The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1863-01-30
The Presidentss Financial Plan..-
killing the Goose that Lays the
Il Golden Egg.

|
killing the Goose that Lays the
Golden Egg.
| ABRAHAM LINCOLN is obviously honest in
the belief that he is not only profound
military genius, whose plans of campaigns,
sieges, battles and bagging, are far ADLER
than those laboriously matured by our best
generals; but he is evidently just as clear
in the conviction that he is also great
financier, whose financial plans are worth
more to the country than all the knowl-
edge acquired by the long experience of
our most successful and best accredited
business men. He earnestly believes that
he has succeeded in reducing the compli-
Gated science and difficult art of national
finance, to single and simple rule which,
when we come to look at it, proves to be
the venerable one of killing the goose that
lays the golden egg 1t is by killing this
goose,-which represents the People and
States of the loyal North, together with
his favorite plans of campaigns and battles,
wrought out on radical, humanitarian prin-
ciples, that he proposes to raise sufficient
money to crush the rebellion, and restore
peace, unity, and fraternity throughout
the land. ....
The President has observed that the
State banks and the bankers have
taken nearly all the loans made to the
government during the present war; and
that they have been enabled to DO SO in
consequence of their ability to maintain Il
large bank note circulation, and to keen
up their deposits, although specie pay
ments have been suspended. But, the
! President has failed to observe that the
solyency and credit Of the State banks
and bankers are the foundation of the ma
tional credit, or, if not its basis, that they
are, at least, essential to its preservation.
| These banks and bankers have already adj
vanced to the government all tho funds
they could spare with safety to a govern
ment conducted as ours is by the present
administration. Their financial ability to
do more has been seriously impaired by
the exercise of the Presidents military
genius. And, because of their unwilling
ness, in their crippled condition, to lend
more money to the government, the
President now proposes to abolish the
State banks by act of Congress, or to force
them into his measures by punitive legisa-
ton. 1t is singular, that, with his passion
for that method, he has not hit upon the
eXpedent Of abolshing or regulating them
by proclamation, as military necessity
or, that lie has not adopted King Johns
plan, who, when he wanted money, tried
benevO!ences " on the teeth OF the Jews,
and with great success.
The Presidents plan for the accomplish
ment Of his financial scheme, which was
elaborated in his annual message, and
again recommended in his late special
message, was more clearly set forth tv
the Hon. E G. SpAuLDING, of the Ways
and Means, few days ago, in the follow
ing terms
1t is proposed by this bill to authorize the
ormation of banking corporations, in all parts
of the country. with the usual powers of State
banks. They are to have the power to issue
bank notes to circulate as money, and to be
secured by United States stocks, deposited in
the Treasury Department as security for the
| r,r,tiCp Of Inns
BILL in all its essential features is like the free
banking law of the State of New York. 1t pro-
poses to nationalize all the bank currency OF
the country By tie GdOptioD Of such q cocrcire
policy to.rnds the eristing banks, os soiN compel
tea, to hyoo0 up their present StGte charters, md
organize tae,D un3er this bill. A tax Of two per
cent per annum is proposed on all State bank
circulation. in addition to the State, county and
city taxes which State banks are compelled to
! pay under State laws and in addition to the
| internal revenue tax of three per cent. on their
profits, making an aggregate tax upon State
banks of about five per cent By this hostile
| policy toward existing banks. il Is proposed to
compel them to surrender their present char
tered rights, TO make a market for United States
stocks, to be deposited in the Treasury Depart
ment as a basis for national bank circulation
under this new system, to the amount Oh $500,
| coo, 600. ..
In vain, thus far, do financiers and pol
itical economists demonstrate against q
scheme so radical, or assure the President
that his financial plans, like his battle
plans, will, whenever put in practice, re-
coil upon the government, and destroy
mere Union men than rebels. He sees in
all their arguments and objections only
the beauties Of bis own financial system.
| He is quite sure OF his plan whereby the
public credit is to be maintained and in
vigorated, by drawing the financial blood
of the country from it's members, and &C
cumulating it upon the heart of the nation,
thence to be afterwards distributed through
all the arteries of the loyal States Should
the body-poltic DO able to stand such a
shock as he proposes, and escape instant
death, there may be sone> occult virtue
discovered in the Presidential scheme.
This risk he is willing to run, to c0erce