The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1863-01-23
REVIEW OF OUR FINANCES.
AND OF THE
REPORT OF HON. S. p. CHASE,
SECRETARY OF THE TREASURY.
HON. ROBERT j. WALKER.
LATE SECRETARY OF THE TREASURY,
[From advance sheets of the Continental Monthly
for February


for February.
Our national finances are involved in
extreme peril. Our public debt exceeds
S72O, 900, 900, and is estimated by the
Secretary of the Treasury, on the lst of
July next, 1868, at 81, IA 4,6S5, $50. When
we reflect that this is nearly one-half the
debt of England and bearing almost dou-
bic the rate Of interest, it is clear that we
are approaching fatal catastrophe.
Nor Is this the most alarming symptom.
Gold now commands a premium of 50
per cent, as compared with legal-tender
Treasury Notes, and, with largely aug
mented issues, must rise much higher,
with a correspondent increase of our
debt and expenditures Indeed, should
the war continue, and there be no other
alternative than additional Treasury
Notes, they will, before the close of the
next hseal year, fail to command forty
cents on the dollar in gold, and our debt
exceed several billions of dollars.
What, then, is the remedy for our de-
preciated and depreciating national cur
rency? The Secretary of the Treasury
anticipated the disaster, and proposed a
remedy in 1861. gave his bank plan
then my earnest and immediate support
Well would it have been for our country
if it had then been adopted, and gold
would not now command 80 per cent.
After years experience and delibera-
ton, the Secretary reiterates his former
recommendation, with words of solemn
import and arguments of great force
His is the chief responsibility. To him
is mainly intrusted the custody of the
public credit His is now the duty of
saving us from national bankruptcy. At
such time would differ from him, on
such question, only on the clearest
cOn7ictions, and then only upon the con-
dition that bad better plan as sub
stitute, and that mine could become a
law now, and be carried now into practi-
| cal execution. If all this could not be
done, l would support the plan of the
Secretary, as all admit that delay or in
action is death
The plan of the Secretary is clear,
simple, comprehensive, practical and
effective. 1t is the plan of an uniform
circulation, furnished by the Federal
Government to banking associations,
organized by Congress, securing prompt
redemption by the deposit of the same
amount of United States six per cent.
stock in the Federal custody, the princi-
pal and interest of this stock being pay
able in gold. This plan, with me, is a
necessity, and not a choice. 1t is the
plan of the Secretary, and not mine, and
is therefore supported by me by no van
ity of authorship. Nay, more, it re-
quired me to overcome strong prejudices
against any bank circulation, and espe-
cially any connected in any way with
the Government tits, however, a strong
recommendation of the plan of the Sec
retary, that the proposed connection of
the banks with the Government is not
political, and attended with none of the
formidable objections to the late Bank OF
the United States.
The national disbursements for. tbs
stated by the Secretary, together with his
remarks on that subject, supercede the
necessity of any further argument In
proof Of the absolute impossibility oi
specie payments now by the Government
We are compelled to resort to paper, ano
the only question is as to the character
and extent of the issue. 1t is my opin
ion that We should limit this paper cur
!. rency, as far as practicable, that 1t ma,
! be as little deprecated now as possible
so that when the rebellion is crushed thu
banks and the Government may resum
. specie payment at the earliest moment
l favor the plan Of the Secretary mainl
because, by arresting depreciation,
!. would furnish currency approachln
snecie now more nearly than can be az
complished in any other way, and b'
: cause when the war is over 1t provide
the best means for return, in the shor
!. est possible period, to specie payment
The issue of Treasury Notes as legi
. tender was favored by me as necessat
superinduced by the rebellion; and as
substitute for the present bank issue
Such notes would be deprecated mu(
? less when made legal tender, and,
,s, that extent, our expenditures would
Is diminished, and specie payments cou
a. therefore be resumed eventually at
ak much earlier period Why, then, 1t
asked, not continue and extend that sy
tenn, rather than adopt the plan recoi
R. mended by the Secretary? Becau'
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