The New York herald., 1862-12-06


come forward to OFFER poor John Hghgrass an
Oar Financial Condition-Report or the
Treasury DePartmens.
We publish to-day the report of the Secretary
OF the Treasury In essenso. 1t Is, on the whole,
decent public document. All that is yalu-
able in 1t Is transferred from the columns Of
the NEW York HERALD, For this we give Mr..
Chase credit and wish he were equally wise in
his political illusions and inspirations.
Apart from the condition Of the national
finances and a. if to show what is uppermost in
his mind, In the very first paragraph of his
report Mr.. Chase assails tho doctrine of State
rights. He speaks of ''the maintenance Of the
constitutional supremacy of the whole people,
through their national government, over every
State and every citizen" That is the cardinal
error Of the radical republicans. There is no
supremacy. The federal and State governments
are each sovereign and each coordinate There
Is no supremacy. Each one in its sphere,
which is accurately designated by the constitu-
ton, is supreme. The idea of Mr.. Chase, that
State lines and State governments can be effaced
to allow central government at Washington to
do as it pleases, Is not only nonsense, ,.but very
dangerous doctrine for its advocates. The peo-
pie will not permit consolidated government,
and Mr.. Chase will utterly fail in insinuating it
by side wind. The State governments and the
rights they hold under the constitution, and the
rights they have reserved, over which even tbs
constitution has no control, are the great basis
of American liberty. The federal government
let Mr.. Chase understand, is only an arrange
ment of the sovereign States, in their united
capacity, to carry out their will, which they
have the power to modify or change at any
time they may think proper The State institu-
tions are Of permanent duration, and can only
be changed respectively by the people of each
State. The political dictum Of Mr.. Chase
therefore, is unsound, and it would have been
much better for his reputation had he con-
fined himself to tine dry figures of finance, and
left political matters to be dealt with by others
who are more conservative in their doctrines
and less dangerous TO the nation.
But what does Mr.. Chase say of our financial
condition. He admits that his Estimates have
been rendered inaccurate by changed circum-
stances" What changed the circumstances
His own action and that of other leading aboli-
tionists in meddling with the generals, and thus
destroying the plans Of campaigns He says
.'The necessities OF the war rendered it expedi-
ent to call for three hundred thousand addi-
tional volunteers. and make q draft of three
hundred thousand men in addition to these
The estimates, of course, must prove made
quate." What is the true explanation of this?
The radicals, of whom Mr.. Chase is q leader,
are not content to restore the Union as
it was under the constitution as it
is; they desire to abolish slavery, and
will go all lengths to accomplish it.
Hence the difficulty Of subduing the rebellion
in the Southern States. Moreover, they have
disastrously medded with well conceived cam
paigns, have made footballs Of great armies
and, after thwarting and battling, have removed
the ablcst and most successful generals of the
day, who possessed the confidence of the troops.
The result of such policy must be to protract
the war, to load the nation with debt and. ii
long enough continued, to break its back at
last. The estimate of the public debt on the
lst Of July, 1868, heretofore submitted. says
Mr. Chase, must now be advanced, in view OF
the unexpected increase in expenditures, au-
thorized and incurred, or likely to be incurred.
to 81 IL, ,291 ,403-upwards of eleven hundred
millions of dollars; and on the suppostion that
the war may be continued till the lst of
July, 1864. the debt must be estimated at
ST., ,144, ,6o5 .5S0-upwards Of seventeen hundred
millions. The probability is that it will be near
er to four thousand millions The ascertained
and audited debt is no criterion of the real
debt aud those who desire TO proiong the war;
either to make money out Of the calamity Of
the country or to abolish slavery, have an in
terest in concealing the truth from the people,
who will have to bear the burden. The total
receipts and anticipated means for the present
year, expected to be sufficient for all purposes,
are, in round Numbers, s500,00O,o00 The
amount of debt incurred is now estimated to be
nearly one thousand millions! Hence Mr..
Chase fairly enough warns the country that in
the ensuing year 'the estimates must be in
great part coniectuyal." Consequently, ac-
cording to the political and financial systems OF
the present Cabinet. there is no knowing where
the country may be landed at the end Of the
next fiscal year.
II is worthy of remark that Secretary Chase,
as if acting in concert with Secretary Stanton,
General Halleck and the radical press. attri-
butes the increased expenditures Of the govern
ment to unexpected military delays This is
a fling at General Mcclellan, which the country
will know how to appreciate, and is meanly
introduced into financial statement, with which
it has nothing TO do. The real causes Of the
increased expenditure, however are well
known to the people, as the vote at the recent
elections has amply demonstrated.
Amidst his political bewilderment il lie graft
flying to find :he Secretary of the Treasury
adopting the sound suggestions OF the HERALD
as to the ways and means Of providing the