The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-16

in some particulars; but yesterday this appeared
% be the prospect Such bin o. this would
enable the Secretary 70 pay his way till July,
1884, assuming the expenses Of the war to proceed
on their present SCALE Wall street, taking prac-
teal and not . sanguine view of the prospect,
would have deemed it safer to extend the auth0-
rty for the issue Of ordinary legal tender notes to
the limit fixed by the House. But III the Treasury
notes are made legal tender Mr.. Chase viii have
$500 900 900 Of legal tender currency to pay the
troops with-without borrowing dollar-and this
will probably suffice.
We learn, from sources entitled to credit, that
Senator Sherman's Bank bill will probably pass
the House this week II is known that majority
of the members are opposedsto it; first, because
it is useless and, il passed, will prove dead let
ter secondly, because it inaugurates war be-
tween the government and the banks, which ap.
pears unjust to institutions which placed their en-
tire capital at the service of the government in it's
hour of danger and trial. and thirdly, because it
Institutes an antagonism between the general gov.
eminent and the State governments Of the loyal
States, which sound policy would have dictated
the wisdom of avoiding at the present critical
period in our history. For these reasons the
House has already once during this session
|
as Thursday last would probably have refused to
consider it anew. But within the past day or two
the whole power of the administration has been
brought to bear upon members. 1t is pressed upon
them as an administration measure, which is deem
ed by the President and Secretary Of the Treasury
essential to the Of the administration; and
thus viewed, fear, favor and party loyalty will
probably, as We understand, secure its adoption
by the House. Practically, the matter is Of very
little consequence. No one is going to bank under
the new scheme, at al events, at present. 1t is
doubtful if half dozen banks will be started under
it during the administration of Mr.. Lincoln. As to
the tax on bank circulation, that is mot
viewed by bankers as likely to lead to any
considerable reduction of the bank currency
afloat. 1t has always been calculated that
bank circulation yielded from 10 to IL per
cent per annum to the bank which issued it. A
tax Of one per cent can therefore be borne with
out ruin. Were it otherwise the passage Of Mr..
Chase's bank scheme would be followed by most
alarming consequences at the North. The Legis
lature of this State is not prepared to aban-
don our banking system, which has been perfected
with 30 much care, and which has contributed go
much to strengthen the State credit and impart
stability to our commerce. On this head the views
Of our Bank Superintendent, which were embodied
in his last report u the Legislature, ae th6se Of
the Legislature and the pSSF'e sf large. Any 81;
tempt by the genera. government to aullify our
free banking law and to force our State securities
into the market, for the sake Of trying futile
experiments at critical period like this,
would develop at Albany resistance
to be deeply deplored. As it is. however, the
more experienced among our bankers apprehend
no collision at present. The bank interest Of the
loyal States can afford to pay $3.50, 600 annual
tax on their circulation without materially cur
failing their issues. If anybody is inclined to bank
under Mr.. Chases scheme, he will have an oppor-
tunity Of doing SO. and may win favor with the
government IL he does not mako money by the
experiment. But, SO far as the great question Of
providing ways and means for the prosecution Of
the war is concerned, this bank scheme, which is
being forced on Congress by the whole power of
the administration, will prove Of no importance
whatever, and yield no appreciable results.
The following table shows the course of the.
stock market for the past week and month";