Daily national Republican., 1863-02-10
ND.EDIVIOL.
youn OIcLooE, ?.
let u Have a natlsnai currency:

ASN nave n MoNAonnA OuFFeheys
The bill Of Senator Sherman, now pending
in the Senate, is hailed by III thinking men as
amovement 70 re-establIsh the national Bnan-
ces. II ls seen and felt that the continued, an
bounded lavish issue Of Treasury notes can but
lead 70 vast and boundleas sderangemsnt Of all
business relations, eliminating in general
bankruptcy, ruin and embarrassment, the re-
coyery from which will be only through slow
and painful years Of suffering. The dealers In
currency and speculators In gold viii be en-
riched by the further Issue Of Treasury notes.
Colossal fortunes may be made by them, hut
a. their boards grow, the masses will be made
poorer and poorer. Their earnings win 60 to
swell these magnificent piles Of spectators,
and, the losses by the depreciation Of currency
always falling upon the working classes, the
end will be that those who toll not, but only
speculate, will come, through unfortunate
legislation, to hold the wealth OF the nation,
while those who have created that wealth will
be len to bear the Ills Of poverty and debt.
From these calamitles, threatened by furth-
er and continuous issue Of Treasury notes, the
national banking scheme Of Mr.. Chase, embo-
died In MIR. shermAn's bill, promises to relieve
us. That a certain banking interest should be
opposed to this measure, we may well believe.
It requires that the banking business of the
country, as far as currency Is concerned, shall
be done Of a basis Of actual capital. No lon
ger, II this bill becomes a law, can irresponsi-
BILE bankers put their notes into the market to
defraud the people Every bank issuing notes
Is required to deposit in the Treasury OF the
United States an amount of United states bonds
at least ten per cent. greater than the amount
Of notes issued. These bonds and the faith Of
the Government are pledged to the persons who
take the bills of the banks that the bills will be
eventually paid.
Parties who have not the money TO purchase
these bonds of the United States, will not be
allowed to issue their own notes as currency.
This Is all the hardship there Is about the BILL
That is to say, the bill compels those who
would furnish currency to the people TO have
capital, with which TO redeem their notes, and
TO furnish evidence Of having such capital by
investing II in United States bonds and deposit
ing such bonds with the Treasurer of the Uni
NSh pthtoa IN u piooBt VI boOh ihAtu hnu iOE tlb
eventual security of the people who take the
bank bills. This is a hardship to those who
would bank without capital; 1t is the beat, the
safest, aud the most satisfactory system TO
those who have capital on which they desire 10
lssue currency.
II Is gratifying TO see the growing satlsfac-
tlon with which this measure 10 received. Az
ter years Of suffering from irresponsible banks;
after all manner OF frauds, devices, cheats and
villAlnies In pAlming OF worthless currency
upon the people as money, now, at this late
day, the Legislature, awakened to Its RESPONSE
bllitIes by the heavy pressure of war, begins to
assume for the Government the great constitu-
tional function Of providing "uniform cur
rency." With this measure passed into law,
the day Of wildcat" banks is over. No Ion
ger will speculative credit he the measure Of the
currency Of the country.
There are those who fear the influence, In
politics, of the "local banks" and who may
oppose this measure with view to secure the
favor Of such banks. Let them dismiss such
fears.
SO far as the country banking Institutions
are concerned, there is not high-toned, patrl-
otic gentleman connected with them, officially,
who will not yield his little private interests to
the greater public good. Those who will not
do this do not exert a sufficient influence TO be
feared.