East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1864-05-04


money as possible for their proprietors;
and TO this end, and to no other, are
they organized and conducted. Both
pursue the Same course, according to
the Same rule and maxims; and If
either is incidentally beneficial 10
tho people at large, SO is the other.
Both are practically insolvent-their
issues being inconvertible; and this
insolvency, having in both cases, been
legalized, their several powers TO create
very full if not avery desirable cir
culating medium, are without any
practical restraint.
If Mr.. Chase had been more candid,
he would have stated the cause of our
financial Disturbances with more pre-
cision, and consequently with more
truth. He would have affirmed the
cause of the depreciation Of paper to
BIO in the extrayagant issues of that
article; first, by the Government /;
second, by the banks; and the decline
of paper to be the cause Of tho speeu-
lation AS it is, he has changed
speculation from the list of effects to
that of causes, and endeavors to keep
the Government out of sight, whose
enormous emissions lie at the founda-
ton of the difficulty. Being unable
to tell tho whole truth in respect to
the cause, it will not be natural to OK
pect much wisdom from him in respect
to the remedy; and, in face of the
fact that none Of tho benefits promised
to result from his system of National
Banks are yet perceptible to the vision
unaidcd by dividends, tho observer, If
not too far gono in Loyalty, may be
permitted to doubt whether the moa-
sures which he proposes, if approved,
will do much more than amuse the
people with hopes of relief, and dis
tract their attention romthe processes
by which the entire fabric Of their
wealth is being Slapped and Frustrated.
The measure which Mr.. Chase pro-
poses, in respect to the local banks, is
the taxation Of their issues; and this,
not with view to derive revenue
from such taxation, but as an Indirect
mode of putting them out of oxis-
tenoe. 1t will be understood, of course,
that his own National Banks-called
national at his own suggestion-are
not to be included in this proceeding
they being reserved for that higher
destiny, which only those who are
gifted with that sublime confidence
| which is not merely tho evidence al
| things unseen, but which believes the
more the less it discovers, can forsee
1t might be asked why, if the extin-
guishmont of the State banks is do
signed by Mr. Chase, he did not pray
the passage, by Congress, of law
forbidding them to emit any more pa
per, and requiring them to call IL
their issues and wind up their affairs
If it is answered. that Congress has nc
constitutional power to annul STATE
act of incorporation, it might be ask
cd in reply, has Congress the consti'
tutional power to do 10y indirection,
that which it may not do directly
In the better days of the republic, this
question would be answered promptly
and unanimously in the negative.
Let it not be understood that We
are contending for the State banks
their rights, their usefulness, OF then
solvency. We never believed tina
thoy thay had any rights, or that they
performed--by their paper Issues
any useful functions. We agree will
a loyal cotemporary in tho opinion
that 'their promises to pay are no
worth the paper on which they ar
printed )" only we would, in justice
contend that if this is good grounC
for their extinguishment, it is .grounc
equally good for the extinguishEen
of the National Banks and the United
States Treasury Department. But, b,
taxation, Congress will confess thu
right of the State banks to exist; ant
having this right all unequal and dis
proportionate taxation is illegal, un
constitutional, tyrannical If there i
any Justice in the land-if the judicia
tail has not gone with tho congression
al hide, and the Executive horns
such taxation will be resisted, and sue
cessfully. lsd i9 ~
Mr.. Chase, however, has the candor
or the impudcnce to admit his donbt
whether these nneasuresare "adequat'
remedies for financial disorders" ant
proceeds to lay down what, in his opin
ion, is tho only basis upon which {
hope of substantial relief can b.
founded. These areas quoted allow
taxation, military success; an'
without the latter, as he coniesses, sal
measures will fail" Ii may be doubt
ed whether the Secretary Of the Urea
sury, when he made this confession
saw its full purport; which amount
pretty nearly to the admission that hi
financial system has got to the end o
its tether, and that it is depending, +
save it from collapse, only upon tn
speedy occurrence Of military acct
dent. This, while it is humiliatin!
enough to the Secretary, is not yer.
we'll calculated to inspire confidence il
7 tho people,. ihIn
Mr.. Cox, Of Ohio. stated the tru