all measures of the Govern
ment but an argument against the plan
we have vet to see constructed