The daily Evansville journal., 1863-01-15
Especial Cor. Cincinnati Gazette.
Letter From Washington.
WASHINGTON, Jan. 10.
THE FINANCIAL TROUBLES.


realize its truth
Two Or three months ago nearly eve
rybody was vehemently asserting that
the Treasury was to be the real battle
field, (and to do them Justice, their prac-
tice largely harmonized with their pre-
cepts) But enable the Treasury to
weather the North Cape, we were told, and
all will go we'll; keep the finances sound
and we can afford to wait till the rebels
are exhausted
But the finances wouldn't stay sound.
Treasury notes fell to sixty cents on the
dollar, and the bottom did not seem to be
even then reached Chinese-like, the Of
ficials kept insisting that Treasury notes
had not depreciated-"gold had only be-
come al 3marketable' commodity" but-the
Chinese philosophy will never be popular
with the Western barbarians
And still, we were trying to fight the
battles of this war in the management of
the Treasury Department rather than on
the battlefield.
Mr.. Chase can do much, but he cannot
achieve impossibilities. At last we are
beginning to realize it. The Treasury
is to be sustained, not by legislation, but
by the sword; not by more legal-tenders,
but by more victories Mr.. Chase may
well say to the Generals in the feld
Give me victories, and from them I'll
coin the money to pay your soldiers"
There is no other solution to our fnan-
cial difficulties. Mr.. Stevens may insist
on more legaltenders and heavier bank
taxation; Mr.. Spaulding and the rest of
the Ways and Means Committee may
higgle about paper currency, and puzzle
themselves over anther panaceas for the
ever-empty Treasury; Mr.. Chase may de-
mand his modified National Bank scheme
These are all frivolous and unm9aning
dissensions about matters that can have
no importance till they derive it from
successes in the field. Without these, no
scheme will save the Treasury from
hopeless bankruptcy; with them, while
there may be important questions as to
respective degrees of eXpediency, any
of the schemes will carry us safely
through.
The people see this clearly enough; it
would indeed be encouraging if we UUuld
say as mnch for tho Corcrnnaont
FINANCIAL3 DEADLOCK Mr. CHASE IG-
NoRED.
Meantime, we seem on the eve of a
financial dead lock- Mr. Chase has pre-
sented an elaborate programme of his
financial policy, and has again and again
repeated. privately if not publicly, that
he regards its adoption as absolutely
essential to his further successful admin
istration of the Treasury Department.
The House Ways and Means Committee
have ignored every financial recommen-
dation he has made. He opposes fur
ther issue of legal-tenders; they propose
them by hundreds of millions more.
He asks an organization of banks with
United States stocks as capital ), they op-
pose the whole scheme. Never were the
recommendations of Minister of FL
nance treated more cavalierly by the
money-granting power of any Govern
ment His friends complain, too, that
this is by a body of men who can sow
ruin and then run away, while he is tied
to his place, to reap the fruits of their
sowing. Two months hence this Con
gress ceases to exist; but with such
means as they give him Mr. Chase must
continue to uphold the financial credit
of the Government, or be written down a
failure.
MR. CHAsE's RUMoRED RESIGNATION.
1t is not wonderful, therefore, that ru
mors of Mr. Chase's intended resignation
are current, and gain their currency from
his friends. Yet on the other hand,
there are some strong reasons for doubt
ing whether he will resign
There are already indications of a
clash between the House and Senate on
financial matters. The House talks
about profuse legaltender issues. The
Senate Finance Committee adheres toll
erably faithfully to Mr.. Chase's ideas
and consents only to an issue of 50,000,
000 The Senate must indeed yield tC
the House in the origination OF these
measures, but it can vote such as it dis
likes. If Mr.. Chase possesses all the
adroitness of management for which he
has received credit, he may so manage
this disposition of the Senate as to force
the House to Terms. Here is one thing
that might induce him to withhold his
resignation.
No man knows Mr.. Chase who doe,
not understand his ambition to rise still
higher for public life He can hardly
fail to see that retiring from the Treas
ury Department now would be very ap
to end his political career. If he cal
make an issue that unmistakably com
pels his retiracy, it would be safe; but i
must be so clear that no man can fail t,
see that he could not honorably remain
or he will be accused of deserting hi
post in an hour of public peril, becaus
of the defeat of his ambitious schemes
Here is another thing that may wei
make Mr.. Chase pause before taking tn
course the streets will have it he ha
already resolved upon.
The story is, that if Chase resigns
Robert j. Walker will take his place
This distinguished Democratic states
man and Ex-Secretary of the Treasur
has recently written an elaborate articl
on the finances, indorsing Mr.. Chase