Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1863-02-12
TIE FINANCIAL PLAN OF SECRETARY
CHASE.

IuO Slouuu 90 Sou1peteiyI tua1 VIC e""'o0 Wv
better than to copy it entire. We are glad
to see that there is fair prospect OF the pas
sage of the finance bill with the banking fea-
tsse attached to it. We trust that Congress
will not feil to sanction what appears to be
the almost unanimous voice of the country,
and give to US currency uniform and of the
same value ia Maine and Massachusetts as in
Missouri and Iowa, instead of our present
heterogeneous mass of State and local banks !:
"There is a rapidly growing public Senti-
ment in favor of the system of National Bank
ing Associations proposed to Congress by Sec
retary CHASE. The people are discussing it.
bank officers ara capitalists are examining all
its details and bearings, and the result is that
the closer it is scrutinized the better it looks
1t comes out of every debate with new and
stronger friends. When first proposed the
Banking interest of the country was very gen
orally arrayed against it, but that feeling we
are glad to learn is fast passing away, the
present temper amoug the Banks, especially
those of Philadelphia, New York and Boston,
being to cooperate with Mr.. CHASE to the
fullest extent practicable, without producing
a sudden and violent change in the existing
order of things The clearing houses of the
great Atlantic cities, We understand, have ta
ken up the proposition ia frank and cordial
spirit, to see how the transition from the pres
ent to the proposed system can be made with
out de.anging the machinery of our financial
fabric
"These circumstances indicate progress in
the right direction, progress we are glad to
note, for the measure to which it relates has
degree OF Importance that can hardly be over
estimated Its great central idea is to fur.
nish the people of the United States with
safe uniform circulation, of equal value over
the whole country, upon the foundation OF Ne
tional credit combined with private capital.
That Of itself will be benefit to the publ of
iuestimable value. But tie system is calcu-
lated to effect other results of almost equal
advantage. 1t will furnish to the Government
iu this hour OF its extremity, q large and ccr-
tain market for its war bonds, which i. has
heretofore been 50 difficult problem to place.
Further even than this when the blessed
reign of peace shall be restored, it will acceleT
ate the resumption Of specie payments, SO that
we shall not be afflicted with q suspension Of
thirty years, as England was.
THE advantages above set forth are to be
secured by the organization Of Banking Asso.
Citations, under general law TO be passed by
Congress. They nay be new associations OF
private parties desiring to employ their capital
in the designated way : or existing institutions
under State laws may avail themselves OF its
privileges by conforming to its requirements.
Such associations are first to purchase, with
their capital, regulated amount of the bonds
Of the United States Government. for which
they, of course, receive the stipulated interest
Upon deposit of these in the National Trea-
sury as security, they are to be furnished with
an equivalent amount of circulating notes as a
basis for their discounts and other legitimate
banking operations. The notes SO obtained
are to bear the national impress. and TO be
of one uniform style for all the associations
over the whole country. They are, however,
to be redeemable only at the counters Of the
associations which receive them, aud to make
them distinguishable in that respect, an addi
tioual impress will be made, giving simply the
name and locality of The bank which issues
Io, Nv ,,,&,,, do
BILE at the Treasury depositaries, because that
would concentrate them in too great sans at
the money centres, while The prescribed plan
of making them redeemabe by all the Asso,
Citations using them, dfuses the process of re-
dernption over wide extent Of country. Dur
ing The continuance Of the present suspension
these Association notes will be payable in the
ordinary United States notes, and after re-
sumption in specie Oh demand. If there is
failure in either case, they will be redeemed at
the Treasury of the United States from the
proceeds of the bonds deposited there by the
defaultiDg bank.
"Such is q brief sketch of the banking
scheme of the Secretary of the Treasury. 1t
seems difficult to conceive a plan more ad-
mirably adapted to the wants of the Govern
ment and the people in the exigency in which
both are placed by the war. The nation, 10
its corporate capacity, gets sure and steady
market for the bonds it must issue for means
to sustain it's authority. 1t participates with
the banks in the, advantages of furnishing the
money circulation of the country, for to the
extent that its own notes will be out it will
have a loan from The people aoithout interest," 1t
secures, iD favor of the Union, the conaerva-
tive influence of the many Associations that