The New York herald., 1862-11-18

doubt surprised many that gold shoud without any np
parent cause. rapidly rise 10 few days 70 premium o.
tnyseysn and day os two afterward ths absence u
any exciting cause, ia 10 premium Of hrtytwo The
that both quotations. except for purposes exchange
prA sve nothing more than the despondency or the
conA snce OF the moment But that gold rather the
paper currency OF the American government should be
subject 10 such sudden and uctua lis itself
most si ihoan OF the financial embarrassment OF the
State On gold rises falls much as six per ceu
is tolera clear proof that no one eau tell approxi
matey what pvernment paper is WORTH If the paper
dollar 10 worth a veny cents and only sixty cents
week later its n val value the end Of months time
must very proA nstcai And here, truth hes the
mos, striking evidence OF the rotten state Of American
finance.
The Of the pres ut extraordinary depreciation Of
paper currency the federal States lies chiefly the
nfarable otnacy srh sUhA Ah ne Secretary of fe Treasury
and Congress refuse cal upon The people foy supplies
An nconvertbe paper curreAcy would OF necessity have
10 nine months have raised gold cne.thrd higher in value
than Itself Nor would even more serious reyerses in the
fold than those which the federal venment mas sas
tanned have In brief period produced so great de
preciatoq The mmsnsy OF the RESOURCES 81 the North
States would have prevented such result Accord
ing all those principles which govern the fluctuations
OF the money market, the American war, disastrous
has been the beligeren,s, ought not to have
raised tho premium on gold 20 Que, third rs press
height. Il Is not surprising, therefore, that with
almost iimtess resources and national credit as
yet unimpeachsd, the Northern States should anxt
the commencement Of the present year, should now, in
ts snM month Le Doh only suothirds It's nominal raie
might trust the dispatches federal generals gained
Whenever the rival armies come conac the Confcdsr
aies we are tod are too desponden 70 proract much
longer hopeless struggle and yet, Notwithstanding all
these evidences o the OF the federal arms the
price. Of gold increases every day Why, then, the
Northern press demands should the paper currency Of
the State value day after day at rate which
premises soon TO leave II utterly worthless
WHEN Mr Chase, the month Of January last, set Ia
operation his tapor scheme Of meeting yearly expendi
tire Of close two hundred millions oy plentiful issue
Of bank notes. European fnanccrs predicted failure
pointed out that Minister OF Finance need experience
great difficulty IN providing an ample income TO meet the
necessary expenditure occasoned by the war With an
unsullied credit the American government would have
obtained loans with the greatest facility whilst taxation
would only have paid the interest those loans but
Also have by udcious management, betrayed consider
able portion Of the current expenditure Borrow and tax
naSsss yvu W hs as s the advca 70 NJ Chase hy
6nanc,ers on this side Of the Atlantic. The advice was
dsregardsd Perhaps Dir Chase was believer 10 hls
system Of finance, prepost though u IS or per
haps what s probable, he dstrusted the readiness
Of his countrymea to pay heavy taxes. lie believed,
like many others that the would be short and that
the South would be obliged speedily to sussumb With
Union re.estabished he ant cipated ne ticn.ty E
Obtaining. from the oatop tue paymeu. ot us
unqualified appreciation Of the Northern press II uot
Improbable that the patsrnai government Of President
Lincoln intended, IN the event OF victory 10 the
Northern deb, by Southern confs0aon and as viccry
was certain, II was doubt considered ,neauitabe &c
obigc oya citizens tho "a be put 10 pecu
mary loss Mr. Chase finance chimed with the poluiar
expcctatlons and therefore accepted with sasfac
tion II has brought the fedcra' government 10 the
verge bankruptcy think that The people have
just FOR complaint lnecd Of proceeding on sound
principles they thought proper % Speculate. ncw that for
tune has decided against them they ought &c submit with
good grace. The Of the country hive uever
ye, been called upon; and impossible 70 say with cer
tanty that when the cal! rs made \ ~, be responded
to- so il s in corresponding degree diticult to es
innate the value Of that ency WHICH, 10 the event
OF the call being Intellectually made would be totally
worthless We therefore recognize the justice OF
the attack which is made by the Northern press 90
the Secretary of the Treasury and the federal Congress
fh. man
is due 10 tie sgahd Itel 4 tie md The repsshen
sile camp dance Of The other tse hut had the issue OF
the been oihera The federal States welid have
shifted their burden these .bch 10 attempted 10
form separate coniederacy rhe North has now dis
covered that must pay It's share OF the expenses
occlsohea b. the war, and with bankruptcy staring W
the face regrets That did earlier make Suitable gro
vision for expenditure which for Prndsaty has been
without a parallel Now, az the eleventh hour u ac'
knowedges that a eau be carried 90 alone 10y 10
dlcious system OF leans and taxes, and u absolutely ne
sessary the establishment Of a. nconverti6s s.rrercy