The New York herald., 1862-02-01

TONER'S really require II. Iney compute THAI tuof o
must be $3.50 900 900 somewhere IN the loyal States;
there is still money coming frcm England, and taxation
OF 5000 900 900 year or 900 oooo our money WIN
both carry the make notes negotiable, ana sus-
tain the value OF that has TO for twenty years
II would appear that these generally ac-
cepteda least that they at the last date for the
premium required for gold still inconsderablo, ana
there nothing at all approaching to panic among
the Americans themselves there was still great conn
dece. The only treachery on the part OF the d,
and other foreigners who said to be- as usual BE-
very ILL., Agents for English corporations were ia
New York dsposing Of American securities on any
terms and thus lending evil countenance 10 the Soul'
conederaey. Many millions u dollars 70 DC
passing the border not only in exchange ior snugsed
English goods but also because there we men 50 uh a.
triotc as 10 think dollars anywhere than IN the
United States Notwithstanding these mischievous at
cmps damage the federal credit no doubt was enter
tain ed that in very months after the taxation
had full play the federal government would hnd
itself rayng Its way through al It's dnlcuitiss ana ns
which assumed to be in state CT hopeless inso-
vency.
Is il really our duty TO dspel so pleasant an usicns
We might well read chapter from Sir W. Red's
''Iaw of storms 10 the next Southwestern offer any
financial considerations to the Americans with the hope
Of practical result. But mt st tell at eas. our own
countrymen what this means. The five dollar notes now
issued by the United States Treasury the Northern
banks instead Of the gold morely promises TO pay
that after the termination Of
the war The value OF such promises depends on great
variety Of considerations, and ranges accordingly from
par to Whsa substituted them far gold, IN tie
year 1897 at ns aeqhb0r dirided from as
BY tsa Loisaoas strait, haun9 onrse!rs ox
Of EGacpe SIDE The Parliamentary session had
opened with tho promise Of negotiation and prospect OF
peace There WAS no apprehension OF danger TO thus
country and only carrying on the war in the
merest phanthropyor The snke OF the Christian anf
civilized world. One thing was very cear-bat
any day pleased might retire out of the
quarrel, with the British domnions, the British
constitution, the British commerce, tho British
revenue wholly uniniured, and loss
cept sentimental damage to exalted character
just ront in the British flag. war that we could tor
inmate any day al ihs sacrifice Of few big words and
chs Of ta I'm Eull
much wise 10 bo always grasping at shadow.
But IN the February of A1t year suspended cash ray
that day gold had risen forty fifty cent pre-
mlum AMI guineas only to be found in cabnsts and
old stockings II cannot b, said that at any time the
matter of absolute necessity to the nation, as we
could have made peace at moment without the 5ac
fee of an acre. military post institution or one
person these isles ohsnatey did contend for
the deverance Of Europe and TIE world from the dbsr
@ the pubic peace, that kept up the for quarter
of century aud such as the confidence in our obst
macy that till the end Of the tho promise to pay
always much below and great indeed were the
commercial difficulties and dstresses involved in that
depreciation, and the consequent ana! rebound.
compal is0n OF England in 1871 with the Northern
Staas of America in 1862 DC defed favorable
TO the latter u by no means plain that the Cabinet
Washington mil be ale to make Vhc serious
premises and losses. may hare {, sirs up pch more hgn
The Southern States II may have to make terms with its
army well that OF the foe. The United States
are not taxpaying country. Their high tariffs con
fess to the extreme difficulty Of direct taxation par
cuariy for federal purposes Half the American taxray
live in regions reclaimed from the forest aud
sprnkled over with settlements The great state Of Hi
nos, which may be said 10 occupy mid rank between
New Eng ard and the FIR West, has hitherto paid in all
about c0) COO In taxes and OF this the railway has pai
f24 00c. The yield Of American Income Tax may BE-
estimated from the fact that rent there has always
been resented as sort Of tribute and therefore sym.
b Of degradation What security Is there here for tho
future payment of the debts likely TO be incurred under
expenditure OF hundred millions sterling year!
That rate Is not likely 10 be diminished or brought
under control. All the press open mouthed against
army Of jobbers and spectators who said to be
their fortunes by the ruin their They
excam with not less violence against the laxity with
which almost anybody, anywhere, at the head of q
few thousand men, is permitted 10 pledge the credit OF
the treasury. Meanwhile, "a army Of contractors are
camorpg for payment and justly observe that the sol
who supply the material for the unpaid. They
will now have to take payment in paper, whatever its
value There will still be those who will be IN condi-
ton to refuse paper and who will have specie in the
dnsry Of trade They ere the fore gn merchant
and manufacturer Not i've dollar note will cross the
Atlantic Syx 10 these happier realms, unless to anuse
curious the pas senger to the shop window
OF Chance de Monn1ie There not circanstanc in
which America OF 1862 can be compared with England
70I and, il ;he British insolvency OF which we have
lately beoa reminded lasted twenty years we may well
ask when it will terminate in redemption OF every bit
when an lnconvertibe paper currency Is substi
uted for god becomes the base o tho whole financial
system and its rising or falling value 1aees every nxed
ih the prospects Of peace and fall they rece from NE
eye The defeat which throws tho cause on its defence,
and the victory which encourages II to perseverance, are
equally fatal to the hopes Of al early peace Men may be
sangune may dcspond, but it is the probable duration
OF tie war and the extent of the expenditure that will
rule The value OF the dollar note Who shall pretend to
say how long the will asf The Confederates have
been and again pronounced TO be so bankrupt
Of 10 be Incapable Of further exertol 10 any
purpose but the prediction has been repeated too often
be hedsd and whatever the value Of the dcsnltory
opera coast, the federa's find Organized
trenched and we'll supplied force wherever they push
their reconnosssnces south Of the Potomac. " the w
is SAFE b last urr rger, What 'cii b. TIE rllve o.
promise pay icAict cU not be redeemed M proper
rrrt o that year We do not expect TO be listened
TO across che Atlantic but think in this fnan
cial ca; a;astrophs ginning of the end with twice the
expenditure Of our war the government ol Washington
cannot raise half our revenue by taxation Let that
and disorder the expedent of European arbitration
lFron the London Post government organ Jan. 49,
With money in the cxchequer the government has de-
csred itself insoven aud fondy irHgines that il Is IN
better position than IL II had maintained its credit till
had spent its dollar. Tho faacy OF such suppos
tion must be apparent to all.
The federal government s indeed unfortunate in rot
possessing minister capable OF graphing with the pro
exigcncy, Congress willing aud able to provide
the only by which the ona credit eau be upheld
IL the enunciston Of incontrovebe dcgmas affords evil
dence OF nnanci, skill would have been impossible 10
have selected a Secretary the Treasury more able
than Mr. Chase. Can anything be sognder than the
policy which he indicates and which has elected
much admiration at New York; Let the country
be taxed, be proposes, to exsnt sufficient - pay
the interest tbs debt contracted, 10 establish
sinking fund and to pay the current expenses Of
the government Very good od'ic. Misis, doab and
II uas foro,ged zoe should hear H1iHg a out e pen
siW Of sysce Jcyasyfs and foreign orpitds srouid b.
eagerly purchasing fed raj sscrttcs. But Mr. Chase un
fortunately has not told his countrymen how the happy
consrmmaiion is TO be effected. Tell man who Is in
difficulties that the best thing he do is to provide
money FOR the payment OF his rent and weekly bills 10
satisfy the accrung aterest his debts and TO sasy
In full the pressing OF his creditors and he will,
doubtless admit the soundness Of tho advice, but
scarcely feel benefited unless the Of pursuing the
course Indicated placed within his power Now, the
means By which the federal government should pay
their way and at the time Tighten the load
they are preparing FOR the backs OF postsrity,
Mr.. Chase has failed sto devise His require
mens for the current year exceed hundred millions
sterling. His customg will not throw six millions rto
the Eachequer OF the taxation which Is pay the in.
tercs on the debt and to create the sinking fund we
have heard nothing yet The Congress whether from
an inability roalizc the situation 10 which the country
in placed from not being habtustod TO impose taxes,
or from consciousness that II they do Impose them
they are likely TO be paid has hitherto manifested
a singular disuc inaton 10 vote the necessary sup
plies. The New York press complains that al
though moneyed msn are anxious 70 bear the bur
den of the war, the Congress fails TO devise the
mears by which its nicntions ara 10 be carried
into effect The Committee Of Ways and Means
which has been appointed by Congress differs entire
y in its composition frvm similar committees here,