The New York herald., 1864-12-23

vssvieg iss q any shouss.l 1shrs q sssss 60 hav
- which there wsrs issursnoss. 49, .f
A psmsaesr ssata and wsed teaia o. TIE CAsshirs
Railroad oolidsd oa Wednesday nght, near Kesns New
HampshIrs owing one or the trains Using inpsAsd by
The storm Three psrsons killed and several
others wounded. ~ rst, tis{ fN
The stock market depressed and lower yesterday
Government securities heavy Goad was ds, open
Ing at 223, and olosng at Elk. s-r
There net much change N the general aspect oe
commercial affairs yesterday. Tho osmparstvs stsadL
In shs god market prevented any marked changes
n the quotations Of either foreign domestic produce
Bat little business done, 10 few commodities.
In which thsre has lately been speculative feeling On
Change the nour market was qust, and prices were
Gis easier while heat also dui and nominaIy 20.
30 lower. Corn was dull and heavy, while were
steady. Pork lees active and lower, whns besf
In fair demand. Wnsksy was nrn Frsishts quiet.
Ths FlnaAoss or ehs Govsrnmsnt-Wha
A to be Dsnes
At the commencement Of our difdculty with
the Southern section Of the Union. tho admins
tration, with It's Hon to Richmond" hackers,
conosivsd and practised upon tho idea that the
war would be Of short duration, and the people
were told that ninety days would not pass be-
fore The rebellion would be crushed. Unfor-
tunately, Mr. Chase, who was then at the head
Of the Finance Department was sufficiently
weak to permit himself to be lallsd into that
belief, and, instead Of striking boldly at the
wealth and immense resources Of tho country
to fortify its finances against whatever emer-
gencies might arise he commenced the shin
ming process in order to supply himself with
just suficisnoy Of funds to meet, for the time
being, the absolute requirements Of the nation.
From that time to the present, as Mr.. Thaddeus
Stevens, of Pennsylvania, remarked the other
day In the House Of Representatives, the gov
ernment has been continually shining to salts
fy the daily demands that have been brought
against 1t. Thus has the state Of our finances
been changing from bad to worse during the
progress of the war, and the credit Of our coun-
try been frittered away, through the incapacity
and bad management of incompetent SCORE
taries, until now We find ourselves verging
upon that perilous point At which the monetary
system Of the rebel oonfsderacy collapsed
The shining. to which the chairman of the
Committee Of Ways and Means In the House
referred, has resulted In the issuing OF dozen
or moro different kinds OF government seour-
ties, bearing interest ranging. according to the
premium on gold, from Eve to fifteen per cent
We have long bonds and short bonds, ave-twsn.
ties and ten-orties, debt certificates and various
descriptions Of seven-thirtses, bearing gold and
currency Interest. And for our daily trade
transactions we have the government green
backs, which are legal tender for what they
will bring; coupon and compound interest
bearing notes, postal and fractional currency,
national bank bills and tho issues OF State inst-
tutlons, forming together circulating medium,
or the counterpart Of money, which It is some
what difficult to become familiar with.
Mr.. Chase, after three years Of the kind Of
service we have herein depicted, suddenly
awakened to the ruin that his course would be
likely to bring upon tho government credit,
and resigned his position. Mr.. Fessenden, the
head Of the Finance Committee Of the Senate
was then selected as the proper person to un-
tanglc the financial snarl; but 1t was sson ascer-
tained that in capacity for the position he was
hardly the peer Of his predecessor. He has
given us very readable report, in which be
has portrayed the difficulties to which the ma
tion has been brought by bad management in
his department, and the dangers which threaten
US; but that is all. He fails to point out any
mode OF deliverance, or to tell us how we may
save ourselves from financial disaster. OF tae
past he speaks dolefully, but Of the future he is
dumb. All this, we might say, was needless,
as there were very few who did not clearly un-
derstand the precarious situation Of the govern
ment credit 1t Is plain to every mind that
unless some course different from that which
has been pursued is adopted that the public
bonds will eventually become as worthless as
the assignais and mandats Of France, and that
the legal tender notes, now worth but forty
four cents on a dollar in gold, will. in the end,
rate 10 value with the French assignats, the
continental currency and rebel money.
England worked herself out OF the financial
difficulties which the protracted war with France
at the commencement Of the present century
brought upon her by return to specie payments
after the restoration Of peace. 1t is true that
in doing SO she prostrated her tradespeoplc,
who had entered into contracts based upon her
deprecated currency, and brought ruin upon
thousands who were engaged 10 commercial
pursuits; but she preserved her credit, and
contsnded that the end thus obtained justified
the means which were applied.
The Aith Of the United States can be saved
without resortlng TO such harsh measures; the
finances can be restored to sound condition.
and the currency re-established upon . specie
basis BY simple method, without materially '
affecting the business community. The gov
ernment should Immediately resume specie
payments upon the present relative value Of
gold to currency, consolidate ell its bonds
upon the same basis, issue no more notes OF
any description, except such - IL would be
able and willing TO redeem dollar for dollar in
coin, and TO supply Its wants, beyond what
r,a hn 6- euk~