The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1864-04-27

The PaladslpAi. Evening TSy,ssA of the issh inst,
says:
Secretary CHAsa is evidently more than usually
ocncrned Just now about the finances of the Govern
meat He has managed, for the moment at least, by
Aaro;s Haaour~ during hiS late brief visit to
Nes YesS, % hiring down the price of gold; and he
hss taken stSs 10 keep il down 70 its present mark
if reduce it still lower. In letter to
Senator FsssxSpsS he expresses earnest wish that
Congress viii grant him power - retire the cireula-
ton Of all State banks, BY taxing il 70 proscrpnve
extent and secondly. u pass . bill prohihsng. as .
penal oenee, that peculiar and fraudulent speculation,
in gold which is known slime sales"
The Secretary. however. has the eAnaor to confess
that permanent improvement in the National credit
and currency be expected from either both Of
these measures. He saws
81 ask for both candid considers fon. and if APP
proved, the favorable action of Congress-. I. must
not be Thought however, that regard either or both Of
these measures adequate rcmsies tor financial hsor-
der. Nothing short Of taxston 10 onchalf of the
rent expenditures. and reduction of those expeni-
will insure financial success 10 the tsovernment aud
without miiitay success all measures will fall
There is, in this brief extract three very important
Suggestions, pregnant with wisdom. They show that
Mr. CHASE fully eomrsehen]s dnr financial sisussion,
and clearly the which necessary 70
relieve it. He places foremost the proposition to raise
the current expenditures. This is undoubtedly the
peiient heh must after ALL be chiefly relied upon to
support the Federal Treasury. All others are, eom
paratively merely temporary shifts 10 inset emcr
gency while the solsency of the Government must he
based at last and permanently the Of the
people made available by taxation, to satisfy the
rent demands on Mr.. CHASE for the expenses of the
war. Next in order, IN importance. the Secretary
very justly puts the duty of reducing those expenses
10 the "owest point compatible with efficiency" This
is of the highest Importance since there reason To
believe that not nearly much economy has hitherto
been exercised in the fiscal operations of the various
administrative Departments as may be hereafter en-
forced, if due is taken to resist extortionate
charges by those who furnish the Government with
the multfarous munitions and other supplies required
by its present necessities With all possible re,rench
ment in the expenditures, and . bill contrved in its
provisions to raise by taxation income adequate
10 defray onehaf least of the current demands on
the National Exchequer, there be reasonable
doubt that the credit of the Government will be
and efectually improved, and all fears Of financial
collapse d.ssipated.
hhas always been impossible, in the United States
TO establish uniform currency of solid credit for the
simple that the National Government possessed
exclusive power to regulate the matter. That pow
er, however must be exercised by indirection in
In spite OF all quibtes and doubts about the mere
questiones OF constitutional authority effect the de-
sired end directly. And this Mr.. CHASE proposes to
accomplish by taxing the issues of the Banks
to suppress them entirely. Nj wise or neces-
sary measure at this crisis could have been suggested
and if his views in this particular finally carried
out by Congress- the effect will be of immediate and
nealculabe benefit the financial credit and prosperi
~ of the Government
The State Banks of course hostile TO this
project, snd those who Interested in them have
been making strenuous exertons resist the passage
of law in conformity with the wishes of the Secretary
of the Treasury. Washington correspondent of the
New York Tribune says
"a committee of bankers from New York City have
already commenced lobbying against the new banking
act Their presence in the corridors and the floor
ton to the bill which blocked it yesterday They have
taken room at Wiilard's which is c0hm6nly known
as the bank Parlor, where opposition to most i'm
portant measure of the Government industriously
hatchetln
But while confident that the efforts of the
friends Of the State Banks defeat the measures re-
commended by Mr.. CHASE will certainly fail, we
would 70 them that the imperative necessity of the
sacrifice that required of them by the present critical
financial condition of the Government should quite
sufficient to enable all good and patriotic citizens
reconcile private and corporate losses Inconvenience
with their paramount obligations and interest sup
port the Government in this hour of its extreme tribu
lation."