The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-05

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most part continues under the control Of rebel
dom, will render any essential aid 70 nell
them out By force of arms, and not BY pape
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In the Held; and after that Is accomplished y
only upon the basis Of the constitution and the
equal rights of all the States that the Union
can be firmly rs-sstablishsd and internecine
strife prevented in future generations
The Reassembling OF Congress-The Cur.
rency Question.
After q fortnight's vacation INDUCED In by the
members Of both houses Of Congress that body
resumes its business session to-day; and, accord
ing to oil accounts, we may look for speedy ac-
ton on the financial questions that SO vitality
affect the prosperity of the country.
II seems, indeed, that the members of
the Committee Of Ways and Means have
not availed themselves Of the excuse Of
the Christmas holidays to shirk their oficial
duties, but have been holding sessions and
discussing the pros and cons Of the financial
scheme submitted to them by the Secretary of
the Treasury After all, there Is just about as
much ehicansry as there is stupidity covered up
in this appearance of industry on the part Of the
Committee Of Ways and Means. The plan Of
operations is already decided on, and the coun-
| try may az well make up its mind at once to
see another delugs of legal tender notes let
loose from the Treasury Department at WASH
ington. Mr.. Chase may endeavor to render this
food little less destructive in appearance by
covering up part Of the new issue of thou
sand millions Of dollars in the guise Of bonds
but they will be, in fact, neither more nor less
Than paper promises to pay, and will have jast
the same effect in swelling the paper currency
of the country as If they were legal tender Tres
sury notes, pure and simple.
1t is manifest to the dullest comprehension
that the Secretary Of the Treasury is utterly
ignorant Of the very elementary principles of
finance; and yet hs is 20 obstnately selfsufi-
cient thsf he will not look for or take counsel
from the capitalists who have made the science
. study and success These mon understand
and appreciate The sssot of sutidcu and inn
mense expansion Of paper currency; but the
Secretary Of the Treasury docs not seem to have
the slightest comprehension Of the subject. He
only knows that the necessities Of the govern
ment demand che expenditure Of o certain sum
of money within given time; and he deludes
himself and tries to dslude others; into the idea
that the manufacture of Treasury notes and
bonds to the amount specified is the true mode
Of meeting the di6icuity. That seems to be the
Alpha and Omega Of his financial knowledge. |
The spectators, who understand the workings !
of the notable invention of Mr.. Chase, are the
only persons who derive advantage from it, for |
to the public at large and to all industrial
interests its effect is most injurious. Particu-
larly is it disastrous to the working classes and
TO persons Of fixed moderate incomes.
The experience Of the past year has sshooled
the dullest minds into q comprehension Of the
simple fact that when an undue amountof paper
money 10 forced into circulation its vaiae rela-
tive to the precious metals decreases, that in
proportion to that depreciation the prices Of all
commodities rise, and that the more the volume
of paper money Is added to the more decided
will be these injurious effects. Mr.. Chsse is one
of the few men of the country who obstinately
refuse to recognize these simple truths. His
remedy for the evil Is to increase the evil, and
Congress stupidity and ignorsntly lends itself
to carry ont bis views. Let every one, then,
look out for new food Of Treasury notes and
bonds, without any eurtailment Of bank issues,
and trim his sails accordingly.
The Loss OF THE MONITOR announced
yesterday, by telegraph from Fortress Mon.
roe, that the celebrated iron-clad Monitor had
foandered off Cape Hatterss, and that four
officers and twelve men were drowned.
The loss Of this gallant little vessel will be
generally regretted. When she steamed into
Hampton Roads few months ago, mere ex-
pertinent in naval architecture, no one supposed
that shs was destined to rsvolutionise the navies
OF the world and mark a new era in naval his
tory Her famous encounter with the Merrimac
however, made her immortal a. the pioneer Of
iron-clads, and ranked her inventor, Captain
Ericsson, a. the greatest inventive genius Of the
age. When she sunk she was on her way to
new triumphs, and her loss will be regarded a.
national misfortune.
Although the feeling Of the public is, that we
could better have spared any other iron-clad
than the Monitor, facts-which are always OPP
posed to sentimentalsm--teach us that the
public feeling il undoubtedly wrong. All Of
the other iroH-clads Of her class are decided
improvements upon the Monitor in every re-
spect, and will do much more efficient service
Although the Monitor foundered, these other
iron-clads have weathered Cape Hatteras
in safety, and the expedition of which
they form Q part will undoubtedly be success
full. The Monitor, like the old Ironsides, was
the pet Of the nation, and no one who takes
just pride in our navy can repress bis disap-
pointment at her fate; but neither to the OK
petition nor the country is the loss irreparabls
Iron-clads Of the Monitor class were never
intended for sea service. The most that was
expected Of them was that they could be towsd