Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-05-16
From the Detroit Free Press.
Secretary Chase,s Financial system

Press.
Secretary Chase's Financial system.
Mr. Chases Financial ability" as it is called,
has heretofore manifesting itself in flooding the
country with greenbacks, and then inducing hold
ers to invest them IN interest-bearing government
securities. The greenbacks were thus called in
to be re issued with fresh millions till another
glut paved the way for the issue of new batch
Of bonds. This game, as Senator Lane says of
the Constitution, is 'played out, aud the Ma
tional Bank dodge has been substituted for It,
By this means the Treasury gets of its bonds
for the money of the stockholders. and allows
them to issue a new currency thereon. for which
the government is hot responsible. and pays the
banks with its deposits and patronage for beccm-
ing its confederates in practlcing upon the guilt
bility OF the public To make his plans work
according TO his satisfaction, Mr.. Chase wages
war upon the State banks. and is determined to
ruin them. BE coolly tells the people that
these banks have caused the imitation of the
currency, and, togethes with Northern sympa-
thy with treason, have made gold rise Com
mon sense tells every one that the price of gold
can be brought down, and an end put to the fiuc-
tuatiOns of values by simply diminishing the
amount of paper circulation. Mr. Chase's scheme
amounts to nothing but process of dilution, and
the longer it is persisted in. the greater the re
ductiOn will be in the value of our currency. To
illustrate what we mean by the dilution of the
Of one hundred dollars in paper last August, with
its present value, noting the steady steps in its
depreciation:
August, 500 in paper was worth $50 ia gold
October, 500 in paper was worth S74 80 u
gold
November. 500 in paper was worth 500 SO
in gold.
January, 500 in paper was worth s64 81 in
gold
February. $40 in papor was worth 500 60
in gold
March. 500 in paper was worth s5714 in
gold
April. 500 in paper was worth s54 O5 in
gold
June, 500 in paper NAV be worth $50
The New York News makes the following
comments upon MIR. Chases system and the eff
feet it has upon labor and upon savings de-
pOsts
''Mr- Chase's system is to strip the saving de-
position of his last dollar. at the same time that
| VIM B. Astor and Alexander Stewart are not
taxed dollar more than the day laborer but
they hold property which rises in value as fast as
the paper depreciates. They can discharge debts
with less property in the rise and become richer
by il. The property held by the savings banks
also rises, but not to the depOsitor, for he can
claim only a certain amount OF legal tender In
the old war paper money fell to one half cent per
|
S62 $40 463 of deposits and collect this year three
millions of dollars in gold upon the stocks they
hold of the government, should keep the gold
until paper reaches its lowest point-say Chase's
/ one thousand dollars for a breakfast-it would
then buy legal tender enough to pay off every de-
| positOr and leave all the stocks and mortgages
in the hands of the savings banks owners.
1t will be borne in mind that Congress taxes
only what the workingman consumes; it does not
law Arll. Ia e. Il A.
poor man of his money and taxes his existence
while it enriches the property holder and exoner
ates him from taxes. This is the Chase Greeley
system of finance.
In regard to the charge of Mr. CHASE that the
State Banks had caused the imitation of the cur
rency, we can pronounce it untrue. far as In
diana is concerned. Since the commencement oil
the war, the Bank of the State OF Indiana ha:
reduced its circulation fully one half, and the
work Of depletion is still going on. The inha
tion Of the currency has not been the work oi
the State Banks. Mr. CHASE is alone RESPONSE
BILE for il. IL has been his effort not only to ex
pand the volume of the currency TO its utmos
limit. but TO make greenbacks-governmen
promises to pay-tbe only circulating medium
That Is one object he has in view in making wal
upon the State Banks. Another is to con
control the money or banking system Of th'
country as a political machine or power. HI
10 an expert partisan and he calculates that th,
sword and purse united will rule the destiuies o
the country. If reports are true. Mr.. CHASE ha
not been unmindful OF his own pecunory inter-
ests and that of his family, while the Treasur
Department has been under bis control. He ha
been in position where bis knowledge and iniu
ence could be made to pay, and he has not faiIe
to take advantage Of the power at his command
His loyalty has always been subordinate to hi
selfshness, and to-day he has the reputation O
being one OF the wealthiest men in the natior
No matter what reverses or financial disaster
may overtake the country, be has provided fc
number one.