The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-26

passed through the nrst. IL now becomes IN
interesting question whether we shall 60 for
ward or stop short where We are Is q 6nsl
check to be given to depreciation, or shall We
march through the quagmire of financial dis
honor into the gulf Of national bankruptcy and
universal ruin?
To Congress the people look for protection
from the perils which loom thus darky in the
future. The regulation of the currency is
among the highest prerogstives entrusted to
government. BY the constitution Congress is
the supreme arbter Of the currency Of the
nation. The evils which q dspreciating paper
money would nfct on us are infinitely more
intolerable than those which made the old Con-
tinental currency Of 30 fearful and ominous q
memory to our Revolutionary fathers; for a
highly organized civilization is exqusitely SEN
sitivs, while simple agricultural community
il less vulnerable and more hardy. In IT'S
the population of this continent was below
three millions, and the external trade twenty
millions, while the internal traffic was ex-
tremely scanty and inactive. The farmers re-
quired scarcely anything which they did not
raise, and at most they could lose little by the
war, except the crops of the current year. On
similar principles it has been urged that the
agricultural population Of tho rebel States
have suffered much less by deprecated cur
renoy than II they had lived by manufactures
and commerce. 1t must, however, be remen,-
bsred that probably their worst suferings have
yet to come.
However this may be, the effects Of do
Pteciation at the North Il is easy to esti-
mate, At least in part; for throughout
the loyal States mere than Eve hundred
millions Of debt are incurred and paid in
the regular business Of every week. Let the
currency dsprcciate one cent on the dollar, and
note the effect on the weekly transactions
of the nation. To the creditors i've hundred
millions are due; but they are obliged to accept
An full payment what is really worth but four
hundred and ninety-five millions. Repeat the
calculation for every cent of depreciation and for
every weeks business, and then some idea will
be formed Of one of the numerous mischieGs of q
depreciating currency. The effect isto take out
of the pockets Of all who have money owing
to them portion of their rghtful property. In
dustrious citizens, who by their honest toll and
in the sweat of their faces have earned, and alb
solutely need, every cent of their money, are
thus subjected to tax which they can lily bear,
to a tax which is the most CALLING, incisive and
unequal that can be conceived. The issue Of
excessive paper money which has done this mis-
chief and caused SO much loss Mr.. Chase will,
no doubt, call, with grim righteousness, "a loan
without interest" Common sense and common
honesty, however, would prefer to stigmatize it
az an inipairing VI the obligation of contracts,
an outrage on the rights Of property, and
borrowing Of certain millions by inhcting on
the most industrious and productive part Of the
nation loss of ten times the sum.
In country so rich as ours, and SO abound
Ing in resources, there is no necessity to resort
to financial expedients Of so unpopular and
sxhausaing character. We all remember
the Grecian fable of the man who killed the
goose that laid each day an egg Of gold.
The moral of this story Mr.. Chase will do
we'll to ponder. For both he and our
Congress stand before the nation charged with
. momentous responsibility. On their wisdom or
folly depend to great extent the growth, pros
perity and power of this country for long years
to come. II is now we'll understood, both by the
people and their representatives, that each
member of the national legislature will be held
responsible II the currency be to any greater
extcnt deprecated The country, they may be
we'll assured, is in no humor to be trihed with
much longer.