The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1863-01-23
THE FINANCIAL SCHEME OF SEC.
RETARY CHASE.

THE FINANCIAL SCHEME OF SEC
RETARY CHASE.
To save the country from bank
ruptcy and financial ruin, will re
quire as much skill on tie part o
the Secretary Of the Treasury, anC
wisdom in Congress, as will be re
quired on the part OF our General
and President to conquer the armed
hosts OF the enemg in the fisld. Tar
diness and military inefficiency vii
probably defeat any financisl plan
but with reasonable energy in the
field, and the success that is sure tc
follow we'll directed energy, we be.
lieve the plan of Nj: Chase will
carry us Iiumphantly through the
Struggle. 1t is very certain that leg.
islation cannot alter the laws OF ex.
chsnge--it must act through them.
TO attempt to legislste five cents in
to ten, is as foolish as to pass a law
that tlack shall henceforth be white
IL king government notes legal ten
der We know does not mako them
worth their face ip gold. Some plan
must be adopted that will mike gov.
ernment notes valuable to the peo-
pie, alter the vast smonn.s have been
issued v which our condition re auires
As We arc now going on they are
constantly depro ciating, and will
soon become good Tor nothing bu,
to pay debts. The soldiers pay will
not support his family, and it will be
impossible to keep up supply Of the
IN to riel Of war.
In the absence Of power on the
part OF the Secretary and Congress-
20 muse lie and energy into the
war, the next best thing they can do
is to bind the commercial.interests Of
he country to the fate of the var.
This they can do by eftctually driv.
ng out Of circulation all currency
except government funds. The Sec
rotary proposes to DO this by taxing
heavily the circulation OF the banks,
and at the same time allowing them
to circulate treasury notes free of tax
on a government stock basis. Thus
lot, market for large amount o
government stock will be created
bHording present relief; ID, the en-,
tire currency Of the country will be
treasury notes, which will create the
much desired necessity for the issue
of about $+0O. .oo0, 900 Of those notes
THE plan We think will not direct
ly make treasury notes valuable, bu
it will accomplish that object indi
fectly. II the whole North desire0
tho success Of the war and the final
payment of the National debt, these
ELECTS can be accomplished. We
know OF mo better motive to the sci.
Fl sh than money. Lst every man
who handles money be to the exten,
Of that money a creditor OF the gov,
ernment, and he will not be apt to
wish i,s downfall. 1t will TINA fur
nleh to ms a safe currency, and to
the war a stimulus. The feeling OF
conf lence created by unanimity will
raise the price OF our depressed stocks
in fact stocks being made, as pro.
posed, the basis OF currency. tLer,
will be no difficulty in exchanging
the one for the other at p Z. Final
ly,the government will find lees diff
Guilty in making loans, for all lend
ers will have such currency as can
be used by it in payment of debts.
This 10 merely the domestic side
of the question. low will It aGsc,
opr credit abroadi We'll, and onl,
well. When foreign nations see ,ha,
We have tie spirit to stake the com
mercial interests OF the country up
on the dnal success OF the war, they
must see that we will be successful,
Our own confidence will beget con
hdence Ia others. And l,t it be IN.