Delaware State journal and statesman., 1863-02-06

catastrophe. Asli n. immediate anil energetic
actin. In the field an in Congress. Winter Is
the best seasan for campaign IN the South
On-0n -on With the banner OF the Rspuble, by
land AMI sea, sud with all the re- endorsements,
from the Ohio aud Potomac to the Gulf. Ga,
also, with the necessary measures ia Congrss, 10
sive our ioances IRON ruiz. arrest the ,preoi-
alton Of our national olrre ICY, and restore the
public credit. We are upon the verge Of ruin.
We are hanging over the gulf Of an irredeenable
paper system, aud It's spectral shade, repuda-
loo, is seen dimly in the dark abyss The
present Congress may save US; but what Of the
nexi! Would they, ii they could? Who can
! answer. Can they, il they would? No no
II will then be TOO late. Never did any represen-
tadye assembly encounter so fearful response
hity as the present Congress Each member
must vote as il the fate Of the Union aud Of
humanity depended upon bis action lie must
rise above the passing clouds Of passion aud pre-
jpliee, Of State, local. or selfish interests, into
the serene aud holy atmosphere illumined by
the light Of truth, and warmed by the love of his
country aud Of mankind His only inquiry must
| be, What will save the nation The allegiance
to the Union is paramount, its maintenance "the
supreme law th. iex legum, Of highest obliga
lion, and he who, abandoning this, principle
/ follows In preference any real or supposed State
/ policy, is u Secessionist IN action, aud q traitor
10 his country aud mankind Should the catas-
irOphe happen, no such paltry motives will save
him from disgrace and infamy and, il he be
snstched from oblivion, his only epitaph will be
Here lies destroyer of the American Union
lie oil not destroy it by bullets, but by votes.
lie did not march against it with armed batta-
lions but sentinel, he slept the post Of
duty, and-his country fell.
What, then, eau Congress do :, They can con-
slider al this great financial question, unin
terrupted by any other measure. until there
shall have been action complete and decisive.
Bu, two months more remain Of the secession
Not another day nor hour must be lost. All
admit that something must be done, and done
quickly
The plan submitted by Secretary Chase,
meets with general acquieseuce among those
most interested in financial matters, aud
best posted in reference to the necessities
Of the Government. Indeed we see no seri-
Gus opposition offered TO it in any nauen.
tal quarter. Its main features and merits
are thus briefly adyerted to by the New ork
Tribune of Tuesday,
"Our latest adgices from Washington indicate
that MIR. Chase'a general banking scheme i.
steadily growing in favor. and will become
law We deem It Of especial consequence thai
moment, not because it promises inmed diate re-
lief, but because the success. ef any schsme foi
tue supply uf the wants Of tue next SIX month,
must largely depend on the simultaneous adop-
Z ton Of a wise and comprehensive system o
finance shich shall reestahlish the national ere
Dit Oh a sound aud enduring blsi-. Sucn d
systpm 10 Mr. Chase's II has been before tho
country since December 1861, has been widel,
examined aud discussed BY the abest fnauoier.
aud on the whole is approved in its main fea
, tures. II 1t is not absolutely perfect It is til,
best we are likely u get aud the only one tha
can be passed with sufficient prOmptuess TO sup
port and invigorate the plans OF temporary relle
which must pgeceda it.
Mr.. Chase proposes to establish uniform
J National currency. Since we are compelled I,
resort to paper, the only question is ~ to III,
r character and extent of the issue II Is eyiien
e that au uncontrolled expansion Of the prpsen
legal-tender system must be followed by unlimi-
0 tel depreciation Of paper, and rise u tile Yaut
e of coin. Yet there must be some expansion. ant
y it must be accompanied by the adoption OF sucl
y n system as shall arrest the tendency to depre-
) citation, and ultimately establish ii ia public con
, hdence To which end Mr.. Chase offers US ,
r general banking law, Huder which any person
|, having capital may combine for banking purpo.
4 ses, and Investing certain portion in Govern
, ment stocks, Of which principal and interest ar
payable in specie and depOsitiHg them with thu
proper officer Of the United States, may recev,
United States legal-teuder notes in exchange, t,
). be employed by them as money, aud the securi
u ~ aud redemption OF which are guaranteed
= first by these stocks, and secondly by the Who'll
= capital aud property Of the bank
u The plan is simple but comprehensive, i
r theoretically sound, aud will be practically eiFec
| tive. The arguments in its favor arc familiar
l. and need only to be briefly referred TO- Itiusure
r, US uniform currency, more nearly approachin
If to specie than is otherwise possible, arrests pre-
Il sent depreciation, and promises tue spec re
l. turn to actual specie payment after the termiua
Il tion Of the war. 1t creates a constant deman,
for Government securities, iusures supply q
,r money TO the Government nnl Of currency to th
II bluks, aud identities the interests Of both wit
- those of the people. 1t does not propose to il
~ terfere with existing banking institutions, but
i change their system and increase their stabilit
" and the confidence of the public in their sound
ness The banks of the cities, whose interes
: are not entangled with the continuance Of the
sr present circulation, and all banks which ara col
duotei on really sound principles of finance Al
l. IN favor of this system. Considered, haweve
s. as permanent plan, there eau be no strong,
argument in it's favor than that it tends
strengthen the union of the States by the close
nterwoVen ties of common interests in the pel
manenee and credit of the National Goyernmen