The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-12

1t is very evident from the backwardness with
offers of Mr.. CHASE, that they regard the Govern
ment credit as now in the last throes of terrible
crisis, from which it has but slight chance of
recovery, and which, in all probability, will prove
its destruction. The last suggestions of the not
over inventive mind of the Honorable Secretary,
as carried out by an amiable and liberal Con-
gress, which voted for him whatever he asked for,
are not calculated to inspire any permanent con-
fdence, though they may afford temporary re-
lief. On the contrary, the measures which have
been adopted must inevitably lead to further en-
barrassments, and, if persisted in for any length
OF time, to a present suspension of specie pay
ments and eventual reputation. We allude par
ticularly TO the acts directing the issue of small
treasury notes of various denominations, from SIS
to $50, for general circulation, and authorizing
the transfer of the Government balances from the
vaults Of the sub-treasury to those of private
banks. We will do Mr.. CHASE the justice to say
that, if we cannot give him credit for ability, we
can, at least, allow that this scheme shows some
smartness, in its way. 1t will undoubtedly have
the effect of procuring prompter momentary
financial relief TO the sadly cornered Secretary
than any other means which could we'll have been
devised; and as he probably foresees that his
tenure of office is a frail one, he gladly avails
himself of this last resource, satisfied to work
through himself and caring but little for the
future effect upon the country, or the burthen
which must eventually fall upon the shoulders
of his successor
From the sale of Government stocks there is no
prospect that anything can be realized. Acting on
the same short-sghted and dogmatic policy which
Mr.. CHASE attempted, when he refused to sell
bonds OF former issue at the current rates of the
day, Congress has provided that the per cent
stock shall not be sold under par, and that
the per cent. stock shall not be sold at rate
less than par for the per cent-that is to say at
less than 9l07 per cent As this is at least three
per cent. higher than the rate quoted for bonds of
FORMER issues at the New York Stock Board, it is
very evident that the Government will be unable
" ene1t any sales of the issue, unless there
I' very decided change of feeling in
-'DN-1c N'4eieS and marked Improvement in
PAio'' =. s'ooAs' While Mr.. CHASE is TINS do
barred rom obtaining funds directly from, ,boso
leading capitalists, whose interest it ia 70 .,-.
The credit OF the country, he has authorize .
small notes to an almost unlimited amount ava ..
use them in payment of debts due by, or in nur,
chase OF merchandise for, the Government. With
an empty treasury and no other means to pro-
vide even for the salaries of the officials these will
prefer receiving payment in deprecated currency
to losing their situations, especially at time when
employment is so difficult to obtain. Even the
volunteers and soldiers will prefer to put up with
these notes TO being put off with nothing. Provi-
sions, stores, supplies and materials of all kinds
can be bought and paid for with them
Arms, ammunition, wagons, harness, horses in
fact everything that is required can be contracted
for, payable in this currency. To these contract
prices there are no limits, the market value of ma
terial and produce being matter which Mr..
CHASE could not regulate, and over which Con-
gress would not dare to attempt to legislate, al
though both the one and the other have the weak