It was to be expected that the banks, which have heretofore had an
entire monopoly of the paper circulation, and of the large profits
derived from its legitimate use, as well as from its disastrous and
sometimes dishonest irregularities, would not very cordially receive the
system which is destined to supersede their present organization
entirely. The Secretary justly exults in the advantages of the sound and
uniform circulation which he has afforded in all parts of the country.
And as to the depreciation of the Treasury notes in comparison with
gold, he reasons, with great force and truth, that the greater part of
it is attributable to 'the large amount of bank notes yet in
circulation,' remarking at the same time, that 'were these notes
withdrawn from use, that much of the now very considerable difference
between coin and United States notes would disappear.' Whether this
belief of the Secretary be well founded or not, nothing can be more
certain than the superiority of the Treasury notes to those of the mass
of suspended banks, as they would have been after three years of the
present war. It is frightful to think of the condition to which the
currency would have been reduced at this time, if the Government had
been guilty of the folly of conducting its immense operations in the
suspended paper of irresponsible local banks. No one can doubt that the
Treasury notes have been of immense service to the nation in its hour of
trial; and if the limitation proposed by the Secretary shall be
faithfully maintained, there need not be the slightest fear of any
difficulty or discredit in the future. Upon the return of peace the
whole issue will be easily absorbed and redeemed, either by the process
of funding, or more gradually in the ordinary transactions of the
Government.

On a kindred subject, that of the high prices at present prevailing, let
Mr. Chase speak for himself. This statement is so direct and pertinent