The New York herald., 1864-06-20
FINANCIAL AND COMMERCIAL.
SUNDAY, June 10, 1854.

SUNDAY June 10, 1884.
The want OF confidence 10 the government could not be
more clearly and plainly illustrated than was exhibited
m tna bids for six cent bonds OF 1851 which
were oponed Washington on Wednesday last seventy
Eve millions had asked for by the Secretary the
Treasury but only seventy millions offered, and
that s below msrke, value OF the existing bonds Of
tie same description. Further evidence, II more is
needed tie lack Of confidence ability OF the pre-
seat administration may be by comparison o. the
value q the public bonds Of this cuntry With the con-
sos Of Great Britain The latter pay an annual interest,"
OF but three per cent and yet they noal al aepecaon
OF only ten per cent, while the bonds of ihs lh'ea
States, which pay double the interest IN coin that
Is guaranteed by the English securities, are mol
worth. according 10 the admission OF MI ohase
in his recent awards than nifty three cents on
dollar in gold being the standard at which British
quoted ono hundred and four cents IL The
deprecated paper circulation Of the country.
AT the commencement OF the the government
bonds were readily par and dollar for dollar
freely paid them in god but during the three years
which have since elapsed they have gradually dcpre
ciatcd until they are now worth but little half the
amount they represent. The of runous depre
ciaon OF public securities may be found first, in the
bunglng in which the affairs OF the government,
military and naval, we'll as financial, have been admin
isered and, second In the consequent alienation Of
the peoples confidence. The ability OF the country,
properly applied to meet all emergencies which may arise
during the c0nuuance OF domestic difficulties is not
for moment questioned The wealth and resources Of
the Union far supass those OF any other nation on the
face OF the globe, and its credit should consequently
stand second to n1ne; but those into whose hands the
lagement OF its affairs has unfortunately fallen have
met the expectations OF the people, and they havo
failed 70 elicit them that support which
sary in order to retain the healthy financial condition
which formerly pride aud boast.
Mr. Chase has eight months yet iu the
capacity OF Secretary OF the Treasury Ia that time IL is
IN his power 10 naugurate policy which viii do much
towards restoring the national finances TO their normal
condition. bring back the confidence OF the public
The proper TO pursue has been frequently pointed
out to him, and if he negects to follow
the good advice which has been so freely
aud dsuteresiedy offered the american people
viii long ret as they have already to depore,
the day Of his induction into Office the duties OF which
he was entirely unfamiliar with. Besides the various
plans which have been shown him by which confidence
might u measure be re.estabshed, he should make
weekly exhibits OF the condition OF the government
Guauees the Bank Of England does order that
people may for themselves the progress of the public
Indebtedness This simple acknowledgment or tho
right Of every to the extent OF his
liabilities 10 the country would tend in great measure
TO lessen the present distrust, and at the same time It
would prevent all unnecessary ana unounded suspicious
of dagger. He should then give evidence u al his
promises reduce the currency made in good
faith and that II IS his intention carry them out
further than by merely retiring Of legal lenders
and issuing in Their places another SET By these
lie may partially win back the peoples confidence In the
government, and the currency and the national
bonds TO approximate the value OF coin.
The following the quotations Of railroad and mis-
coaneous shares at the close OF each OF the past four