, 1863-01-14

skill Of experts and detectives could not
guard tue public. The loss By broken bank
paper was equal to fire per cent: per snuum.
and experience proTcs they capnot be guard
cd against Tbs loss by exchange Id uncur-
monsy ss. the snson o. 59fes o.s and ID
the people. By enlarging the volume Of cur
rcncy, bank bills dopreciate the value Of
United states notes, and initiate gold and sill
yer They sredns1 enss,os!!y destroy all hope Of
sion Of he e Which decars5 :u p that
no State shall emit bills Of credit.
He stated the history Of this clause Bank
bills were within the mischief guarded
against.
it was impossible to distinguish between =
direct issue Of bil1a Of credit by q State and
their Issue by corporation created By
Treasury notes are better than hank paper.
They nre! tf: more general authority: They
aEe less easily. counterfeited- They may b
converted into the bonds Of the United States.
est. They are + legal tender. They are re-
ceivable In payment Of al public dues Bank
| notes have none Of these qualities They are
therefore kept in active circulation, while tbs
United States notes are boarded Although
two hundred and 1fIy millions Of United
States notes have been Issued and are Of uni.
Versal credit, they are not accessible as cur
! yency. The circulation Of bank bills prcventa
The broocss Of funding, by which alone the
bonds Of the United States can be a5so-,ed
By the people. 4 material increase Of United
States notes, to faci1itate funding. would only
impair the Yalue Of the United States notes
md bank bills alike. As long IS bank bills
are in abundant circulation, the superior cur
rency will not be used.
Their withdrawal may be gradual, and the
| vacuum filed up by United States notes.
This could be done ewithout affecting the bust
credit, resources and charter Of the banks
would stIn remaiu- Their business would be
on the game footing as other business. They
would be relieved from the unpopuiarity 1-
ways attached to exclusive privileges The
withdrawal Of their entire circulation would
would promote the sentiment OF nationality.
absolutely necessary to support us In the pros
ecution Of q gTeat war, involving the exist
encc Of country, property, franchises and
rights. If a national debt is unavoidable, a
ns2ional currency must be established with it.
The two are inseparable While It is impor-
tant not to dlstrust the measures Of indiyid.
uals, it Is more Important to maintain the
national authority. In war, currency is ~
important MS armies. Both must be controlled
made,to nationalizc the whole people By bind.
Ing them together with common cnrreuos
and . common cause-
; It is only the pride Of nationality that viii
maintain US In task that must be accom-:
; plished. Mr.. Jefferson, always watchfu} ol
the rights Of the States, declared that thia
| country could not maintain . long war cxcopt
| by tho use Of United States notes as papal
{ money, and with them We could wage war 10,
years. He invoked the prudent use Of thfa
: great power, and the steady fortitude Of a ftct
: people, BY which be was confident the nations
unity viii be preserved. This great rebellion
overcome, there was no limit but the will o.
: the Almighty to the power and greatnes4 d
our country, and he was disposed 10 use ever
, authority granted to Congress for this end