Maryland free press., 1863-01-16
rhc Secretary Of the Treasury In New
, York-IIis Financial Scheme.

81 The Hon. s. p. Chase, the Secretary OF the
Treasury, who arrived in New York from
washington, on Friday night, had IN interview
With several Of the leading bankers. at the
american Exchange Bank, on Saturday, and
IN the evening he met members of prominent
banking firms at the residence Of Mr., Cisco,
enb-treasurer, t, confer Oh the subject Of the
sz,atonal finances. The IourUal Of Commerce
says
Mr.. Chase opened the interview with gen
.era statement of the condition and necessities
of the finance department. He said that he
had consulted all the financial talent Of the
eountry in the past, yet alfthc responsibility
slnd rested upon lis shoulders, and he had
bone it to the best Of his ability. Necessities
ereatcr than ever were now upon him, inc!u-
linz not only provision for the payment of
prescnt dues to the army, but more especially
the dcvisng of n plan iur the management of
fhc government finances IN the future. lie
intel at great waste Of the public funds
1pon the army declaring that no army in the
Eorld had ever received 50 much money for
tbc same service, and yet their pay was, now
Il months in arrears Ijo did not attempt to
disguise the magnitude of this crisis, nor the
Necessity for immediate and vigorous measures
to prevent the most disastrous results. lie
had given his best thoughts to the subject, and
nothing had commended itself so fully 10 his
judgncnt as the plan for the establishment of
4 general banking system, with which the pub
~ are already familiar.
S This conclusion was evidently n soriout dis
eppJintment to most Of the gentlemen present.
After . pause Mayor Opdyke mrde n brief
zpcech, somewhat family approving Of the
Secrctpry'i bank project, but urging more
ntrongly large issue of six per cent. treasury
notes
Mr. Low followed in some earnest and per
fincnt remarks insisting that the money could
be raised, and must be paid.
This closed the business part of the enter
tainmcnt and is all upon which the public
have any claim. We have heretofore shown
that whatever other objections there may be
against Mr. Chase's banking scheme, this one
Is fatal to it, viz: That while it would con-
Fnlso tie country by the financial revolution it
proposes, it would not be available rs meth
Cd Of filing the treasury There will proha!
bly be other consultations on this subject be-
Tore Mr.. Chase leaves the city; but it is eyi-
dent that, if lie clngs to this scnemo, homust
relnquish his place in the cabinet, or submit
20 he overruled by the majority in Congress.
The Times remarks
8 from what has occurred between tie Secre-
1nry and our principal bankers and private
capitalists, we are loI to suppose that one of
his uhjoeta in visiting New York at the pres
en- moment-soilcwiug the unanmous but
respectful decision cf the committee Of ways
and t4cans, that they could not report his free
Banking scheme aa part on parcel Of the main
treasury I'LL o.: the scssiou--waa to atto,npt TO
En!'at i,rih,r sentiment in its favor through
the banking influence of this city, Ga an alter
l.aiIc to the ricre direct Issue Of umited States
sN'tua Of Lawful tcrcer hy the govrrnInent.--
VIA success may eventually attend this en-
..eavor ii would, perhaps, be premature to say.
Tia" laE we are inrliucd 70 tEink he has met
1nt iittlr cucouracement.