The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-09
FINANCIAL AND COMMERCIAL.

FRIDAY, July s-6rM
Tue new Secretary or the Treasury has assumed con
trol Of the hnsnces u TINS country alter years C
nAmanagemeut durins which he national debt In
creased from little more than ninety millions on tie
asst OF July 1851 20 wuhu Of eighteen hundred
millions on the llth Of the year. and
time when the paper dollar Is worth but from thirty
eve to forty cents Id ding TO the daily nactua
Mons Ia The rate Of premium.
The position, We need no cav, is very dfacut and
erduous one, calling for orduary financial ability and
long sighted prudence be saved from those
gigantic evils which threaten the future, and which
continuance OF the policy Of the exSecretary would
have rendered oevitable
When Mr., Chase took The rsus Of Office, the 5h or
March, 1851, the mutteinss Of the impending storm
were only family beard he was accordingly at
}, erty to shape bis course In his Judgment seemed
best lie had then splendid opportunity Of displaying
MS ntness TOT the trust reposed In him and OF winning
zoe aomira'on Of The peope, bot he proved himself
sQua 70 tue occasion, aud pursued policy which has
baae shipwrecS OF bis orp reputation at the time
thai u threatened smi fate the finances Of the
nation The hunderiug begun by the measures passed
0y Congress in 1851 has persevered in throughout
aud for all this kr Chase ,s reasonably responsible
he enjoyed unlimited control OF the public finances,
and whatever acts he called for Congress passed. appa
seny without question; and hon he took the sponsi
hlty OF exceeding the authority granted him he was
indemrined by the approving OF both
when they next met. Never the comptroller Of
shs finances OF a great nation in time or war more
favored But the greater the latitude allowed the OK
heoreary the worse the country the last notable
sc Of bis oficta careeru mey the framing Of the Geld
On, siuce reneaIed~as keeping with tho esme ruin
Gus policy which he followed out from the beginning aud
winch has flooded the country with hundred and
twenty-five millions legal tender notes. addition to
nearly thirty-niHe millions OF Withdrawn Ave per cent
two years coupon notes, which beng replaced BY
compound interest Elk per cents.
lroessing IN his report december TO discornte-
s1ce further ISSUES OF money and rely upon loans
DO nevertheless Immediately afterwards issued hun
0red And fifty millions OF legal tenders and followed this
Gp by tenforty Tvs cent lean, which euabei his
sockobhng friends work OIL share Of tho pro.
Siousy issued hvetweny per loan profit OF
tsn per cent 70 themselves. Then IL was that imitation
began In earnest people longer condepce
IN hnauoier whoss promises like bread made only
20 be broken, and who all Appearances was apecuat
aeg upon the ruin Of tho country and playing the
ksocs of a clique in Wall street
Had Mr.. Chase aud Congress reSortcd more to
taxation to meet tie pubic expenditure, instead or
pursuing the suicda policy which has carried gold to
AIS present nigh prem!un and Threatens 70 far
higher there would have such disprcporton of
value between paper and coin order
GO show that long ADD costly may bs conducted
under suspension o. specie payments, 10 country
anterior resources to own without causing any
depreciation of tie currency has undergone,
zaere!y by proper financial and the suostu-
sson OF loans and well organized system OF fer
paper Issues We append statement VI the relative value
81 gold and Bank OF England In Great from
ssoo TO lsle the Bank England having su spe
cas paymsns in 1897 and resumed them III Is2l-