The New York herald., 1864-07-10

The New Secretary OF tho Treasury
His Emharrassments and tho Way 20
Overcome Them.
The new Secretary Of the Treasury, Mr.. Fes-
sender, will arrive in this city tomorrow
morning, and we presume his financial
policy is now in process of being shaped
out. That he has stupendous difficulties
to meet and to overcome, and that the
embarrassments surrounding his position are
such a. never before environed the chief
Of the exchequer of any nation in the world,
are matters with which the country is sufi-
ciently well informed. And now the question
arises, how are these difficulties to be met.
How are these embarrsssments to be overcome!
Let us see.
When Mr.. Chase entered upon his duties
as the head OF the Treasury Department the
country was in the most fourishing and pros
porous condition. Whatever may have been
the short comings of his immediate prede-
cessor (Howell COLBY or the mischief which
that traitor caused by the arrangement into
which he plunged the national finances during
the closing scenes Of his Official career, there
was still left . sound, substantial national
credit and universal confidence rested
in that credit. The entire finances OF
the country were placed under the charge OF
Mr. Chase. He had unlimited control of the
national exchequer, and when his encroach-
ments upon private rights became too onerous
10 be borne, and too bsrefaced to be quietly
submitted to- Congress came Ia his aid and en-
dorsed and confirmed al his acts Of financial
usurpation. He spread bis sails upon the
ocean Of our national credit, and, regardless Of
the teachings afforded BY tho experience Of
peril, and unmindful OF the warning voices of
those veteran pilots who had in former years
held the helms and steered the ships Of state,
be dashed recklcssly among the breakers Of an
extravagant and foolish financial policy, and
has very nearly succeeded in landing the credit
of the nation upon the shores Of irremediabls
reputation. His policy was expansion"
without the virtue Of ''linkcd sweetness long
drawn out" and tho results Of that policy are
. bleAted national currency and an almost
exhausted national credit. Mr.. Chase left his
legitimate financial sphere 70 make political
and personal capital. He sacrificed great and
absorbing public interests to crafty personal
ends and private ambition. Hence his COM
plete failure as . financial manager and his
final but tardy displacement BY the Executive.
Mr.. Fessenden comes upon the great nnan
cial field with all these lights before him. He
can see the rocks upon which bis predecessor
has been wrecked. He can observe the quick
sands that have engulphed Mr.. Chase, and with
him almost the entire credit Of the nation. He
knows the difficulties he has to encounter IN
bis exertions TO restore the national credit, to
revive the national prosperity, and to secure
the permanency Of the national financial ex-
istence. He can take the advice Of the leading
financial men in the metropolis He can re-
ceivs the counseis Of the leading banking men
In New York, Pbiladelphia and Boston, and from
among them all II will be strange II he does
not receive views that will help to relieve our
national currency and credit from the lamenta-
Bile condition In which they have been plunged
by the recklessnsss and folly Of bis prcde-
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