Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-07-07
RESIGNATION OF SECRETARY CHASE.

pciby.
RESIGNATION OF SECRETARY CHASE.
We have to announce to our readers that the
Hon. SALMON P CHASE, the Secretary OF the lrea-
sury, yesterday resigned his Office, and, his resgna
ton having been accepted by the President, ne mas
retired from the conduct Of the Treasury Depart
ment. ;,
Thi. announcement we are sure, will be received
by the country with equal surprise and regret TOT
whatever differences may obtain with regard to the
financial system which has been inaugurated under
the administration of Mr. CHASE, it will not be
denied by any that he has brought to the discourage
of his duties the highest capacity and the per-
sonal integrity. ItisknoHn that yesterday was the
termination of the fiscal year for 1864, and MI
Chase has therefore been able to close the admins
tration Of his Office with the close of the year 1t
was supposed by many that he would have resigned
his place in the Government on the restoration OF
Gen. Blair to his command in the army, but it was
replied by his friends that he could rot with pro-
priety do SO at that time when his official conduct
was Just put on trial before . committee OF Con-
gress.
The country is not yet officially apprised OF the
immediate considerations of public duty which nave
constrained Mr. Chase to take the step thus an
nounoed But we believe we run no risk OF
misstatement when we say that this determination
was brought about by difference OF opinion be-
tween the President and the Secretary with regard
to the appointment of certain officers connected
with the Treasury Department, and particularly OF
the leading financial officer of the Government
in the city of New York, where the Secretary
deemed it Of especial Importance to secure the
services Of an officer who should be selected on the
ground Of financial qualifications rather than in de-
ference to considerations Of political interest 1t
may also be proper to add that the Secretary was
perhaps partially Influenced in arriving at his de-
termination by the apparent reluctance of the
Committee of Ways and Means in the House OF
Representatives to authorize the additional taxa
ton which he deemed no more than adequate to meet
the exigencies of the Government for the ensuing
fiscal year.
Our readers are aware that it has not been in our
power to concur in opinion with the distinguished
Secretary on some of the fundamental measures OF
his policy, aud among such measures we may spe-
ciay indicate the on Treasury
notes the quality Of legal-tenders. But after his
policy was deliberately adopted by Congress and
accepted by the country we felt it duty to give
all possible support to those subsidiary measures Of
legislation on which the success Of the system was
seen to be dependent. And we were the more
encouraged to do SO by the rare financial skill
which, as We conceived, Mr. Chase has brought to
tho performance Of duties more responsible, vexa-
tious, and exactisg than we're ever before laid on
the shoulders Of any minister Of finance in ancient
or modern times. The demands made upon the
Federal Treasury by the expenditures of the war
have been prodgal without precedent in the his
tory Of nations, and have far transcribed the ex-
pectations Of the country of the Secretary him
self at the beginning Of the war. Yet these ever
growingsnd never relaxing demands have been met
by the Secretary with fertility Of resource which,
in sorely taxing his ingenuity, has demonstrated
his financial ability and skill 1t is easy for those
who question the soundne,s Of his whole financial
system 10 trace all the difficulties Of the present
financial situation 30 what they may deem the
radical vice OF that system, put IL 10 only JUST w
saw that the exactions made on the financial sys-
tenn of Nh CHASE by the extravaganza of our
military expenditures, and by the unexpected
length of the war, have been enough to break
down any system, however sound in its basis, or
however capsbly administered. Our only wonder
is that the Secretary has long been able to make
face against the cvcr-accumulatng mass of indebt-
edne,s entailed by obligations in the assumption Of
which, to the amount of tens Of Millions he has some
times not even been consulted by his colleagues in
the Government, but for the payment of which he
was expected to provide.