measures and regulates the countless daily commercial transactions of
our immense territory. The system involves no participation by the
Government in any banking operations; no partnership in any possible
speculations, great or small; no interference, direct or indirect, with
the legitimate business of the country: it is only a wise and efficient
device, by which the Government assures to the people the soundness of
the paper which may be imposed upon them for money.

The greatest merit of the scheme consists in the fact that it is
intended to supersede that irregular and unsatisfactory system of
banking which is based on a similar pledge of the credit of the several
States. It is said to be hostile to the existing banks; but it is only
so in so far as it requires a change of the basis of their credit from
State to National securities. The measure was not conceived in any
unfriendly spirit toward those institutions. It was necessary for the
National Government to assert its own superiority, and thus to
strengthen itself, at the same time that it sought to protect the people
by securing them a uniform currency and equable exchanges.

Some murmurs of opposition have been heard from a quarter well
understood; but the good sense of the people, and, we hope, of the
holders of State bonds themselves, seems to have quickly suppressed
these complaints. A war of the State banks on the Government, at this
time and on this ground, might well be deplored; but the issue would not
be doubtful. Mr. Chase occupies the vantage ground, and he would be
victorious over these, as the country is destined to be over all other
enemies.

At no other time could so fundamental a change in our system of currency
have been proposed with the slightest chance of success; and, upon the