New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-11
TEE NATIONAL FINANCES.

--lpl tbt huAf VI IA'''NN'h '"J $50"
matter how iIlusory, for the maintenance in eff
cheney of the insurgcnt armies, is too severe a
punishment even for treason. We pity also
Gov. Chase; for, though he is not compelled to
make his brick absolutely without straw, as is
his rival, yet his task is Herculean, and he has
to encounter an amount Of sinister and serpent
inc hostility that would not be permitted or ell
dured in Dixie. The Copperhead press, with
scarcely an exception, and including good many
snakes in the grass like The Commercial Adrert'ser
of our city, war upon his efforts to sustain the
public credit and meet the enormous current
obligations OF the Government, with untlung
pertinacity and implacable malignity. He who
reads The Albany Argus. Philadelphia Age, Chi
oago Times, Cincinnati inquirer, and tho kindred
journals issued throughout the loyal States and
does not know that they are animated by joy
full hope of producing hopeless collapse and
paralysis of the National credit, whereby the
War for the Union shall be arrested and q tn
umph of the Rebels secured, must read with
| little discernmcnt and less patriotism. Toexsg-
reraie the amount of the National Debt and of
the current ratio of Expenditure-to dispsrage
and belittle the National reSources-to cast
doubt on the ability or the will of the Union to
pay the debt now being incurred for the prcs-
eryatOn of its existcnce--t0 magnify the re-
verses and losses of the National armies and
belittle those of the Rebels-sucb arc the means
whereby the Copperhead journals necessarily
labor to undermine the National Credit and
arrest subscriptions to the National Loan.
! A fayorite resort of that disloyalty which pre-
fers TO war upon the Government with q pen
rather than musket is noisy and super-servicc-
able championship Of the State Banks. Gov.
Chase holds it essential to tho maintenance Of
the solvency and credit OF The Government chat
all the paper circulation Of the country shall
contribute theretO--in other words that who
ever shall be permitted 10 circulate their own
notes as money, and thus TO receive interest on
their debts, shall pay into the Treasury large
share of the profit thence accruing. He urges
that the entire currency shall, 10 lar a possible,
be secured by and rG-t upon tho credit of the
nation, so that every banker shall have direct
and palpable interest in unfolding and extend
ing that credit. This, of course, intcrieres
somewhat with the convenience and profits OF
bankers, especially those of the "red dog" and
"owl creek varieties, who, very naturally,
prefer TO bank on public credulity rather than
on public securities, and who consider six per
cent net income from their debts decidedly
better than three or four. We do not at all
blame them; we neither marvel at nor reprOach
them for the light wherein they view the sub
iect but we insist that the Government must
be upheld and the Union armies fed, equipped
and paid, even at the cost Of serious curtail-
ment of their profits. Necessity is upon us, and
there il no alternative.
Our Paper Currency is VIGOROUSLY too redund-
ant, causing an inordinate and hurtful imitation
Of prices Gov. Chase is trying hard to reduce
It's volume by moderate, yet steady with
drawal of Legal Tenders or Grecnbacks from
circulation. But be finds that, as he contracts,
certain of the State Banks expand, SO that
nothing is gained by his efforts. We fervenlly
hope that the recent and pending acts of Con-
gress affecting Banks and their taxation will
remedy this evil.
For some weeks, @ camor has been kept up
against the Secretary policy in that he has en-
deavored to float five per cent loan, when the
cavers insist that six per cent is the key to oil
the boards in the country. Without abandoning
his five per cent loan, Gov. Chase now in.
yites proposals for six per cent, having seven
teen years to run, the interest payable semi.
annually in coin. Bids are to be received until
the 18th inst, when the loan will be awarded to
the highest bidders. The rates of premium will
probably range above six and below twelve per
cent. Bids for small sums will be welcomed
and treated precisely as are those which proffer
tens Of thousands or even millions. We entreat, !
then, every loyal man or woman who has a few
thousands, hundreds, or even 800, at command,
10 make q bid for q slice Of this loan. ii is
needed to pay our soldiers now heroically fight
ing, and to furnish the ways and means for a
vigorous prosecution Of the war. Patriots SUBJ
scribe each and all Of you, if only as an assur-
ance that your faith and courage are in no
wise exhausted We want TO hear and TO
proclaim, not merely that the Loan is abundant
ly taken, but that the number Of bidders is be-
yond all previous precedent
Unionists the War visibly draws TO a close.
Wa ,ndu1,,o "a, M al ....... ., -