Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-10-05
The New Initiation.

Our readers know that we have commended
the policy of Secretary Fessenden whenever it
was possible, and have done all that We could to
smooth the way to his success as financer. We
deeply regret the course which he is nov pursu-
Ing, and we should be derellct in our duty il We
did not utter note of warning. 1t will be re
menbered that there much unnecessary de
lay attending the announcement OF the last loan
Instead OF outing IL OFT that the money
could be used and returned TO the people in time
to meet the demand for the movement OF W estern
produce the Secretary postponed the call from
week, until all sensible men felt that many pre-
cous days of financial sunshine had been wasted.
By permitting the takers OF the loan to pay in
their hive per cent. coupon notes at par and IN
terest. a severe money pressure was avoided and
the call, late as il came, great success.
Conservative men every where felt that the move
ment in tie right direction, and the country
was congratulated upon the acquisition TO the
Treasury Department OF chief who had the
to resist the pressure of spectators for the
sake of higher good 10 the whole people.
Every one felt that the grasp of high prices
was broken. Those who had bought merchan
disc in June and July began TO sell ii out; this
checked the advance and created a pause among
buyers That pause was followed by universal
decline, which thrilled the entire country from
Maine to Memphis The moment such a gen
eral depression set in the sellers became anx-
ious, while the buyers were provokingly indiffer
ent. Every purchase which could be delayed
was postponed to await lower prices, thus accel-
Grating the downward current. This is human
nature under all circumstances. A millionaire,
who will not deny himself sixpence worth of
luxury if he had to pay a dollar for il while the
market is rising, will refuse 10 purchase il even
at a sixpence ii he thought the price declin
Ing to fourpence. Ii is the sense of sharpness
peculiar to Americans, which makes this feature
of the market more conspicuous in this country
than anywhere else in the world.
This has been the condition of things for the
last two weeks Prices end nominal yaIuss were
running down, not falling with "A grand crash,
but rolling now as over an inclined plane. and
again a. down a succession of easy steps. OF
course there would be many to mourn over such
a decline. The first sensation 20 all who had
anything to sell as well as something to buy,
must have been unpleasant. Few can so isolate
themselves as not TO bear portion OF the loss
thus entaied, and the shrinking OF values, we
have often predicted during the last two years,
must bring with ii pang to many hearts.
And there have been very urgent efforts to
rest this decline. Private enterprise, backed by
liberal means, did its utmost to stay the ebbng
tide. But it would not be forced or charmed
and, in spite of brief aud temporary reactions,
the current still receded At last the Govern
ment solicited to interpose What argu
ments we're used or motives urged, we shall not
pause 10 inquire. although we have heard of ap-
peals that would not bear the test of en-
lightened PATRIOTISM and had no connection with
the public veal
Have these appeals been successfulI Where
is the loan to supply the government need. the
terms of which had been already discussed, and
partially If not wholly, arraDgedf Has il been
postponedI is ii because certain National Banks
are likely to lose upon loans on stocks, upon
paper advanced for produce, that no further call
is now made? Is the Secretary taking the ad
vice OF the greedy Speculation" in gold and
produce, who have been so Indignantly denounced
heretofore, in partisan journals, and is he issuing
a large imitation of the currency in compound
interest notes, of FIVE hundred and one thousand
dollars each, printed as rapidly as the presses
will produce them for the purpose of arresting
the decline!
If these questions are answered in the affirma-
tive. there Is another which after ALL is not so
easy of solution Will this effort TO keep up the
price Of gold, and to manipulate the money mar
ket for the bench. Of spectators. prove success
fully he Treasury - now devotng ala Its spare
means TO pay off the army, and acquisitions are
piling up rapidly on the official tables The
pressure must be all the heavier the longer it is
postponed, and no doctoring of the market will
now avail The people have had moments
glimpse o; the course prices are likely TO take
when the process Of initiation ceases, and no tenn
porary expansion is likely to blind them to the
certain result. We regret, for the sake of the
country. the lapse into the old rat from which
Mr.. Fessenden had such deiiverance. We fear
that 1t viii lnjure the national credit, aud in
crease the difficulties in the way of supplying the
Treasury, without doing any permanent good TO
the poor specializing sufferers for whom these
sacrifices are intended.-[N. Y. Journal Of Com
merce