The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-02-01

The liabilities Of the country, If the war con-
tinnes, will more than cover the above total be-
fore the end Of the fiscal year In 1865, and unless
some change Of policy is adopted we shall soon
have upon our hands a debt, which has already
been authorized by Congress, Of more than three
quarters Of the entire amount now owed by Great
Britain, which it took that country century and
q half TO create. In reference to this fact the
London Economist truly says that since the COM
mencement Of financial history there has never
been so rapid an accumulation of debt as the past
two and half years have presented in this coun-
try. There is not the shadow Of a doubt about
our ultimate success in the present struggle; but
the declaration Of peace, when ii comes, will not
lessen our obligations or bring with it immediate
financial relief. The interest our debt already
amounts TO a sum greater than was required
70 meet what was termed by the republican party
the enormous" annual expenses of the govern.
ment previous TO the breaking ont Of the rebel
lion, and before the advent of another year two
hundred millions Of dollars will probably be re-
quired for the current expenses and to pay twelve
months interest on the national debt. While poll.
hcians contractors and stockholders are rejoicing
over our present seemingly prosperous condition,
the people should not lose sight Of the facts herein
stated, and every man who has proper regard for
the maintenance Of the good faith Of the country
should ask himself how far the borrowing System
can be carried without fear of collapse That
there is limit no one will pretend TO deny, and
how near to the end We have already ap-
preached should be a subject demanding
serious consideration from all true patriots
The Comptroller Of the Currency, in his address
ito the managers Of the new national banks says
I'VE must " bear constantly in mind, although the
walk fafap 4. =
porous condition, that such is not the fdctn This
sober admonition should make an impression upon
Secretary Chase, and cause him TO ponder upon
the course he is pursuing in regard to the finances
II should teach him that real prosperity can re.
suit from an inflated currency and that confidence
cannotbe re-established by increasing the vol
4nme Of irredeenable paper. The Comptroller
further says that waste and extravaganza pre-.
gaii as they never before prevailed in the United
9tates, and that the nation, whatever may be
@he external indications, Is rot prospeing" viii
*lr Chase think Of this fact alsoy Will the
people bear II mind that the Union, not
understanding tbs outward show of pros.
perty Is actually becoming poorer every day.
His cannot, Of course, be very well avoided
auTsng the continuance OF the war, because large
portions OF the industrious classes are engaged n
the work OF destruction instead Of contribu,
ing 20 our wealth by sugmenting our re-
sources. The old maxim that war tends 10
Me impoverishnsnt Of nation holds AZ good
here O. In any other part Of the globe: but there
10 no necessity Of adding 10 oursdiffcultes by
loading ns with debt which will require all our
means 10 pay the interest upon, and bequea,hine
20 the succeeding generation the necessity OF
partial reputation. Half the JOY that declara.
zion Of peace would produce, under other circurn.
Stances, would be destroyed by re currence to
the heavy liabilities that likely to be left upon
a.. Had Mr.. Chase particle OF the boldness that
marked the character Of the Old Man OF the Her.
nitage, be would have long since announced TO
Me country determination to make the present
generation bear at least an equal proportion Of the
expenses OF the war. Such o declaration, IL is
nue. might not have aided Immediately his politi-
Gal aspirations, but IL would have been hailed by
majority Of reasoning people as an act OF sound
policy. When General Jackson, with courage
worthy o. imitation, throttled the old United
States Bank, The act was at Grst very unpopular.
and brought do,-p upon the Presidents head the
ansthemss Of ttocA' jobbers and money changers:
but the people event., Nslly the business Of Tho
stand he had taken, sno properly rewarded him.
lie not TOO late for Mr. &, ase TO endeavor to emu
late Old Hickory by perfor. ming some bold and
usshing act ia relation 10 The currency, which
may prove Of benefit TO The counts and atone for
q vast deal Of blun,criuy