, 1863-01-30
Chicago Qribn1re.


FRIDAY, JANUARY 80, 1863.
TAXING BANK NOTES.
We are forced to the conclusion, iron,
recent events, that our impcrillcd country
is in as much danger from the bloated and
deprecated currency which the people and
the Government are compelled to use, as it
is from the rebels; and those Of their aid
crs and abettors who resist and oppose the
taxing out Of circulation the almost worth
less issues Of eighteen hundred banks, arc
as much enemies of the Union in the pres
cnt struggle, rs those who draw the sword
Tor Jefferson Davis and his principles.
When the war began, it was estimated
TINT the banks Of the loyal States had an
outstanding circulation Of s127.000, 600.
They now have more than $500, 900 900,
though this may be denied on
their behalf, Add to this the
$500 100000 Of legal tender Treasury
notes, and the reason is apparent why gold
is worth 155 to 1856. We had It few days
since from a large stockholder TINT Pitts
burgh bank had $1,eoo,oo0 Of its notes in
circulation. Before the war was inaugu-
rated, the usual circulation Of this same
bank was $500, 600, and one year ago it
was only $o5o,oo0 and he assured us that
what was true Of his bank was true Of
every other PENNSYLVANIA bank; that the
New England banks were expanded in
nearly the same ratio, and that the banks
IN the loyal States generally had greatly
increased their circulation within the past
ycar. He frankly told us that q tax OF 5
or per cent On bank issues would put
stop to this eril-and that nothing c2se
4rould save the Government and country
from financial ruin.
Less than two months ago gold WAS
quoted ut 129 to 130-to-day it is 154 to
1856. In the meantime Congress has order
ed the issue Of s1oo, 900, 600 Of legal tender
notes without creating a vacuum for their
reception, and the result is that the whole
volume Of paper money has dropped down
about "a per cent. in value Before the
last issue of Treasury notes WAS ordered,
paper dollar was worth 76 cents in gold
or its equivalent To-day it is worth 63
cents On the same basis. This is dead loss
of the difference to the people, We will
suppose the whole currency Of the Union
in circulation before the new emission OF
Treasury notes to have been $3.50, ,000, 600
which is very near the truth. At rs
cents in gold for the paper dollar, the cur
rency in circulation was worth S342 2,000, 900
in gold or its equivalent. That same mass
Of currency is now worth only s2es, ,000, 900,
by the same standard. Hero is dead loss
to the people and the Government Of $685.
000,000, swept away by the insane legisla.
ton Of Congress, in a few weeks. This
loss falls on every man, woman and child
that holds paper issue, from a five~cent
postal note to 81 600 bill.
1t is very true that the army had to be
paid; but it is not true that the banks could
not have been taxed SO largely as to create
vacuum Of: sufficient capacity to recciye
this amount Of new currency issued by the
Government, without bloating the whole
mass. Had the bill creating the new
100000, 900 issue contained clause levy
ing a tax Of four per cent. on every bank
note in circulation, to be collected quar-.
terly-one pei cent, every three months
the first collection to be made within thirty
days-the notes Of the banks would have
been retired at the rate Of two or three mil
lions day, and currency gone up toward
gold, instead Of continually falling from it
as now, until the whole vacuum created
by the tax was filed by Governmen
"greenbacks."
Now, we ask, What right has Congress
to inflict loss Of )jxy.ntne minioss Of dol
lars, by one foul blow, in these troublou
times, on the people, in order that thes'
"rag- mills"-these debt factories''- ''-scat
tered through every State be protect
ed in the special privilege Of blasting an
dcprccating the circulating medium Of th
country, and drawing interest On whs
they otoc, How much removed is sue
legislation from treason against the publ
good? Is it not, practically, 4 consplrac
TO rob the people Of their money, and owe
whelm the country and the Nation:
Treasury in one common ruiny
When the next batch Of illegal tenders
is issued, if there be no room made #
them by q taxing annihi1ation Of 1oc'
bank circulation, gold will be at $50 or 81
per cent, and q paper dollar will hardly
worth the room in mans pocket.
This species Of internal legislation ro|
tho soldier as well as the citizen. His pa
is now but 50 in gold, instead Of 81
Us his country promised him; ar
after the $300,o00,000 are pill
on top ofthe present mountain Of inlatio
his pay will hardly reach four dollars
month in real money; while all his e
pcnscs, as well as those Of the Cover
mcnt-forage, munitions, ships, etc-will7
doubled or tIebled-all Of which must
paid some day, with interest, by the pre-
ent, generation or those who come after l