The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1864-12-03
Our National Currency.

Mr.. Chase, Ex-Secretary Of the Treasury
in a recent speech at st. Louis, spoke as
follows in regard to our national currency:
81 have been called the father of green.
backs. What is a greenback? Did you
ever think what it was Why, it is simply
the credit of the great American people put
in the form of money, to circulate among
the very people whose credit it makes worth
anything, When was Secretary Of the
Treasury, the question arose, how should
the vast armies and navies be surplied?-
How could the boys be fed in the field, the
sailors in ships, and provision made for
their support, for their clothing, their food
and transportation? | found the banks Of
the country had suspended specie payments.
What was to do? The banks wanted me
to borrow their credit, or pay them interest
in gold upon their credit. They did not
pay any gold themselves, or propose to pay
any, but they wanted me to borrow their
notes. | said. No, gentlemen, this great
American people is worth all of you put
together, and will take the credit of these
people and cut it up in the form Of little bits
of paper, and we will circulate that paper,
and we will receive that paper for bonds,
upon which we will punctually pay the in
terest in gold. And then, in order that the
national currency might be permanent. and
that nobody could have just cause to com.
plain, called the national banking system
into existence, and pledged every bank to
redeem its currency in greenbacks, and the
Government pledged tnat every dollar should
be redeemed in the cnd-the securities to
be pledged and providcd-that in the end
everything should be made equivalent in
gold.
g think this is the true idea of a green
back. 1t is the credit and property of the
American people--made to serve the puf-
pose of money in the midst of Il great strife
when we must have everything We can get.
And, fellow citizens, in my humble judg-
ment if out of war this national currency
comes as is provided for in our platform, so
that no western farmer or merchant will be
obliged to pay tribute to the East in his OK,
change, so that we shall not lose upon ex-
change so large Il profit upon our industry;
So that the laborer receives his dollar or two
dollars, or dozen dollars. at the night or
weeks cnd--shall be perfectly sure that ii
morning sun rises say if we can get such
a sound currency as this. then this country
will not at least have been without one of
the collateral benefits Of this war; if you can
take your money on the Atlantic and 60 to
the Pacific, and pay your bills all the way,
without having to change the currency at
every tavern you stop at.
q ] say if the Government is administered
as it should be, with proper vigor and econ
omy, every dollar in grcenbacks would be as
good as a dollar in gold. Why, eight
months ago, if could have bad the assur-
ance that would not have been troubled
with any other issues--ifl could have been
assured that there should be no trouble
from any unauthorized currency, unauthor-
lzcd by any BIZ; TIE nation itself would
have undertaken to resume specie payment
in a week, if anybody wanted it, and | say
now, if the war is prosecuted as it ought to
be, and the Government is administered
with the economy and prudence that trust
it will be, then there is no more danger of
that currency than there is that the Amcri-
can people will fail"