New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-05
s,Ts asE4s tNAN(iER4Nt,s;,

Mrs tilss, the Y hileu sottteS secretary OF tiie
Treasury. IS unable, it appears, to get his new
eight million loan taken, at anything like reason.
able rates. Three millions only were taken, at |
5ninety-four cents on the dollar, The remaining /
6yemillions were bid for at less than ninety -four,
and Chase refused to takeit. He will not consent
that GoVernment bonds shall be sold in the neign
horhood Of ninety, whclia few years ago ofougnt
one hundred and sixteen So be gets three Ifltioils
taken at MISUNDERSTANDING to him, IN actuai
cash, only two millions eight huudred and twenty
Thousand doilars-and then throws up the sponge,
and ants the financial ring in disgust
We think Mr.. Chase has acted wrong. He had
much better take ninety while he can get it. A
bird in the hand is worth two in the bush and ac-
tuaI cash, in times of pecuniary stress, is much
more valuable than poor credit. IL he should
hereafter have to sell the same bonds, which he
now refuses to take less than ninety-tour for at
whatever he can get-probably below ninety--he
will realize the folly of his present position. We
should think three millions would last but short
time. A week or two will use up that much, and
what then? ~
The expedient to which Chase proposes to resort
IS to issue Treasury notes at par. But is this ex-
aetly the correct thing? Chase may issue Treasury
notes at par, and compel creditors to take them at
par, and cannot be sold at5par on Change, the
creditor does not get the full amount of his debt.
If the Government owes man ten thousand dol
lars and pays him that amount in Treasury notes,
and the man can realize only nine thousand
dollars in cash from their sale, the Government is
| virtually arepudiator to the extent of one thous-
4 and dollars on the transaction. The Government
! is presumed to know, and is bound to know, what
Il >. .r IL,
| markets of the world. And it mast know that the
creditor cannot get in cash. the face Of the Treas
4 ury note which it issues. So this expedient4w
not do, unless it sintended that the creditor shall
receive only portion Of what is due him, the bal
ance to be paid at some other time.
{. II the United States Government means to make
4 war upon the Confederate States, to blockade our
ports and harass our commerce, it cannot be ex-
pected that we should depore its loss of credit and
its financial distress If. on the other hand peace
\ Is intended-if the Confederate States are to be
recognized, and amicabIe relations with them es-
tablshed, as is clearly the true policy of the North,
1 then, not only will the credit Of the United States
be restored but the Confederate States viii rejoice
to see it done. The loss of credit which the North
4 efn Union has sustained, Mr.. Chase and the whole
Administration must know, arises from two Cir
cumstanees-the incertitude as to whether there is
to be war or not, and the runous and destructive
1 commercial policy which has been adopted in the
passage of their new tariff. Let the United States
move both Of these obstacles in the way of success
full financial negotiation, and it will soon appear
that its credit will be almost as good as ever. Its
Il bonds will at least be sold at par. Mr. Lincoln
some one authorized to speak for him, has only to
4 declare THAT the Confederate States constitute a
/ free and independent nation, and that war upon
them is contemplated, AMI United States stock
| Will go up at once. Then let the Northern Con-
gress assemble and readjust the revenue system
| making the duties on imports as low as possible,
4 and insisting upon an economical Administration
! of the Government. In this way only can conf
dence in the credit of the Union be brought back.
and in this way only do we see any escape from
the financial troubles and difficulties which now
crowd upon tic Northern Administration.
There need be no clashing of interests between
| the two Confederaeies. 0nthe contrary they may
| be of mutual advantage, the one to the other Of
course, we believe the North will feel sensiby the
| loss of the Southern States. It will lose the ad
vantages which the old Union derived from the
export of the great Southern staple-and it will
lose the Southern market, to some extent for its
4 manufactures, and the employment which the
South gave to its shipping. All this it will have
lost by its own folly in compelling the Southern
States to go ont of the Union. But the great mass
Of its people will still be better off, and more com
Portable, general thing, than the great mass Of
/ the people Of foreign nations. In this respect,
however, well as in respect Of the credit of their
Government, much depends upon the course which
4 they pursue. IL the Administration at Washing
ton is wise, it will speedily give assurance to tie
world that peace and not war is the end at which
l