The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1863-02-03
From the Wash gton Chronicle
The Financial Policy Of the Federal
Government,

[From the Washington Chronicle.
The Financial Policy OF the Federal
Government.
The action of the House of Represen-
tatives on Monday last, on the bill pro-
viding ways and means for the support
of the Government, involving as it does
a substantial affirmation of all that por-
tion of the report of the Secretary of
Treasury devoted to the subject of loans,
taxation of bank notes, and the further
issue of interest bearing notes, was graft
flying in many respects. The bill itself
may not be perfect; but the best argu-
ment in its favor (as showing the pres
ence of united sentiment) is that it
passed the House without a division.
The friends of the Administration forgot
their feuds in the face of necessity and
a duty; and it's enemies could not op-
pose an example which exhibited so
much disinterested sacrifice. How such
a spectacle will effect the country need
not be anticipated. Let us hope that it
is the beginning of new and better era.
If Mr.. Lincoln's friends will not confide
in him with a full and hearty confidence,
why expect his adversaries to do so? The
financial policy of Mr.. Chase is that of
the President and of the Administration.
The President, in his special message of
the 18th instant, made it an issue, and
those who are his supporters should so
understand it. Nothing could more
thoroughly vindicate the practicability of
the financial prcjet of the Administration
than the fact that though bitterly and
recklessly assailed by the sympathizing
leaders, most important part of it was
accepted by the House without a call of
the ayes and noes. A similar spirit will
carry the banking recommendations
through both branches at an early day.
! There is not a moment to be lost. The
scheme, like the other remedies of the
Secretary, has undergone a searching
| discussion, and like those remedies il
demanded of the people. Capitalists are
ready to invest their wealth on the con-
ditions set forth in the Secretary's report
and embodied in the bill of Mr. Sherman,
Of Ohio, now on the tables of Senator'S
| Should this bill, or one like it, pass into
law, we shall then have convertible
currency, and an end to that expansion
| which threatens to engulflabor, industry,
| and honest enterprise in common ruin.
/ The financial Minister of the Govern
ment knows his duties, and has studied
remedies for the national disabilities, and
we must take his suggestions before those
which spring either from inexperience
or from interested motives. Nothing has
impressed us more than the manner in
which many leading minds, not in Con
gress, have responded to this call of the
Minister of Finance, and to his compre.
hensive scheme of revenue and banking.
Among these should be first classed
Hon. John a. Andrew, Governor of Mas
sachusetts We need not remind our
readers that it is from the New England
State banks that the steadiest opposition
to the projet of the Secretary of the
Treasury was expected. The course,
however, of the united delegations in the
House on Monday last, on the bill which
passed that day, will 90 far to dispel that
expectation And we think they, and in
deed all other patriotic Representatives
cannot fail to be strengthened by the
noble course of Gov. Andrew, who, throw
ing behind him the trammels of local in.
terests, accepts the Secretarys whole
plan, as the best road out of our nationa
complications.
"The Secretary of the Treasury, in hi:
recent able report on the financial affairs
Of the nation. recommends to Congress:
the creation of national system of bank
ing which, if carried out, may interfere
with our own, and may deprive the Com
monwealth of large income now de
rived from the tax on banking capital
The Secretary's plan is to authorize frer
banking, to he based on deposit of ma
tional bonds. This course, he suggests
will create demand for Government
securities will furnish a perfectly safe
convenient, and uniform currency; viii
check the circulation of bills of unsaf,
banks; and greatly tend to strengthen
the Union Of the States 1t is believed
by some that if this system should bt
authorized, many of our banks woult
fall into it, while others equally well in
formed believe that most of them woult
continue to act under their present char
terra. The Secretary proposes no coer
Give measures except a slight tax on tn,
circulation of the old banks While thi
tax might be injurious to the country in
, stitutions which derive a large prof
I from their circulation, its effect on thos
; in the large cities would be lost, 70
> there the circulation is unimportant
G "Moneyed corporations are natural
cautious in their movements, and are in
clined to hesitate and deliberate mucI
before adopting new methods. But what
: ever may be the operation of the Secre
tary system on the New England banks