The New York herald., 1864-07-12

1N II ~ Oleh AACAeAlIl, 4
so-called change Of ministry has little more iu-
terest for the world at large than an ordinary
municipal squabble. Yes it is worthy OF no.
tice that change, however slight, is from less
liberal TO more liberal. The new Premier is
Mr. Brown, a man of decided talent, the editor
of the Toronto Globe
MIR. ressenden and the Financial Sttua-
tion.
The new Secretary Of the Treasury has
entered upon the duties of bis Office at very
critical period 10 our history. and when the
subject of our national finances Is one of impos-
ing Importance, second only TO the war ITSELF
He has plunged at once into slough which his
predecessor employed moro than three years
in preparing for him, with the advantage, how
ever, of past experience to guide him safely
through it He can profit by the crrors which
marked the policy of Mr. Chase throughout his
whole financial career, and, although be finds
the country at present saddled with more than
eighteen hundred millions OF debt, which is
increasing at the rate of about six hundred
millions year, and hampered by the legisla-
ton applicable to Mr.. Chase's policy, he can
still do much towards arresting the depre-
citation Of the currency, strengthening The con-
fdence of the people and placing the finances
of the country on sounder basis
With this view he ought Immediately to es-
tablish as perfect On accord as possible be-
tween the State and national banks, by giving
equal facilities to each. He ought then to con-
stitute the banks his agents in the negotiation
Of popular loans, according to the practice Of
European governments, by disposing of United
States bonds to them, in large amounts. at the
highest price he can get, leaving them to dis
pose Of the same to the people at limited ad-
vance thereon, and allowing the banks to re-
tain the funds to the credit Of the Treasury till
drawn against as required in payment of public
creditors. By this means the government would
be enabled to dispose Of its bonds with much
more facility than hitherto, and without de-
ranging the money market 1t is a matter Of
vital importance that the banks and the
government should work together in perfect
harmony, and We therefore trust that the
blundsrs committed by Mr.. Chase in keeping
up an antagonism between the State and ma
tional banks will be renedied by Mr.. Fessen-
den.
Had Mr.. Chase acted upon those established
principles Of finance the soqndness of which
has been confirmed by the long experience
of the world, the paper dollar would
not have been reduced to its present
value of thirty-fve cents, more or less, nor
would the depreciation in all probability
have been half what it is. But, instead OF
doing so, and organizing q system of
taxation calculated to yield . revenue equal to
one-half Of the current expenditure. and
relying upon the sale Of bonds to meet the
other half, he abandoned his original design,
and took the advice Of interested individuals,
anxious to guide and learn his future policy, so
that they might speculate and make money by
the result. He was, moreover, blinded and mis-
led by his ambition, which led him to hope for
the Presidency, and he was, therefore, eager to
secure temporary popularity, at whatever
ultimate sacrifice to the nation. Taxation
would have saved the country from the en-
barrassments which have since overtaken it;
but perhaps, as he thought, it would have
ruined his prospects as q Presidential candi-
date and 80 be adopted and persevered in
course which would before long have con-
verted greenbacks into little better than waste
paper, and which had not even the merit Of
answering his expectations with regard to the
Presidency.
Had England not resorted to taxation and
preserved her commerce as she did during her
long wars with Napoleon, she could never have
come victorious out Of the struggle; but by
the well devised plan she pursued she main
tanned her prosperity and integrity throughout
Bank Of England notes were at no time depre-
ciated beyond forty-one per cent, and four
years after the declaration of peace specie pay
ments we're resumed.
We merely quote this as an illustration ap-
plicable to our own case, and We sin.
cerely trust that Congress, on next meet
ing, will take the subject Of taxation
seriously into consideration, and agree
to tariff and tax bill which will yield
one-half our current expenses, enormous
though they are Meanwhile Nj. Fessenden
will do we'll to develop the resources Of the
banks to, meet the wants Of the Treasury in the
manner already suggested, and SO avoid the
further issue Of legal tender nstes and the con-
sequent imitation as much as possible.
MAYOR GuNrHER on ''THE EMERGENCY. in
another column our readers will find a pro-
test addressed by the Mayor to General Sand
ford against sending any portion Of our organ
lied militia away from the city at the present
time. Mr. Gunther thinks that it is "emphati-
cally the synonym of patriotism to keep these
regiments here at the present time, on account
Of the depreciation of the currency, which
might tempt the lawless and evil disposed to
avail themselves of what would seem to them
favorable opportunity for arson aud plum
der" That is the way men write when they