The New York herald., 1862-11-19
Our Financial Resources and shs British

In which the financial ruin of the United
States is pictured in glowing colors. The article
10 founded on the fact that our currency is de-
preciated, and that paper dollar is only worth
two-thirds Of dollar in gold.
This seems to us, and must seem to all i'm
partial men who understand the subject, to be
very inadequate basis on which to build such
fabric of financial disaster. The wish is father
to the thought, and it is only from British
enmity that it could emanate. 1t is true that
the blunders of the Secretary of the Treasury
have caused the immense depreciation of the
currency, and have afforded pretext for the
misrepresentation Of the English journal but
it is only from hostility to the American repub-
lie and total want of candor that it could be
induced to draw such glaringly illogical con-
clusions from the premises
There is nething in the condition of our
finances to cause just alarm. So far from our
resources being exhausted by the war, they
are scarcely touched. 1t is true the finances
of the government have been sadly misman-
aged; but the error is not of such nature that it
cannot be rectiied If, indeed. Secretary Chase
had the power to persevere in his financial
bunders, now made so pa'pable to the plain
est understanding if the President permitted
him to do SO to the end of the chapter, and did
not put some able fnancier in his place, made
vacant some fine morning or if Congress had
neither the power nor the will to amend or re-
peat the exploded financial scheme Of the
Secretary Of the Treasury, then there might be
some ground for the gloomy description Of the
London Post But it is competent for Secre-
tary Chase to review and revise his course, and
to recommend to Congress /" a change of base;''
or, if he is incapable of reform, and will not
do this, the President can remove him or Con
gress can, OF its own motion, Immediately after
its meeting on the first Monday of December,
sweep away the irredeemable paper by making
it convertible into twenty year bonds, restoring
tAe equilibrium Of the currency by return to
| specie payments, and by compelling the State
banks to withdraw their circulation, permitting
them to issue only the bills of the government,
purchased at par by gold or United States
interest bearing bonds of long date to be de-
posted at the Treasury Department. No coun
try can be on the verge of bankruptcy when it
possesses such boundless financial resources as
ours, and when by dash of the pen its ma
tional legislature can repair the blunders and
mismansgement of official incompetence.
The way in which the balance Of the national
loan on seven-thirty bonds Of three years
dating from October l, 1861, was disposed Of
on Monday last, shows that the credit of the
government is still unshaken, and that it is only
from the form, and not the substance, that any
difficulty has arisen. Proposals for this balance,
amounting to 20,550, were advertised for
by the Treasury Department to be sent in on
the 18th inst. 1t is the residue of $50 000, 900
Of bonds authorized by Congress, and it will
meet the recent temporary loan raised in Wall
street to pay an instalment of the debt due to
the troops. The total amount of bids for this
loan was $50. .l4S,OOO. The surplus bids, there
FORE amounted to $16,72S,000. The loan was
taken by the successful bidders at an average
premium Of over three per cent. This shows
two things: first, that the credit of the govern
ment is as good as it ever was
second, it points out the right mode
of obtaining and securing 1t. Had the loans
been for twenty years, instead of three, the
premium would have been doubled. The sue
cess of these bonds reveals the true plan of
obvating the present temporary financial diff
culties of the government and restoring the
currency to par.
With the command Of the sea for commerce
with the world, with a vast internal trade, with
fourishing native manufactures, and with the
illimitable resources of virgin soil Of une-
qualled fertility, any temporary failure in
finance must necessarily spring from the blum
dering incapacity of the man at the head of the
Treasury Department. Let not, therefore, the
organ of the British government "lay the fiat
tering JUNCTION TO its soul" that the condition of
things produced by Mr.. Chase is measure Of
the financial capability Of the country. In de-
spite of the old fogyism of the Navy Depart
ment VIC have improvised feet which has
elected the astonishmsnt Of England. and has
stricken terror into her statesmen. As sud-
denly as Cadmus, who produced countless
armed host by the sowing of dragons teeth, we
have raised an army greater than any other of
modern times-an army which, notwithstand-
ing the demoralzing process through which it
has been forced, the continued changing of is
generals, and the interference with its move
ments by civilians who know nothing Of mill
tary affairs, is still terrible to the enemy, and
will soon give good account of itself in the
city of Richmond. The rapid organization Of
such vast forces by land and sea could only be
the result of immense resources, moral and
physical, and no Power in Europe could ap-
proach these stupendous preparations. All that
Is needed to complete success ID to organize and
apply our uniailing resources by land and sea
till the Union flag waves over every stronghold
from the Gulf to the lakes. If there be any
failure, 1t never can be from lack Of material
means, but from some moral and political
oblquity which fails to properly develop and
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