The Hancock Jeffersonian

To Jeff:

Within the present year, great fault has been found with Secretary Chase, by private Bankers because, as they claim, he framed the excise law, (which is very doubtful) and in that law there is no tax laid on incorporated banks. The Secretary's report, wholly exonerates him from this charge. In his report for December 1862, as well as in his last report, he advises taxing the circulation of banks. This advice is founded upon the strongest reasons; the success, the safety, almost the commercial salvation of the country. Our government funds are depreciating at a great rate and the issue of our petty banks keeping just a little below the government funds. Every man who handles money is insecure, and that insecurity will increase in an accumulating ratio, until such a financial explosion as our country has never felt, unless a speedy stop be put to the vast over issue of paper currency.

If the government could cease to issue, we might go on well enough, but that cannot be. The government must have funds, such as will pay soldiers &c., and state currency will not do this. Whenever government begins to pay in petty bank trash, it will become a party to a wholesale swindle.

Then as the government cannot cease to issue, the state banks should be made to cease, or so taxed as to afford the government some relief in that manner. Such a law might work some inequality, but the interest of nation is above that of private individuals.

Should our legislature see fit however to adopt the whole of the Secretary's scheme, this inequality disappears for bankers could circulate a better currency instead of their own and at the same time afford real relief to our embarrassed government.

Unfortunately bankers have money and Legislators too frequently corruptible consciences, and there results such a legislative disgrace to the financial wants of the country as may find a counterpart in our past military operations, and scarcely anywhere else.

J. B. D.