The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-17


but proper that the head of the Catholic
Church should move in the same direction.
The National Currency. H.
Z 1t would be well if some of those unfedged
and in some Of our city journals would make
themselves little better acquainted with his
tory and science before they undertake to in
struct the community and lecture Mr.. Chase ON
the subject of the currency. There are certain
stereotyped words Of idle clamor and alarm
which have been adopted by some writer's ON
this grave subject, which they use in the place
they have done wonders in the way Of demol-
ishing Mr.. Chase and his financial plans, when
they have merely used stale epithets and I'M
meaning names, the sense and history Of which
they themselves do not even understand. We
find such people endeavoring to persuade the
public that the national currency inaugurated
by the Secretary of the Treasury is to be put
sippi scheme of John Law, which ruined SO
many fortunes in France, or with the great
South Sea bubble, which, when it burst, spread
such distress in England. We find the same
persons comparing our national currency 70
the French system Of mandats or assignats
and to the old Continental issue of paper, and,
on the strength Of such names and words,
tional currency as an issue Of irredeemable,
inconvertible paper money.
The jealousy and rivalry which the onward
progress Of this country not unnaturally ex-
cites in the minds of many public men in Eng
land may account for the efforts Of the London
Times and other English papers to decry and
bring into disrepute the financial measures Of
our government; but the auxiliary efforts Of
some Of our home journals in the same direo-
ton are only, We fear, to be attributed to sheer
ignorances or interested stock jobbing motives.
There exists no analogy whatever between
all the above mentioned rocks and shoals Of
finance and our national currency. First, with
respect to the South Sea and Mississippi bub-
lies, It is unworthy Of any man possessed Of
mind, csndor or good sense to make such .
comparison. These we're schemes and plans Of
private adventures and gambling associations,
incorporated as companies. They stood on
no better foundation than the hopes Of
gain and profit which were raised and
excited in the public mind by extravagant
promises and dazzling decisions. Like the 70
nous tulipomania OF Holland, mere shares in
these companies, Of no more value than tulips
or dahlias, were made the objects Of gambling,
raised to extravagant values, and were bought
and sold at high prices, IS if they had the posi-
tive value of diamonds and precious stones, a.
long a. the excitement lasted. To compare the
financial plans Of our government with such
mad and gambling schemes is, to say the least,
piece Of the most inconsequent wantonness
and an aspersion Of the most malicious maligni-
ty. To every one disposed to view the subject
truthfully and honestly it will be apparent that
the Inauguration Of national Union currency,
so far from being speculation in finance or .
scheme Of profit such A. individuals and COM
panies naturally propose for themselves in all
their undertakings, is, in fact, 30 utter
ly the contrary that We are fully justified In
saying II Is the salvation of the country from
many schemes similar to the South Sea and
Mississippi bubbles, which for some time past
have inflicted many curses and much ruin upon
the industry Of the country in the matter Of
currency, and have spread far and wide devas
tation throughout the Union.
We need not here 20 into any details TO prove
the fuinous effects, the arrangement Of tho cur.
rency, the loss In domestic exchanges, the
robbery Of the people, by rotten banks, which
have been regular curse TO the country for
many years past In every single State, more OF
less, from the wildcat schemes and innumers,
BILE bubbles Of fraudulent banks and companies
There can be no doubt that the defects in ouS
currency system, arising from these and other
causes, have been far more injurious to Us in
the aggregate than hundred South Sea on
Mississippi bubbles would have been The
national currency now In the course Of inaugu
ration by the government will effsctuslly put
an end to oil this ruin, TO all these bubbles, to
all these destructive and ruinous tamperings
with the currency. Let no one, therefore, re
verse the truth and destroy the fitness Of thngi
by comparing our national currency, which
will rescue us from so many swindles, 70 any
Of the atrocious swindes themselves, whichi
is sTectually operating to uproot and destroy
establishing good system and sound, solid
and uniform currency in their place. The subjec
i so important that we shall 60 on, In futur
VrFALo. 10 consider IL In some more of its bear
ipgs and show that our new currency ID as IN