Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-05-10
From III. pe,roii Free Press.
' .c,aI system

From N. Detroit free ~,
.,,aaeiai system
Mr. Chase's financial ability. a,,d;ng the
has heretofore manfesting itsei ~ Ling hold.
country with greenoacks. and thea u,ent
err TO invest them IN nterest-bearIng 90 -
securities The greenbacks we're mus mus, 'a" o,ha-
TO be re issued With fresh millions Hu hs,ch
glut paved the way for the issue OF s,v. ~
OF bonds. This game. as Senator LA ,hs Va.
the Constitution, is played OUT, ..',,o5 for IL
tionSl Bank dodge has been suosu's'ee1 -.
By ibis mean. the Treasury gets ." sIIows
for the money OF the st0ckholoers' So -.
them 10 issue new currency thereon 'o' -
the government is not responsible s"S 49,,
banks with ts deposits and patronage ~, .'.,,I;
ing It's confederates in practicing uPOu ~ -
bil'ty of the nuhlic To make his plans ~ork
according TO his satisfaction. NJ Ohase 80.
war upon the State banks. and is detefmineu 70
ruin them. He coolly tells the Peop'e 'uas
these banks have caused the lnntuO" " NV
currency, and. toge,hes with Northern e?iP"
thy with treason, have made goa nse Ia
mon sense tells every one that Tue PRIV " az
can be brought down, aud an end put 70 '"e "ue-
tuations Of values by simply diminishing 'ne
amount OF paper circulation. Mr Chase scneme
amounts TO nothing but process OF ulu'lo',' Anu
the longer IL Is persisted in, the grea'e' ''e 10
ducton will be IN the value OF our currency 10
illustrate what we mean by the dilution oil inc
currency. let IA comnare the actual value In coin
OF one hundred dollars in paper last August win
its present value, noting the steady steps In ITS
depreciaIiou
August. 500 in paper was worth ssh IN gold
October, 800 in paper was worth s'f'o III
gold
November. 500 In paper was worth 500 10
in gold.
January. 500 in paper was worth soi 81 in
gold
February. 500 in paper was worth 500 90
in gold
March. 800 in paper was worth ST. Ia in
gold.
April, 500 in paper was worth sSiO S in
gold
June. 500 in paper may be worth $50
The New York News makes the following
comments upon Mr. Chase's system and the ef
feet IL has upon labor and upon savings de-
posts:
MIR Chases system is TO strip the saving de-
posi,or of his last dollar at the same time that
VIM g. Astor and Alexander Stewart are not
taxed dollar more than the day laborer but
they hold property which rises IN value as last a.
the paper depteciaies. They can discharge debts
with less property ia the rise aud become richer
by il. The property held by the savings banks
claim only certain amount OF legal tender In
the old war paper money fell 10 one half cent per
dollar Suppose now the above banks that owe
S62 600 1863 Jf 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 It's lowest point--say Chase's
one thousand dollars for n break ast--it would
then buy legal tender enough In pay of every de-
posltor aud leave NIL the stocks md mortgages
IN the hands of the savings banks owners.
IL will be borne in misd that Congress taxes
only what the workingmhn consumes; IL does not
Laws dollar of tax of property. IL strips the
poor man OF his money and taxes his existence.
while il enriches the property holder and exoner.
ate. him from taxes This is the Chase Greeley
system OF finance.
In regard to the chargeof Mr. CHAsE that the
State Banks had caused tie initiation of the cur
rency. we can pronounce untrue. So far as In
diana is concerned. since the commencement of
the war, the Bank Of IN, State OF Indiana has
reduced its circulation hlv one half, aud the
work Of depletion Is still going on. The ihHi'
ton of the currency has not been the work of
the State Banks. Mr CHASE il alone RESPONSE
bic for il. Ii has been his effort not only to ex.
pand the volume of the currency to its utmost
limit but to make greenbacks-governmen
promises TO pay-the only circulating medium.
That is one object he has in view in making war
upon the State Banks Another is to con-
control the money or banking system OF the
country a. a political machine or power. lie
is an expert PARTISAN and he calculates that the
sword and purse united will rule the desiinies OF
the country. Ii reports are true Mr.. CHASE has
not been unmndful OF his own pecunisry inter
ests and that Of his family, while the Treasury
Department has been under his control lie has
been in a position where his know ledge and infiu
ence could be made to pay, and he has not failed
to take advantage of the power at his command.
His loyalty has always been subordinate TO his
selhshness. and to-day he has the reputation OF
being one OF the wealthiest men in the nation.
No matter what reverses or financial disaster
may overtake the country, he has provided for
number one