The New York herald., 1864-07-25
FINANCIAL AND COMMERCIAL.


SUNDAY, Jrly "a 1854
rhsrs occurred IN tho history u civilization very
tsw periods when passing events more monsntous
or likely TO exert . great lasting infuenoe
over future of any nation Than those srsnssirus
M our country, upon which the attention OF the
world 10 nred.
Tns grandeur and vastness or the political result at
stake are should nerve every with
power and stimulate 90 the highest degree Of develop
men, TIE energies Of great people. 10 nos by the
mere shedding Of blood that the great object for which
We are nghtns will bs finally achieved; but while the
brave defenders OF Gag are laying down
their lives the battle fields which viii be-
the AArsihsns and waterloos OF history,
there must be ,ha, among the people at home and
their representatives In Congress and the Cabinet
which viii sustain the heroic efforts Of In the
Geld; and by wise ststesmsnship on the side and
willing support Of public the other the ship
Of may again breakers rebellion
90 the smooth waters Of peace and the high tide Of pros
perity
has been the misfortune OF this country have sur
fered under the forms political chicsnery and
corruption ana the absence OF good craftsmanship and.
70 go no further. back than the commepce-
ment OF the present war, We see IL painful
ly illustrated In almost every department. OF
government and perhsps nowhere more consrcuorsy
than In the condition Hatioos nnanc's they bow
stand. We appear have had no mea 10 power equal TO
the greatce or the who were capable OF
rising proper appreciation Of the magnitude OF the
situation and whose views enlightened and dsin-
terested enough enable aud allow tbem take hold Of
the desiines OF she nation with Arm and controlling
grasp They displayed their incompeteucy FOR high POSI-
ton by their Of FORESIGHT They acted the
shift principle Of providing for to-day leaving TO NOR
take OF itse, They published their ignoraros
70 the world In false pophesiss they sacrificed national
interests for petty party purposes and falling into the
ditch OF and corruption themselves they dragged
the country after them. Let take the late Secretary
OF the Treasury example He assumed Office tho
5th OF March 1851, when the mutterngs OF the thunder
OF rebellion only family heard In the Southern sky
end when the entire national debt less than ninety
millions He found tho country highly prosperous In
every branch OF commerce and industry, and, after
little than three Of he left IL encunbered
with nearly eighteen hundred millions Of debt the
currency dollar worth only about thirty cents in
specie Meanwhile be had been pursuing course In
which his rccklessucss Of consequences was
tess evident than his desire Of temporary popularity. He
sacrificed the permanent interests of tho graf
y his own petty ambition, his love Of power and his
aspiration 70 the Presidency. He acquired reputation
as false prophet hardly second to that Of Mr. Seward
merely falling short OF the latter by saying should
soc the end OF the in six months instead OF the
historical ninety days. He deluded the people BY
-
period and he played into tho bands his stock obbIng
friends which could hardly have been the re.
suit OF accident and which, in ths Of his Efforts to
produce tie panic March last proved very disastrous
both TO the public and the governu for the price OF
rational securities went down 10 the general crash and
speculation afterwards forced from tho stock the
produce market, al the cost Of the whole population
well as ihs great purchnser--government. Bot for
this provisions would have reached tho price they
did while speculation would have been confined to its
more legitimate channels.
To tie OF Mr.. Chase ths cogntry nov looks
for correction far possible those evils which
have brought the of The nation their present
periinus condition Whether he win prove him
self equal emergency VIC have yet 10 discover;
but thus Ear Il would that no had lxed policy
10 viec taking the rcns Of olce, and at he stands
committed to eEse1, to the runous course " ar
Chase and VIII trust 70 circu shape his policy
Re msaesis the inclination latter did to
p1laiives nsssd remedies and 10 be guided
by precedeats instead Of adopting fixed and bold
policy, tie working q which he could trace 10 his
mind and by aFithmet!cal caIculstou through
all its ramiaca;ans a series OF years to come Fore
sight, vgor and comprohensveness qualities necos.
sary IL very high degree 10 the eaccesful manage
meut OF anances OF this country q, this critics
period - histcry
That resources vast sne elastic enough eyop
under present crcumsianees, with two millions men
withdrswn from thor ordinary pursuits or pur-
poses, and the prospect 0, half milcn more being
soon sddad 10 their number, TO pa the
sound basis OF taxation loans 10 easily demon
strable
Taking statistics for guide ind ha. The
In the value OF real and personal property United
States between the years and 1850 was eqnal 20
sixty four er cent, while from 1850 1850 tho ucrease
hundred and aeaiy seven per cent the total
values for the two last periods being respectively
554 600 600 and ia ss 600 or this last amount
nearly sll 900, 900. 900 taycragDg four huaie ard
ea,y dollars Per head Or tie popuiatoul is ap
portcnsGe to the loyal states but, the time.
ratio q increase IN tac elsye greater hsn al
te North as wsl app5ar by the following table OF an
earlier date
1880 1885
SoGih.....-..........s,a ai7TS. .-Gf ds20. OF 5s4
North 3.035 833 .33S 3f2s lso 3ls
West........,....... l,o229fs.?s2 an .2a3 sac
The elect OF tue is Of diruish this ratio
Of increase-Hrst by the withdrawal population
by the OF trade taxi but N