, 1864-04-18
TAXING THE H4lNKS,

Within the past fortnight many Of our lead
ing exchanges hive come out in favor Of
Congress taxing the Wildcat banks, and ex-
Feliins their unconstitutional Issues from
circulation. The necessity for this course Is
becoming too obvious to be blinked any Ion
ger. The Pittsburg Gazette, the leading pa
per in Western Pennsylvania, advocates
the suppressing Of tho Wildcat shinplas-
tiers by taxation. 1t says in reviewing the
question:
-" We have atloat too much paper money
issued by banking associations all over the
country, to justify the hope that o whole
some condition OF the money market can cx-
ist for very long period. Much Of this Kind
specie or ltgal tenders. And among those
associations the tendency is nowhero to con
trnctiOn, hut everywhere to expansion. At
the beginning Of the war, as NC learn from
competent authority, the banks In the North
crn States had about one hundred and fifty
millions In circulation; now they have more
than four hundrsd n.sllions. 1fthls process 1s
to go on, or even ii 1t s~ops where it Is, there
will be after while such O topp1ing and
overturniDg-such IN uprootinS Of conf
dence-as this country las not seen tor
quarter Of Q century. As matter Of fact,
confidence Is beginning to wane already, for
every where the people demand sreenbacks
and national currency in preference to bank
notes.
Then again, as another evil effect of the
expansion Of the Issues Of private banks-as
an effect OF too much paper money-Wc have
the constantly Increasing expansion in prices
and IN Increase In the speculating Madness
Reduce the volume Of currency four hundred
millions Of dollars, and see how rapidly prices
will tumble; and see also how quickly the
mania for wild speculation will suffer de-
cline. 80
But perhaps the strongest argument In
favor Of the suppression OF the issues Of pri-
yate banks is that which Is based uoon nfcrs-
aides tf tie Government. If VIC must hare
paper money, let 1t be the promises to pay
Of the nation instead OF individuals Let the |
Government hare the benefit Of all the circu-
lation Of the country. It netis It. Make
grecnbacks and national currency the only
circulating medium next to gold and silver.
and the national credit is strengthened that |
much-that Is, to the extent that bank notes |
are displaced. It the four hundred millions !
OF the Issues OF the banks Of the country are
Withdrawn from circulation, the value of |
Else. -'@>e :" '''' ~ A~' "A'e. ous'
But, to go still further, If the necessities of |
the Government shonld require tho issue Of !
say four hundred millions Of greenbacks or |
national currency in addition Is that now in |
this and at the same time withdraw thut
amount Of bonk notes from circulation |
would be equivalent to q further loan TO tic |
Government Of the four hundred millions |
selthon1 l'e7eqs;ng ths papeT ,'o'eye The country
Government instead Of private lndiylduuls
would be Responsible, and the Government
would be benefited instead OF its presenS RI
; We look at this question from what We
With our present convictions We think 1t
would be IN exercise Of financial wisdom for
Congress at once to ordaiu and eunet That |
the notes Of all banks shall BE- as speedily ds pos.
si5e suppressed, 1y taxation or othersotse.
Kentucky Politics.
Matters are working ont all right in Ken
rucRy. The apostacy Of the Louisville Jour-
nat Was the very bcat thing that could posi-
bly,; hive happened for the Union cause in
Kentucky. It has opened the way for the
Of true Union papers and
true Union party. The sheep are divided from
the goats. Prentice, Guthrie and Bramlette
having left The Union party and gone over to
the coppcrheads, their baneful, repressiye
influence is now withdrawn from 1t, and It
can take It's position, as q part Of the great
party Of the Union. It will
redeem Kentucky and enroll her In the glo-
Fious list Of Free States. 4 new Union daily
paper is just started in Louisville, called the
Ufien Press. The old Commonwealth, Of Frank
fort, has come ont radical, and q new radical
paper has just been established In Lexington,
called the NasionDl Union. We COPY the pint
!orm:
The C6pperhcad journals are in the habit
cf calling the Union party Radicals" aud
;! Abolftionists." In one sense we acknow1-
EDGE ourselves Abolittonists and Radicals.