The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-07-02

Total ~ 100 $50, S49
The Secretary of the Treasury has, however,
decided to take advantage Of the option given
him in the law, and will continue to exchange
the nve-twenty bonds for legal tender notes
during the month Of July. Beyond this" ~
we are officially informed from the Treasury
Department, at is impossible to state with
much precision what the action Of the Depart
ment will be. II must be determined by ext
gencles as they arise; and, as these result from
military successes or defeats, their character
cannot be foresesn." The object Of continuing
the exchange of hve-twenty bonds for Legal
tenders during thirty days more Is neverthe-
less very evident. II is to get ready
hundred millions Of dollars worth q
legal tender bonds-that is, bonds legal
tender on their face. Add this SUM
to the amount of legal tender notes and
legal tender fractional currency in the table
given above, and to this add the two hundred
millions of dollars in paper money which the
national banks are likely to issue during the
year to come, and 1t will be seen that within
year we shall have the currency increased by
over a thousand millions Of dollars worth o(
government notes. This will initiate stocks, In
fate business and initiate prices generally, and
we may Judge with some accuracy Of its effects
by the present condition Of cur currency, with
not quite half that amount of paper money n
circulation.
Such is the financial situation Of the govern
ment, and such are the financial prospects q
Secretary Chase, subject to the exigencies IL
the war. We are sorry to say that the Score
tary's political prospects are subject to The
same cruel haps and mishaps. For example.
we know that he had prepared for . grand
loyal league demonstration In Philadelphis
ON the Fourth Of July, and that he haA
induced President Lincoln 10 consent to address
the meeting. This would have been splendid
stroke of policy. In the first place, Mr.. Chase
would have obtained an apparent endorssmsaA
from the President of his political machinaaoas,
of which the loyal leagues form prominent
part. In the second place, he would have CON-
pletely outmaneuvred Mr.. Seward, who has
not arranged for any mass meeting Of his fol-
lowers. In the third place, he would have
greatly diminished Mr.. Lincoln's chances Of 70
election by exhibiting our worthy President
bound, like Roman captive, to the chariot
wheel of his astute Secretary and political
rival. This was magnificent conception bus
Lee has ruined it. The rebel invasion has given
President Lincoln other fish to fry. He will
have as little leisure to make speeches as the
Philadelphians have to hear them The loyal
league demonstration will have to be transfer
red to the Notifications at Harrisburg or
the trenches now to be dug around Phiiadel-
phia. Such are the accidents and changes Of
life. But still no one can withhold from Secre-
tary Chase great credit for bis brilliant ides.
When we lately announced on the authority Of
our correspondent In the Treasury building.
that the Secretary took his friends out riding
whenever he wished to hold confidential politi.
cal conversations with them, we pronounced
that a fine strategical movement; but this
loyal league business displays even a larger
grasp Of intellect Now that this stupendous
design has failed, however, at ID impossible 70
state with much precision what Secretary
Chase VII do next. Perhaps we had better
conclude, IN tho Sscretary's own words, b.
fore quoted, that ut must be determined BY
exigencies as they arise; and, ~ these result
from military successes or defeats. their cha