Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-01-01

OuCu bO0l6ty Nv hll pOlHLeB 0uu hl0 S'Sl
acting to depress or to stimulate the pro
ductiVe powers Of the nation.
1t will DO recorded TO the honor Of Mr..
Chase that be has shown Us more than was
ever know before Of the vast materially re.
sources Of this country. No people 10 the
world has, at SO low rate of interest, aud
with so little of disturbance to business,
or Of Inconvenience to individual citizens,
raised such prOdigiOus sums as, during the
past seventeen months, we have expended
ia defence of our national Union aud free
institutions.
Up to December lst, our public debt
amounted to SiRhuudred and eighty. eight
millions, Of which nearly four millions con-
sisted Of postage currency, and two hun.
dred and twenty -three millions of treasury
notes ofrlawful tender. Thus no less than
two hundred aud twenty .seven millions
have been raised without interest, The
balance, four hundred and sixty. .oue mil
lions, bears interest averaging from four to
seven aud half per cent. Two years ago
itWould have been deemed Utopian to
have affirmed that seven hpndred millions
of dollars could have becu borrowed by
our government at all, without help from
European capitalists; whit to have gravely
proposed raising that amount, or any large
loan, at an average of iour and half per
cent, would have been treated as an ex
travagant dream. Still, owing to the ju-
dciOus arrangements Of Mr.. Chase, the
thing has been done. Aud this uotwith.
nJ;nc, kLa J;onpto.S vk;nh ;n V;.r;nfo
and elsewhere have attended our arms.
1t is also gratifying to sec that, although
so prodig:ous au amount Of capital has
been Withdrawn from the ordinary chan
uelS Of productive industry, still we have
no distress, no poverty, no commercial de.
preston; but, on the contrary, all classes
OF the community are thriving and pros
perous; their enterprise and labor secures
the usual rewards, aud our citizens can at.
ford to send Of their abundance hand
some contribution to assusge tho midwin-
ter sutferings which the rebellion has in.
aictnd upon tho starving operatives OF Lam
Cashire
But if much Of the credit of this en-
couraging state Of things must be given to
tuo luulGIOuS piano SubbOoSSu W HuS OVN.
retary of the Treasury, and adopted by
Congress, it is in part due to tho fact that
nearly tho whole oil the war-outlay has
been dlsbursed among our own citizens. :
We have bought our supplies chiefly at
home; and in future we shall do this 10 a
still greater extent. Now, although we do
agree with those theorists who hold that
the munitions Of war, being thus provided
for among ourselves, cost US nothing, we
do maintain that they cost the nation far
less than il, like England in all her great
wars, we bad to send our money abroad in-
stead Of spending it at home. For in the
former case it would go to enrich foreign
ers, while by the latter course 1t has con-
tributed to develop our own industry and
to develop our own manufacturing skill
and pre- eminenCe.
II we have referred in hopeful terms to
the rast resources Of this coUHtry, 80 indi.
Gated in the case with which all 1.-the fands
necessary for the war have been borrowed
at low rate of interest, while not dollar
Of the amount has been raised abroad, We
have wished to throw some light on the
future. The question now before the coun-
try is this: Will Mr.. Chase's financial skill,
which has shown how our national re-
sources could triumphantly bear the sudden
and severe pressure of the past, be equally
successful in the not less exhausting effort
to meet the demands Of the current year
This question, both in and out Of Congress,
will be submitted to eager discussion for
some time to come. At present it would
be premature to express any decided opin.
ions. It is, however, very obvious that
any plans suggested by that statesman, who
has so successfully solved the fiscal prob.
lens of the past, and who is entrusted with
the momentons task Of dealing with those
Of the immediate future, ought not to be
condemned without the most deliberate
and thorough examination.