Year: 1861

nqu whether we are not capable or making ourselves
independent Of European capalistsf Money and capital
are by some used ~ SYNONYMOUS terms, when, indeed
they sustain only relative connection. Money Is that
article which II received by consent medium
Cd in buying or trading Il is not sought for
because 1t bears no interest," and the volume OF
money In circulation Ia governed by the commercial or
non-commercal character Of every community. Indeed,
so necessary II to trade and commerce, that people
who cannot get the best money will that OF doubt
full character Capital is that which may be made base
for obtaining money The government stocks or bonds
are capital they are based upon all the property and IN
dustry of this nation BY the Of the bank tasman
OF this country produce all the money require We
capitalists because have the talent necessary
to convert property into money at our pleasure This
we can continue TO do 30 long as we require money we
raise by tax enough TO the interest promptly and the
ordinary expenses Of government and keep up the
plan OF sinking fund and absorbent such the Sec
retary has proposed.


The operations Of currency are governed by trade not
trade by currency Upon the plan Of secured cur
rency, you may safely leave tho volume OF TO be 60
verned by the demand. Tho check upon the
quantity Of sound currency issued may be safely
conhded TO that and universally pervadmg
feeling Of self interest. II money or property
be made by the OF money then tho question arises
as 10 the length Of time II can be probably used
person holds Of money that he cannot profitable
use he will seek 70 invest where will pay an interest,"
and this tho bank Issues TO upon the banks
when trade is dull and out rapidly whom business
Is brisk This principle is only applicable 10 sound cur
rcncy and not 10 bogus banks And In this principle is
found Of the excelences Of this plan Of the Secretary
J
only have tho effect to reduce its profits because the
bank will be obtaining interest from tho bonds II has
placed in the hands OF the Treasurer and therefore
afford 10 wait until the action oil trade sha again de-
maDd the currency that has returned upon it, And again.
as the bills are part Of the bonds, in moro convertible
form any bank borrow its bills TO meet every
emergency that may and hence being hcdged around
in every way TO meet the wants Of capitalists and traders
there is no reason why any panic or disurbng cause
growing out Of the currency, shall arise. Indeed this
plan Of currency will moe every internal commercial de-
nand to the entire exclusion Of bullion coin n guam
titles.


The foregoing statements and comments conclude the
examination OF the system Of national finance and
rency presented by the Secretary Of the Treasury all OF
which intended to prove


First. That the credit OF this government depends
much upon financial skill inasnuch as the ability OF the
nation to sustain debt Is Sufficient where proper energy
economy and prudence are observed by all the depart
ments.


Second. That in raising money for purposes tho
government is bound to devise plan that will dspace as
few individual securities possible ana create no dis
position TO forccose mortgages and disturb the value Of
taxable property.


Third That State banks may organize under an act Of
Congress- and become national Institutions and also be-
the fiscal agents OF the Treasury TO collect taxes aud
other dues, and dsburse the same for commission, in
all parts Ol the upion.


Fourth. That the bonds which may be received from
all banks will be locked up in tho Treasury, and that
thereby the national government will possess fu! aud
perfect power over the currency nasmuch the Secre
tary may sell the bonds deposited and redeem the bills
OF ,nsolvent banks.


Fifth That the credit sonndness OF all our currency
will depend upon the and skill with which the pub


lie promises and pledged faith OF the nation kept and
redeemed. II the national faith shall remain unbenish
ed then this plan Of national finance and currency will
protect bank bills against depreciation and enable the
government TO obtain all the for its bonds that
prudence would authorize il TO ask for. TRUTH


PATRIOTISM.


To banks, bank onicers stockholders. farmers,
chanes, manufacturers, merchants, aborers, lawyers.
physicians corgymen and every other class and calling
this call " Patriotism is addressed. Have You read
the words Of "Truh in the preceding pages If you
have not do lf you have, then be attentive TO
the words Of 'Patriotismn Any and every Of you
be Of service in this matter and behooves every
consider how much he do to his country
Ye who are the managers Of banks, should


y the Secretary that you will procure and be ready TO
deposit government bonds with him, he
gel the bills ready 10 deliver you In exchange for the
same BY this plan you can invest part
the whole of your capital in the bonds of tho
national government, without Withdrawing any accom-
modation from your customers, nasmnch you will
ceive the amount in circulating notes. which you lend
to your This will afford larger profit TO you
than any other plan, and will furnish the government
very great support


To those who have but small means and others we can
form association for banking and locate


bank where you may think the spot IL favorable Open
subscriptions aud take the smallest from the peo
Invitation to ali TO becomo When You have
progressed so TAI as 10 know viii be- successful then
address the Secretary Of the Treasury. and advise him
what name your bank has adopted and 10 him that
you desire certain amount OF circulating notes and the
denominations BY this you will be able to pur-
chase the bonds by the time no will hsvo prepared tho
circulating nctes for you.


If this shall be generally pursued by the patr
otc people of country the Secretary OF the Treasury
will be strengthened at once. He will see in this
ment motives for action and will have confidence in
his ability TO supply the wants Of government. Re
member that this money is 10 feed and clothe and pay
the soldiers in your armies and all others who in
your employ This money and property do not 60 out Of
your country They go the pockets OF your fathers
brothers, sofs, nephews and countrymen. They are
riskipg thor lives your bidding. The government is
only tho agent OF your w-you the principals and
parties interested every one Of you Let no stand
hnntr far in his mir FAR
country Your Secretary OF the Treasury has already
won your confidence by his frank, able and honest adj
mnistration OF your fiscal affairs He must be weary and
with care, and doubt has sleepsss nights
anxious days which may make inroads upon his health
and compel him to retire and seek reposerom mcnta
and physical exhaustion But he has presented to you the
greatest boon in the shape a financial system, that has
been presented by talents and patriotism great
and confng people To the army and navy, it is only
necessary TO say, your intelligence will convince yon
that your has done his duty that In ell your
letters TO your riends you must urge them TO his
support.


10 Congress- it il only necessary say that the Secrs-
tary, having laid before you his system Of national
finance looks to you to pass such acts necessary
with as little delay as possible.


Your constituents viii respond to this call Of their
country with slacrity, and II the government re-
ostains And let be cssry that in this
system you will, by such an expenditure, be only
providing base or foundation for no more cur
rency than the business Of your country will require
within fifteen or twenty years; because not
acre in Ave hundred Of our thbe soil in tho West has
been OF cn.tlvatcu, we may 6Qey
increase TO forty millions In the loyal States within the
next fifteen years Thus may be that the people of this
country will demand OF the government that the whole o
this Of bonds shall remain base for currency
and thus relieve you from the unpleasant necessity Of
laying tax to pay them sd.


Let us ALL then, with accord, unite In building up
for ourselves and posory the substantial and bene-
1cal system that has been adopted and which s
built entirely upon public faith public credit public n-
tellgence, and united self freliancc and Independence
kSo peypesud. PATRIOTISM.


FOREIGN EXCHANGES.


Although the preceding pages conclude the examination
Of the report OF the Secretary Of tho Treasury, IL may
WELL in this connection, TO examine the that are
constantly operating to disturb foreign exchanges
because they operate 10 nNe tho credit and
the. country


Largo movements of the precious metals are always
productive Of Inconvenience aud sometimes serious COM
mercal loss. Indeed, it s OF the most fruitful
sources Of panic and bankruptcy that has afflicted
the civilized world. few words on this
subject will suffice to show the cause, the
effect, and a partial, II not complete rcmedy
By the universal consent OF the commercial world specie
10 used to settle all balances that become due at certain
periods from the merchants OF country another
When exchanges rises point where it will pay TO ship
specie, II 10 evidence that tho balance OF trade Il
that country and from that moment the specie
will continue TO low until the balance s adjusted.


In consequence Of the existence of extensive CONNER
cia credit the civilized world all yearly differences
trade between any countries car be settled by an
OF credit and thus carry the balances forward
another business This course il generally pur
hath ttaa ral