The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-09-04
BALTIMORE.
WEDNESDAY, SEPTEMBER 4, l8G

Mr. CHASE has made on appeal. He calls it q
pathetic appeal, but he leaves no chord untouched
from which there is n chance of a response. He
appeals to the most selfish as well as the nobler
instincts of the people--to their fears as well as
their hopes. He frightens them with pictares of
guilty conspiracies and causeless instruction. He
caiolls them by twaddle about the security Of lib-
ertv, while it is down-trcdden by n standing
army; about the supremacy Of the law, while
there is no law except what is granted at a drum
head court-mortial; about the defence Of the
Union, while every effort is being made to subu-
gate portion Of it, and about the maintenance
of popular institutions, while, in almost every
State, the press is gagged, and the freedom
Of speech Is suppressed. He talks about
Gghtenment and patriotism-about the hour of
of trial. and public spirit, and duty, and interest
and substantial reward. What more could he
say to wheedle and to hoodwink, or to entrap
the uuwary and confding among the middle and
lower classes into what he calls loan to the Gov
eminent at q handsome rate of interest; while
in reality, be endeavors to induce them to in
vest in n purchase of bonds which he now
mus, forcsee, will in the course of a few months,
IT,.
Mr.. CHASE at last understands that, without the
support of the people, his financial schemes are
of no avail lie has at last discovered that the
idea which he entertained, that he could provide
for the extra ordinary wants Of the Government
for the prosecution of the war, by the credit
of the Government, is utterly GiIlacous.
iir CHASE may be clever, though he has
not shown il; and Congress may be wse
though the result has not yet demonstrated it,.
But all the cleverness of the Secretary OF the
Treasury and all the wisdom Of Congress cannot
enable the Government Of the United States to
borrow the money needed for the support of a
protraeed war, unless it is n war approved of and
endorsed by a majority Of the people and sup.
ported by their contributions Unless the people
of the country come forward and sustain the Gov
eminent, the Government cannot sustain itself.
Mr.. CHASE has at last learned what he ought to
have known from the beginning; and after resort
ING to every SHIFT he could devise, and after Sc
curing the GO operation of the leading bankers of
the North who have lent themselves to his schemes,
hesUl finds thcm of no avail, and turns in despair
to the people themselves, and begs them, in most
pitcons manner, 20 come to his aid.
TIE 'briiliaut success" of the National loan,
which daily heralded to the world By the Northern
Journals, Is simply ialsehool. It is deliberate
attempt to defraud and decejvc--an effort to OBJ
tain money under false preteuce9. The banks have
taken 1t subscription in the hopes Of securing the
payment Of the siyty-day loans already due them,
but instead Of securing an old Indebtedness they
have incurred n new one, which is even
weeks have elapsed since the subscript ion;
We're thrown open to the public, and still
the amounts subscribed for do not average much,
if anything, over Sl25, 900 per day. The New
York papers talk, TO be sure, of quarter of mil
lion per diem; but, according to their own state
meuts, they know that this was the largest amour
subscribed for in any one day, and that only once
But even this is q triRe. The Government needs
one and quarter millions day, which it mus
get from the people; and even if the people 4
subscribe TO the quarter, the million is still unpro
vided for. This, then, Is bad enough, but the tru
condition of affairs is still worse; for consid
erNbie pUrtiVu of the subscriptions are said to h
bogus, and made with the intention and expect 1
ton of inducing other subscriptions. The loa
already taken must be gotten off if possible
Prices must be sustained, until the 500, O0O. co.
the banks have taken is worked Off They nov
control the market. No sales are made beloy
par. This is their game. They have no inten
ton Of renewing the arrangement. They hav
tried it once and are satisfied. Their only effor
is now to persuade the people-the merchant, th
mechanic, the lahorer--to be as innocent as the
themselves were, and to invest their surplu
means or hard earned savings in securities whicI
are only prevented from depreciation by hein!
kept off the market Fortunately the times ar
too hard 10 induce people of moderate means Il
make any such risky investment. Bankers ma,
talk, and newspapers may flourish, bat the people
are not TO be deceived. There are too many
among them who recollect the effect produced
upon Government securities by the loan for thu
Florida war, and the enormous depreciation in tht
value of the Treasury notes issued at that time by
the Government, which was then the Governmen
OF the whole United States, and not of sec
ton. Mr. CHASE may have the patriotism tt
appeal, but he will not find the patriotism tc
answer; and he must not expect that the people
will pay leo per cent. for what they expect to ge
at 70 but q short time hence. If the war be
prosecuted, there can be but one future fol
the Government finances.