Delaware State journal and statesman., 1863-02-06
The New Banking Law

Every days delay in the passage Of the
Banking Bill now before Congress, increases
the perils that beset the Union and makes
the danger Of the final overthrow Of the
Country more imminent.
The great difficulty with which the nation
has now to contend is the currency, not the
bayonets Of the traitors. Settle the one
upon sound, uniform secure basis, and the
other will be more than half annihiated on
the field of battle. To accomplish some
thing permanent in the way Of currency
Secretary Chase has been laboring most as.
sldiously for over a yeur and his efforts are
seconded by the distinguished ex- Secretary
Robert j. Walker, formerly Of President
Folks Cabinet These gentlemen are press.
ing upon Congress the necessity and mpor-
tance OF speedy action; and are doing all
that true patriots can do to save the nation
from impending financial ruin. If Congress
VIII only act promptly all will be well and
the rebellion will be crushed out speedily
Upon this point, the Hon. Mr.. Walker.
writing to the Continental Monthly saws
Our national fiuancea are involved in extreme
peril. Oar public debt exceeds S72O OnO OO0
and IL estimated by the Secretary of the 1ren
sury, on the lst Of July next at 81 l22. .2g7 4O3
and on the lst Of July, 1864, at 81 IA Gg5 5SG
when We reflect that that is nearly one-half tbs
debt OF England, and bearing almost double tho
rate oil lAterest, it is clear that We nre approaeh
lug latal catastrophe Nor is this the mos
Alarming symptom. Gold now cOmmnnds i
/
with legal teHder treasury notes. and. win
largely augmented issues, must rise much highnr
with correspondent increase of our debt ana
expenditures. Indeed should the War eontinna
and there be no other alternative than aidi,iono
treasury notes, they will before the close Of The
next hscal year, fail to command forty cents or
the dollar in gold, aud our debt exceed severn
billions Of dollars This would resuI, from a,
immense redundancy aud depr,ciatinn nj cur
rency, and from the alarm created here enJ !,
EUROPE as TO the maintenance Of the Union. ant
| the ultimate Bolvency Of the Government In.
ueeu, our enemies, al home and abroad III,
heoels, nni their allies in the North and /,
europe, already announce impending pationn
bankruptcy and reputation, and there mr.
many devoted patriots who fear snch a na,aa,la
phe, - 'o''9'fo
That the danger is imminent is truth wbicI
NUS hO' pe disguised. Here lies the great perl
VI ,he oeVerhmeat II il not the Rebel arinie
mat can ever overthrow the Uuion. Ii IL N,
alarming increase OF the public debt and exnen
d,tures' aud the still more appalling depreciatio
oil the national currency, that most imneril tn
great Republic. '''' -
And is the Union indeed to fall? Are We I,
he divided into separate States or many oopfe,I
erhcles, each warning against tue other, the spor
OF foreign oigarohs the scorn of humanity. m,
belrayers OF the liberties OF our country and 4
mankind? Can we yet save the Republic Tbi
is fearful and momentous question, but i
must be answered, and answered NOW. Inacto,
is syneope, Delay is death. The life of Nh
Republic is ebbing fast, and the approacbip
ldes OF March may toll the funeral words, n /
too late!
What then must be done to avert the dread