The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-09-16
Ohaso,s YinnncIerinr.

Hon. r. 5. Walker, an old Democrat
pays the following tribute to the splendid
financial abilities of Secretary Chase;
Mr.. Ohase's success has been complete
under the most appalling difficulties.
The preceding Administration, by their
reasonable course and anti coercion
heresies, had almost parAly zed the Gov
eminent They had Increased the rate
OF interest ON Federal loans from six TO
nearly twelve per cent per annum. Their
Vice President MIR. Breckinridge), their
Finance Minister (Mr. Cobb, their Sec.
rotary of War (Mr. Floyd, their Secre-
tary Of the Interior (Mr. Thompson)
are now in the traitor army. Even the
President Mr.. BdchAnan), with an eyl.
dent purpose Of aiding the South 10 dis
solve the Union, had announced in his
messages the absurd political paradox,
that STATE has no y1gh 10 seceis, but that
the Government has no right TO prevent itS
secession. IL was a conspiracy OF traitors,
at the head of which stood the President
secretly pledged, at Ostend and Gin
cinnAti, TO the South as tho price Of
their suppOrt) to aid them to control or
destroy the Republic. Thus was il that,
in time of profound peace, when our
United states six per cents commanded
= few weeks before a largo premium, and
our debt was less than $4,000 900, that
Mr.. Buchanan's Secretary Of the Treas.
ury CHR. Cobb was borro wing money At
an interest of nearly twelve per cent. Der
annum. Most fortunately that accursed
Administration was drawing 10 close,
or the temporary overthrow of the Gov
eminent would have been effected. New
er did any minister Of finance under
take task apparently so hopeless as that
so fully accomplished by Mr.. Chase in
reyiving the public credit. A sing 10 fact
will illustrate the extraordinary result.
At the close Of the fiscal year ending lst
July, 1860, our public debt was only
500, ,7O3, and Secretary Cobb was
borrowing money at II per cent. per An-
mum. On the LIST Of July, 1868, in the
midst Of q stupendous revolution, our
debt was 81 ,007274, 900, and Mr.. Chase
had reduced the average rate of interest
10 80 per cent per Annum, whilst the
highest rate was 30 for a compAr-
atiyely ANAL sum, 20 be paid of next
year. This is 4 financial achieve
ment without parallel in the history Of
the world, II | speak on this subject
with some enthusiasm, IL is no egotia-
teal spirit, for Mr., Ohase's system diff
fers in many respects widely FROM that
adopted by me as Minister of Finance
during the Mexican war, and which
raised United States fve per cents. 10 a
premium. But my system was based on
specie, or its real and convertible equiv
alent and would not have answered the
present emergency, when, by our enor.
nous expenditure, necessarily forced q
partial and temporary suspension OF
specie payments upon our banks aud
Government. Mr. Chase's system IL eK-
clusiVely his own, aud, IN many of It's as
poets, is without a precedent IN history.
When first proposed by hicl ~ bad very
few friends, and was forced upon a re-
luctant Congress by the great emergen-
cy, presenting the alternative Of It's adop-
ZION or financial ruin. Indeed, upon =
test vote in Congress in February last,
Il had failed, when the premium on gold
rose Immediately over 20 per cent This
caused a reconsideration, when the bills
were passed and the premium on gold
was immediately reduced more than tho
previous rise, exhibiting the extrAOrdi-
nary difference In few days Of 20 per
cent, IN the absence OF any intermediate
Federal victories IN the field.