, 1863-02-11

US see how this will work in practice,
Banks" associations always in the bill, but
l use the other word for breyity's sake,
the two meaning the samc thing-may be-
must be, since the bill requires half the notes
authorized wiz: 9150, ,000 0o0) to be distributed
among the State5 and Territories in the ratio
Of representative population, formed In Ore.
gon or Nebraska, as well as in New York ana
Maine. The bills which each issue, rcscmble
each other in general appearance, but differ in
this essential particular: the Nebraska note
bears on its face the promise to pay of the
while the New York note carries the signatures
of the President and the Cashier of The bank
Of bullion well known to all frcuuenters OF
Wall street. Will my man who knows the 4
c Of political economy, tell me that the
two are Of equal value, and will bug the same
amount Of goods on Broadway? We're it
possible, By the most tudicious and thorough
system Of checks and balances to make and TO
assure the commercial world that you have
made these two banks, and all the l,anks that
issue "circulating notes." equally solvent !:
were it possible to prevent or detect fraud
and deception as easily in Wilderness as In u
city, still tho rlte Of exchange between the
two places would make = difference in the
value Of the currency emitted, unless-which
the bill does not propose, and for the obvious
reason, ! presume, that such 4 provision
would prevent it from ever going INFO opcr,-
ton, throughout the country-thr banks be
so closely affiliated that the issues of each
shall be redeemablo By the others.
RECElvADILl1Y FOE TAyRS no ARGUMENT.
But it is said that the provision nlakiug the
s'circulnting notes" receivable in payment Of
taxes, and other public dues will give them !,
uniform value. Gold and green backs, which
rr antf f1af.1 la. far
be, then, By parity Of reasoning, Of equal val
uc. If not, why should grcen-back and 'cir-
culating notes. circulating notes of differ
ent varieties, be sos It is true that the two
cases arc not at all points parallel, since 'scir
cu1ating notes" arc, or ut least are intended
to BE-, convertible into greek: backs, which arc
not, il their turn, convertible into gold; so
that the values Of the two species Of currency,
and of the varieties OF each, cnu never SO long
lis the bank issnfng the notes rcrnains sof.
vent, diyerge as far us those Of paper money
aud gold have already diverged: But this ar-
causes than the rcceiyabilityofth bills Tor pub
lie dues. Is not the effect ofthe provision ratl1er
this, to give currency to TINT class Of t'cir-
culating notes. Which, on account Of the
causes already alluded to-, is the cheapest. If
the ;spes sss Gf G3[sgonf or Nseska bank be
New York, are they not certain TO be used in
preference there for the payment of taxes
Will not tho manufactured deposit lis green
backs, or his New York city "circu1attng
notes. On which he suffers no discount, aud
give the Government Its thrco per cont, on
banker ,refnses,. as the laws Of trade
require him to do, to take at par. Thus,
instead Of national Uniform currencY-the
ignis .fdtnuf, in pursuit Of which all the ad7o-
gates Of this bill tlounaer IN the muddiest YER
bfagc-we el!all dud ourselves, if 1t shall ever
3fAnr jrx%- ,1Ac~ -
slowly, from the national capitol, where alone
and only in the language Of the bill, uniform
ity exists, By step under step into tic lowest
deep Of paper currency, whittier we were
going quite fast enough without the impetus
afforded by the bill under consideration.
TIE OLD BANKS UNTOUCHED.
Again, the eulogists of the national banking
scheme do not show us how 1t is that the is
sues Of the old banks are, under this bill, to
be retired in whole or In part. As originally
drawn, 1t taxed them no higher than the cir
culating notes, two per cent. being imposed
on each. In the bill, rs reported, the tax
upon existing banks is stricken out for OBJ
rious reasons It has, however, been inserted
in the House Ways and Means bill by the Sen
ate Finance Committee, and It is only flr to
consider the two bills as parts Of ono system.
Two per cent. then, on present and On n.
ttonal banks, alike. On what principle are tho
former, as class, expected to leaTe the field
which they now hold exclusively, to the lat
ter: Yet one agEument-or rather assertion
-greatly relied upon by the advocates OF the
banking scheme, is that its adoption will pre.
rent further imitation Of the currency. On
the contrary, as has beeu sufficiently shown,
it provides for the addition to the currency.
Of paper to the nominal amount Of three hun
dTcd millions and 1t cannot be proved to snb-
str.ct q dollar from that now in circulation.
So far from inssring uniformity, Ii causes di-
vcrsity, ly creating I: third kind of paper
money, Of which there are manifold varieties.
EXTRAORDINARY GRANTS OF rowER-P1T
BANKs.
Another objection to the scheme is that 1t
confcrs extraordinary powers upon the Sec.
retary. By section il half the three hundred
millions authorized is to be distributed rata
tories, according 10 population, and and
the other half to "be appoftioned by tic
Secretary Of the Treasury among associations
formed In the several States, in the District
regard to the existing banking capital, re-
sources and business Of such States, District
and Territories" The first power is open to
abuse; but what shall ne say Of the second ;
Docs 1t not confer absolute and entire discre-
tion upon the Secretary! Such provision
"to be hated needs but to be seen.n
SHALL GOVERNMENT MARRY ITS pASK OFF
SPRING.
Opening the Pli1adelphia Inquirer Of this
morning, find an editorial article, headed
Banks for Banking, but Currency from the
Government" !" and devoted to lnudations Of
Senator sherman's bill. on the ground that It
effects "a total separation between the busi-
issuing currency" The article coneludes as
follows:
The plan Of Banking ASSOCIATIONS, now pending
IN The SENATE Will produce similar Ito the Bang
IN and his one asiu Of e om a
it, OF the admirable scheme laid betorc Coneresa
by The Secretary Of the Treasury.
Mere this statement correct, I he,rtily
agree with the Inquirer that the feature I'M
puted to the admirable plan'' would be lone
Of Its greatest merits and would 20 fur
ther, Hnd call it the sole merit it Possesses.
But what are the facts? A Government ON.
Ger called the Comptroller of the Currency
prints the circulating notes." but the bank
1ng associations to which he sells them In
91ahk, Issue and promise to redeem them.
The bill says so in so many words
that the institutions It authorizes u shall have
power 10 carry on the business Of banking by
ootaininC {from the Compt rol1es) and ;ssaina
circulating notes. &c. To the end Of uni
lortellS and nationalit}y-an this is all the
uniformity and nationality there Is in the mat
ter: The Government undertakes to eneraye
notes for Its pet banka; to the end Of safety.
the government undertakes to require and IL
render available security in United States
stocks aud to oversee the business; reim-
bursing iteelf BY tax upon the tssues' II Is
responsible In the last instance, being as It
were the endorses, TO the holder Of j circu-
lating note. l. this "total" or eyen partial
s'scparation,' y " divorce" complete. or syen
from bed and board; or Is it not rather marriasre
the closest possible, incestuous marriage
w3tha1, SINCE the parties to It are the Govern
ment and the hanks which 1t has itself bcgot
tcns If the union be consum1natcd bT the
passagc Of tue pending bill, they would Be
but for the fact that the Laws of political
economy are stronger than legislative cnact-
mentt, united in life and in tieath not divided.
20 far as statutes can do II, the twain will be
made one flesh, 50 far forth IS their possible
points Of contact are concerned.
MORE GR9ENnAcEs AND HEAVIER TAXES on
BAsk NOTES, THE BErTRR PLAN.
No. All the merits claimed for the new
panacea, that can belong to paper money, are
possessed by the grcen-baeks. The Que NAY
to establish uniform national cur
rency, is to tax all bank keue6 ont Of circula-
ton, and Fcplace them, to the cxteut required.
by legal tender notes, issued from the Treas.
usy. receivable BY the Government, and Of
uniform value everywhere, because they ali
rest upon precisely the same basis. Is RESPECTS
Iedcemalleness or Observation-Disclosures, fhus.
and thus only, separation may be effeotei