, 1863-02-07

There is evidently popular notion
against the plan Of Finance that the House
Committee Of Ways and Means has put
before Congress and the country; and as
the alteration Of that plan is Hr. Chase's
scheme for establishing banks ofissue upon
government securities as basis, there is
yearnins liking for, or rather disposition
to accept Of, what the Secretary of tile
Treasury proposes. We hare carefully
studied Mr.. Chases ideas, have examined
his facts, and have followed his reasoning
out to its legitimate conclusion, and we
should not be honest 10 ourselves
if VIC failed to say, that, though
his proposed system is immeas-
urably preferable to the plan which receives
most favor in the House, it has grave
objections that have hitherto caused the
TRIBUNE to withhold its support. First,
it fails to act with sufficient compulsory
power upon existing banks-they have an
option to accept his terms or to keep on
under the authority Of State laws, almost
wholly untaxcd. This should not be- A
swinging tax law which would at once COM
pei Them 10 do business on the new basis,
or to wind up, is the complement of the
plan which is defective..without it. Second,
the time required to bring the plan into op-
Grafton seems to us far too long. The legis-
lation, whatevea that may amount to, is for
the present time The national cxchequer
cannot afford to wait the slow sale of bonds
for banking purposes, the tardy motions Of
engraycrs engaged in the preparation Of
bonds and notes necessary to the banks be-
fore opening shop. The want is immedi-
ate; and if We are not mistaken, the larger
part Of year will elapse before it can be
met. But these are matters Of detail which
may he amended. The principle upon
which Nlr. Chase acts, is, if we are to have
banks at all, the correct one. 4 Philadel-
phis paper-1he Buu<tin, always respect
able authority-sums up on tue other side,
the advantages thus:
First. a currency equally well known, pop.
ular and uniform, from Oregon to Maine.
Second Il fiscal agency Of the Government
an agency at once safe, economical. and, usl,
der our present circumstances, absolutely in.
dispcusablc.
Third. T. medium By which tho Govern
ment can dispose Of its permanent loans, rs
follows: By the sale Of millions to the banks
themselves as a basis Of their circulation, and
afterwards by means Of these banks, as
agents. to supply the people, who arc only
aWaiting such an opportunity to come and
pour in their means to MD in supporting theil
Government.
Fourth. The Secretary sees in this plan the
only practicable mode Of returning to !:
spccic basis. Without this measure, We ma,
remain Under state Of suspension Us long Il,
did the Bank Of England Mt one period
With this measure, there is no obstacle
whatever 10 q return to specie payments ST
soon as military successes shall sllow con
clusivcly that the end Of the rebellion is Al
hand.
Fyt7h. The practical curtailment and will,
dfnwal Of present bank circulation, and th'
establishment Of the business Of tic counts,
upon sound and uunuctuating basis.
Wc arc By no means so sanguinc as tn
Bulletin; but anything that promises cycl
by indi1cction, TO arrest the storm Of evil
which the House bill contains, we shall b
happy TO accept If III. Chasc's plan i
the only one, by all means let it g
through and do its promised work.
Again VIC cntrcat members Of Congress
TO be wary what they do. In their hand
are military triumph, restoration o
the Union, sound national credit, and til,
prosperity Of the people. They hold in
learn, defeat, dissolution of the States, na
tional bankruptcy, and the ruin Of all com