New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-02-03

ih ibh Hlhiu IthtuItSs III Nv 10 NV oo'"'"VV'J
perfect, it is the beat we are likely to get,
and the only one that can be passed with
sufficient promptness to support and inyigorote
the plans of temporary relief which must
precede il.
Nr. Chase proposes to establish a uniform
National currency. Since we are compelled TO
resort to paper the Only question is aS to the
character ard extent of the issue. 1t lie esi'
dent that an uncontrolled expansion Of the
present legal-tender system must be followed
by unlimited depreciation OF paper, and rise in
the value of coin. Yet there must be some ex.
pansion, and it must be accompanied by the
adoption of such system as shall arrest the
tendency to depreciation, and ultimately estab-
lish it in public confidence. To which end Mr..
Chase offers US general banking law, under
which any persons having capital may combine
for banking purposes, and investing n certain
portion in Government stocks, of which princi-
pal md interest are payable in specie, and de.
posting them with the proper officer of the
United States, may receive United States legal
tender notes in exchange, to be employed by
them as money, and the security and redemp.
ton of which are guaranteed, first by these
stocks, and secondly by tho whole capital and
property of the bank.
The plan is simple but comprehensive, is
theoretically sound, and will be practically
effective The arguments in its favor are IA
miliar, and need only to be briefly referred TO-
1t insures us uniform currency, more nearly
approaching to specie than is otherwise posi-
bic, arrests present depreciation, and promises
tho speediest return to actual specie payment
after tho termination of the war. 1t creates
constant demand for Government securities,
Dsures q supply Of money to the Government
and of currency to the banks, and identifies
the interests of both with those of the people.
|. does not propose to interfere with existing
banking institutions. but to change their sys.
tenn and increase their stability and the conn
dence Of the public 10 their souDdness. The
banks of the cities, whose interests are not
entangled with the continuance of their present
circulation, and all banks which are conducted
on really sound principles OF hnance are In
favor of this system. Considered, however, as
permanent plan. there can be no stronger
argument in its favor than that it tends to
strengthen the union Of the States by the
closely interwoven ties Of common interests in
the permanence and credit Of the National
Government.
We need not pursue the discussion on the
merits Of Mr.. ChaseS plan, which We may take
it for granted are understood. We only urge
that some plan must be early adopted; thai
this is, on the whole the wiscst moss thor
oughly matured, and generally approved; nnC
that it IL better to enact this at once than "a
spend the rapidly passing hours Of this session
In the prolonged discussion of comparatively un'
important details. Time is Of the fret conse
quence. We are approaching the crisis of this
war aud the nearer it comes the more plainly
il is seen 10 be neither political nor military,
but financial. Our preparations to meet il
will not admit of delay.