Year: 1861

probability, have been arrested before 1t had
resulted in consequences 50 serious But 1t is
to be hoped that the government, II not the
local authorities, will now see tho necessity Of
increasing the efficiency of the fire brigade
without further procrastinaton.





Our War Burthcns-sccrctary Chase's


Fiscal Plans.


We publish this morning the pamphlet
recently issued in Washington in support Of
Secretary Chases projected alterations in the
currency. They may be thus briefly summed
up. First, a circulation of notes bearing the
stamp and issued under authority Of the govern
ment; secondly, the redemption Of these notes
by the associations and institutions to whom
they may be delivered for issue; and thirdly,
the security of fthatredemption by the pledge of
United States stocks and an adequate provision
of specie This plan, it will be seen. is merely
an extension over the country generally of the
.system of securities by which the currency of
the State of New York is guaranteed. There
sis, of course, q difference in the uniformity Of
the circulating medium; but in all other respects
lit is the same As it may meet with o. strong
opposition from the banks whose issues it will
drive out Of circulation, Mr.. Chase has endeavor-
ed to conciliate this difficulty by an additional
clause, by which it is proposed to enable all
existing banking associations to become nation
al institutions These institutions, it is argued
will then become fiscal agents Of the Treasury
and may with propriety be made the means of
collecting the national taxes and all other dues
except those on imports, the commissions on the
government business enabling them to double
their capital as means of profit.


This is all very well; but it is obvious at
glance that it will 60 but short way to help
Mr.. Chase through the embarrassments entailed
upon him by heavy war budget He has
money enough to last him to the 18th of next
rmonth, and can then have recourse to the thirty
umillions of demand notes which he is authorized
to emit under the act Of Congress But this
will only carry him few weeks further, and
some plan must be meanwhile devised that
will bring present relief to the Treasury
The aid which he calculates upon obtaining
through the alteration Of the currency will not
j. avail him for immediate wants. The whole pa
tper circulation Of the banks of the loyal States
does not amount to more than one hundred and



extent Of the amount of the new currency
which may be absorbed by the banks that will
be called into existence or rechartered under
the provisions Of the proposed act of Congress.
Then. again, it must be remembered that it will
take some time to effect the conversion of the
existing currency in the manner indicated. As
a feature of a comprehensive scheme of finance,
there would be, perhaps, little to object to in
Ghe plan; but how it is going to aid the Secre-
&ary in providing for present exigencies we
have yet to learn.


As to the idea Of flooding the country
with Treasury demand notes, it is not to be
entertained for moment Universal depre-
citation of property would soon be the re-
teult Of such suicidal proceeding We have an
example Of this in the present condition of the
rebel States. The bonds of the government are
now at discount Of thirty per cent, and in
couple of months more, should fortune continue
to smile on the federal armies, they will be little
more valuable than were the assignats in the
time of the first French Revolution. Wewould
speedily be reduced to similarly disastrous
condition were we to enter upon SO reckless and
'improvident course; and it would be the less
'excusable in our case, seeing that we have other
and more legitimate means for providing for the
wants of the government.


The only really safe and honest mode of do
Ding this is by loans secured by the public taxes
Under this system England has risen to condi-
ton of unparalleled prosperity and greatness
1T is certain that If our national debt were sweled
to thousand millions thus guaranteed our
financial credit would not only stand higher in
foreign markets, but an immense reform would
he effected By it in our political institutions
Men Of substance and respectability would then
take greater interest in the affairs ofthe country
and would see that State and national legisla-
tion did not fall into the hands of professional
politicians and rowdies. The sooner Con-
gress and the country make up their minds to
the recognition Of this principle in our fiscal
system, the sooner we shall take Secretary Chase
out Of his difficulties. There is no time to be
Lost in its practical application


THE LEGrsI ATryE JoBs--We have stated on
numerous occasions that larger number Of
.iobs were being cooked up for the Legislature
to act upon this winter than for any previous
session for number of years. As evidence of
that fact, we give tabular statement of few
of these schemes that have come to our notice,
with the amounts that tie parties for and against
. are interested, in immediate funds, prospective,
in salaries Of Offices, political power, as well as
the extent to which the general public will be
affected by the transfer Of property and depart
ments to new hands


Sale of property owned by the city, In routes and ada


cent strcots, under the pretence OF benehttng the


sinking fund 81 900 900
Sale Of West Washington market property. 1000 900
Sale OF Hamilton square re................. $50 O00
immigrant head money Observation-Disclosures. 1000 900
broadway Railroad oad....................... 100000
Spring street Railroad ACKNOWLEDGEMENTS. 1000 900
Other city railroads. ACKNOWLEDGEMENTS. 1000 900
sale Of Quarantine lands. 100000
Central Park extension. son.................. 100000