The New York herald., 1864-07-11
Linooln,s First Masteriy Stroke - state
ROlicy.

Linooln,s First Masteriy Stroke - state
ROlicy.
The Tribune has endeavored to explain the
causes Of the resignation Of the late Secretary
Of the Treasury, and to temper down the sharp
ness of his desertion of the Treasury Depart
ment in this perilous moment Of our national
history. 1t says Mr.. Chase did not resign on
account of dependency at our financial pros.
poets, nor on account of difference with the
President respecting appointments. In the first
place, it would be strange indeed If Mr.. Chase
had not some feelings Of despondency in regard
to our national finances, in view. Of his many
lamentable financial blunders and, in the
second place, the Tribune gives the lie to its
own assertion concerning appointments by
acknowledging that the President refused even
to have an interview with Mr.. Chase touching
his (Mr. C.'s) recommendation Of Mr.. Maunsel
B. Field as the succeeding financial minister.
The truth is Mr.. Chase never believed that
Lincoln had the nerve to accept his resigna
tion; and, according to reliable advices
from Washington, the nomination Of q new
Secretary Of the Treasury took nobody
more by surprise in the Senate than the
friends Of Mr.. Chase himself. Lincoln
outmanGuvered and outwitted Chase. By .
stroke Of State policy more courageous and re-
solute than he has exhib tied since he assumed
the Presidency, Lincoln accepted the resgna-
ton Of Chase, and his successor, very worthy
man, now holds the keys Of the national
Treasury.
Mr.. Chase's administration Of the financial
concerns OF the nation has been chapter OF
blunders, with but few rare exceptions, stem
the beginning to the end-for even bis resigna-
ton was blunder, by hb mistaking the moral
courage Of the Executive. Upon the organiza-
tion Of Lincoln's Cabinet Mr.. Chase found that
his predecessor, Mr.. Cobb, had LEFT the national
Treasury and credit in . very bad condition
Knowing be could gain but little reputation as
| . financial manager, hs at the outset cherished
the ambitious scheme Of supplanting Lincolu
and securing the Presidential succession. I'm
mediately be set at work 70 accomplish hi
designa On the plea Of treasury necessities
bs despatched his agents all over the country
particularly in the rsbelliou Statos. and will
the ponderous weight Of his onacial inaueuc'
and capital he succeeded in creating |
formidable opposition to Lincoln for renomina
tion. Under the guise OF inviting the opinion
Of moncyed men In regard TO proper fnan
cial measures, hs opened Q correspondence
with eminent persons, and secured In man.
instances their support without adopting thei
advice. He borrowed one hundred and nfty
millions from the banks, and thus made then
his friends. In Short be has been q sohemine
intriguing politician, instead Of . highminded
vigilant and skilful nnancier, ever since b
received the Treasury portfolio 1t ID well tina
the country h rid Of him ~ the controller {
its finances, and II was praiseworthy In Ol
Abe TO despiss his threats and accept his resia
nation.
The successor Of Mr.. Chase Is . gentlema
we'll fitted by talent and experience TO suppl
bis place. But Mr.. Fessendsn has many pei
plexities 70 snHopg,sr. The euhsrrsssmsa