The weekly Panola star. [volume] (Panola, Miss.) 1857-1881, 1866-04-28


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~ Crosss Damoorat
-
Tie Lean 1911, which has passed
both Houses u Congress, and nov
only awaits the President approval
may we'll he entitled n Redemption
Bill II Is promotiye Of a policy
which will lead us back, In due time,
10 that standard of value which i
accepted throughout the world, any
departure from which is justified
only by stern necessity. Such n ne
cessity was imposed upon Us by the
exigencics Of the most cruel and I'M
necessary war that ever afflicted
mankind. People say, and II is crro-
n%eously said, even In the Senate, that
Mr.. Secretary Chase had no financial
policy. Not 30. He held out, from
the first, the great idea that the legal
tender law was temporary, and was
to end with the war.
The vital principle of his financial
project was that Government issues
Of paper currency should be with
drawn when the demands Of wal
upon the Treasury should cease. No
\ policy! Why he killed of the whole
tribe Of Irresponsible local banks,
which had, for four years, periodic
ally, brought upon the country evils
worse than cholera and rinderpest--
for, though not cndangering human
life, they tended 10 destroy what is
more to be valued, public morality.
We are now trying the system Of
national banks which Mr.. Chase be-
queathed to us. Every man in bu-
siness knows and feels that this sys-
TEN is safe for note-holders, and
convenient for all depositors and
business men who may be borrowers.
But the loan bill does not provide
for the carly or sudden withdrawal
of the greenbacks. The Secretary
has probably no wish to do this. II
would, perhaps, be inconsistent with
his plan of converting monetary
obligations Of the Government into
long bonds.
The suggestion made in the Senate,
that the Secretary could call in and
lock up two hundred millions Of
greenbacks, is premature. II could
not be done, just now, with entire
safetyto the business community, and,
therefore, the Secretary will not do
it. The Senate wisely concluded to
trust the Secretary with the admins
tration Of the bill, drawing a line
between what he could and what he
would do, and believing what he
shall do will be done for the best.
A1iion1I TnIeUio,ucsr