The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-10-08

AnH INuLish ihESS AND THE NEW LOAN
Every one is familiar with the exclamation Of
the corporal who, in reply to the complaints OF
an unfortunate culprit whom he was whining.
called out, "Confound the fellow, strike HIGH or
strike low, there is no pleasing him.
Mr.. Chase stands in pretty much the same re-
lation to the London Times. Whatever he docs
in his efforts to provide means 10 crush out The
rebellion is sure to be wrong. When he enter
tanned the idea Of throwing q portion Of the new
loan on The European markets, the Times scout
ed il as swindle, and recommended the Eng
lish public not to have anything to do with it,
as nothing could prevent the independence
of the South, and reputation was certain.
The subsequent appeal made by the Sec
rotary Of the Treasury to the patriot
ism Of American capitalists was judged
equally uniavorably. Our contemporary argued
that the resources Of the country were UNEQUAL
to such expenditures as those necessitatei by
the war, and predicted that the loan would not
De taken up by our people. Pretty nearly the
same arguments We're used in deriving and
rdicniing it as were employed against the first
popular loan Of the French Emperor when he
wisely determined on dispensing with the aid
OF British capitalists. The enthusiasm with
which the loan has been received has not, Of
course, contributed to put our contemporary in
better humor with us. He has had the mortifi-
cation OF having all his predictions falsifed.
and Is now convinced not only that Mr. Chase
can easily raise here al the money that he
requires, at home. but that the rebellion will
be speedily and ene,tually eytnguished. Ao-
cordingIy lie vents his sii.e, not upon those
who cheerfally furnish the means to defeat
the object of al these bitter phiiippics agninst
us but upon the author ofthe successful financial
measures by which this result is being reached.
In late article which we are unable from
want OF space, to transfer to our columns--he
can fina no better means OF disparaging tue new
loan than to caricature the language in which
Secretary Chase's appeal in support Of it is
couchcd. Tie ridiculcs his explanation Of its
advantages as "a rhetorical artifcc," and seeks
indirectly to establish that it is fraud upon the
lenders.
OF this litter point the Common sense of the
English public will require no RECITATION. As
to the alleged inexpcd;ency of the official ex-
plantations and arguments by which the emission
of the loan was accompanied the reply is sim
pie one. The American people are but little
accustomed to the contraction of these loans,
The forms and conditions of the two tr1ing debts
Of this kind which we formerly incurred having
passed out OF mems memories II was. there
Tore right and proper in Mr.. Chase not to have
recourse to so grave a responsibility without
placing fully and furry before the country all
the advantages and consequences of his
measures.
The apprehensions that our London consem-
porary expresses as to the ability of The gov
| ernment to repay the money thus borrowed
are, we need not say, entirely fallacious Be-
fore the natural course Of events removes him
from further observation o. and Interference
with, our affairs. it is probable that he will
see the whole of the debt cntailed upon us by
this war sponged ont, not in the way in which
it has often been threatened to deal with the
national debt of England. but by reimburse
ment in hard specie, and at its regular periods
of liquidation. And we can further assure
him that we are in position to clap five
hundred millions more of debt on the back
of our present obligations should the conduct
OF the European governments neccssitate q
fresh war for the repayment Of the injuries
which some of them seem SO DESTROYS to wreak
upon u.s.