The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1863-01-21
Mr.. Chase and the Finances.

around some OF the members OF Mr. Lin
coins Cabinet, Mr.. Chase alone seems
to have escaped. The confidence Of the
people in his ability and integrity has
never been shaken, from the very begin
ming Of hostilities to the present time.
When the wal, broke out. there were not
only no soldiers, no munitions of war,
no military stores, but there was no
money with which to secure the one and
supply the other. In time of profound
peace, Mr. Buchanan permitted his trait
orous subordinates to steal most of the
munitions of war and to plunge the gov
eminent into debt of 10000, 900, not
withstanding the annual revenues of the
Government were far more than suf1i-
Gent to meet the expenditures of the
same if economically administered.
Under such circumstances, when the
best Government bonds were being
hawked about the streets of New York,
hardly to be disposed of at discount of
from 10 to 20 cents on the dollar, Mr.
Chase look charge of the Treasury De-
partment. Then, the people had no
doubt of their ability to furnish the men
to crush the rebels, but they did doubt
the ability of any man to sustain the
credit of the Government under the
mighty expenditures forced upon it in
providing for the great struggle in which
1t has since been engaged. by.
The success which has attended the eff
forts of Mr.. Chase in damaging, by al
odds, the most difficult department Oft the
Government, has been, up to this time,
almost beyond praise Government
Stocks have advanced, instead of retro
grading, even as compared with the adj
vance in other articles of commerce, and
its credit, both among its own people and
abroad, is far better-notwitstan the
immense debt hanging over us-than it
was when Mr.. Cobb had charge of the
Treasury seal.
But Mr. Chase, with that sagacity
which is ever looking to the outcome, has
become convinced that change must
take place in the financial policy of the
- GAuArnrnN''tr ." he can no longer sustain
the burden under which he is already
staggering. He is satisfied preparations
must be made for speedy return to spe-
ciGl payment, or the finances of the coun-
try will be swallowed up in great ocean
of bankruptcy. This is not apparent to
Mr.. Chase alone. 1t is staring every
business man in the face The merest
tyro can comprehend result so trans
parently certain. IT.
With great care, and after close and
friendly consultation with the most emf
nent fnanciers Of America, Mr.. Chase
prepared carefully considered and
painstaking plan for avoiding the ruin
upon which we seem to be rushing. He
set forth the main features of his design
IN his annual report to the present Con-
gress. Since then, or in connection with
that, he has prepared a well digested bill
which has been submitted to the House
Committee of Ways and Means. But the
gentlemen composing that Committee
seem to be adverse to Mr.. Chase's scheme.
Each of them has favorite panaceas of
their own, which, with no little self
assurance, they unhesitatingly assert will.
speedily cure all the financial ills with
which the Treasury is afflicted
Without pretending to enter into dis
cussion of the various propositions which
have been submitted in the House of
Representatives and the United States
Senate, with a view to relieving Secre-
tary Chase Of his present embarrassment,
we Cannot regard any OF them wItH JHe
same favor as the plan of the Secretary,
because none of them look so direcflD to
: the resumption Of specie payment If
the Government, or the Representatives,
persist in issuing treasury notes, there is
no calculating the result Already prop
erty of every description is advancing
in value with frightful rapidity, while
the precious metals are fast disappear
ing from sight, much less circulation.
The Government will soon be compelled
to pay two dollars for munitions of war
and army supplies for what ought to cost
no more than one. In other words, it
will be paying an interest on its outlays
of over one hundred per cent. No nation
can succeed with its finances in such a
demoralized condition Confidence in
the stability Of the Governments credit
will be completely destroyed, and how
ever successful our armies and navy mays
be hereafter, we will goto pieces on tn
hidden rocks of public distrust.
In looking at this question we cannc?
forget that Secretary Chase occupies I
stand point from which his eye ca
sweep over the whole country. He
committed to the success Of the whole
He is not identified with the mercenaI
interests,of any particular part. On ii