The New York herald., 1864-08-05
-. ..-tA = 'r = = u = Z
5 FINANCIAL AND COMMERCIAL,

nati.a orsdit = entitled 10 be cons dersd Q6e o9 tue
wsussss Of tho day and the spaihy Of en who aspire
70 rank Is, 90 Tins subject, great
70 be simply deporabe Neither patriots In nor pafiois
Office done thing which hasimpresssd itself
on our legislation the commencement Of this
which is elevated above level pedenoy,
aud The ship OF State been pioted byguorancc aud
corruption into sbe dark gulf whose shores marked
with ruin 4. therefore high time that the country
should itself correct appreciation o. the dan
gers the siuSton and adopt the means best calculated
10 ward or the threatened catastrophe which, utcss We
change our course wl assurediy, sooner LATER
ossriakc There are probably men III this country
who capable Of successfully managing the national
finances, taking them just they stand bat Ne have
had no sviaeuos yet that those be found
in the Cabinet 10 Congress-. Isl iadced, obvious
TO All The world that Institutions do not secure
for us the bes. men In the higher walks Of
government, and thus the country tnAt in many respects
tns greatest and graudest earth, surrenders the
control OF It's destines TO Intellectual pigmcs, the
best 10 men Of commonplace ability. Meaiocrty 10 in
the ascendant, and medoority Is merely Canning with
out grasp or foresight We want the best iueiects Of
our age and country in high places to-day.
The pahry Confederation OF mpornry popularity s
much for the members Of this administration resist
even If they had the ability CONCEIVE exesute any
bold and sklful policy which would os likely
to endanser H. and while we have such in power
how can we feel surprise that six per cent gold
bearing bonds should have recently been worth only
frty three in the Lendon market, while the rebel
COTTON loan was selling In the place for seventy
sIyf How, with financial policy which coosuits only
the prefent, and present wants, making cal.
calatons for the future, look forward
to that certain solvency which II Is within the
power Of this country preserve immense
US are its expenditures now, and they likely
Tor Q long time In prospec, The makeshft and hap.
hazard contrivances Of VI. Chass, Il pseverei long
enough, will over~helm this cCul,ry with disaster,
the insidious approach which few will Till the del
uge is upon thsm
With every respect personally the present head Of
the Treasury Department. must nevertheless say that
be has thus far developed financial ability whatever
and tina, under his auspices have no reason
10 look for anything but aggravaiion OF
the evils which had their inception in the
policy Of Mr.. Chase He has been able to do
nothing better than appeal TO the patriotism the people
TO take the new currency loan iu tho face Of
national securities which can be purchased far
advantageous serms This reliance upon sympathy and
this attempt to develop sentiment. instead of real
resources shows weakness of capacity action on the
Secrearys part and is unworthy Of the dignity OF the
United states. That IL shoud have commended by
administration organs only shows how far pride
has been made suffer by the acts or the
men in power But will not do for this country bow
10 the weakness Of the hour IL becomes il as great
nat TO assert It's strength and triumph over the din
caes which have been thrust upon It, It's urces
are sufficiently vast and permanent to enable
tain its finances sound basis throughout this war;
wbsieyo the cost may DO, while tho promsc. far
more than the present, and this promise amounts TO
certainty, and it only requires good craftsmanship to
maintain our solvencv Rnd prosperity long as our
country and population remain what they are.
ha mt ,c
paying Tor money lent on Its bonds is simy us,
and will continue be while it has more than six
hundred aud thirty millions OF currency aaost,
Ing with that of :ne banks 10 more than eight hundred
aud thirty millions ia all This must keep up iuaa
ton Of prices IN proportion 10 its deprecist,n and
so long as IL remains upon wealth OF the
country, the government will only receive forty
or less and less as time advanceson the dollar its
bonds white 1t pays abou. fifteen per cent interest
The full amount To the nation from bank
ruptcy there mist be contraction in the fuiare.
bat OF this SO TAR as this administration IL con
crned have little hope but IL win be the serious duty
OF Congress next meeting TO weigh well the question
Of our finances. and ccsdar the prcprety OF compelling
The conversion OF the currency within fixed time into
twenty year coupon bonds bearing three five per
cent interest in gold secured by special specie
property The coupons being receivable for lis payment
as the equivalent OF gold. Congress passed such law
teEe "ouu DC, OF COURSE great oucry from SPECTATORS
and great downfall OF prices tha, OF the premium
gold lhcm but by reiraning from further curren
cy issues and relying entirely taxation and loaos in
ID, future, the financial welfare Of the United States
would be secured and the danger OF shasng
tho late OF assignats would be happily ayerted
The condition OF the banks Of the three principal com
nercai cities Of the Union s exhibited in the following
table, which gives the aggregates OF their last weekly
statements
fsals Spef< Cigrs'aHIa, Dep,sifs
York July 80 Slss3 f61 205l 500 sh53 426 lsc 3
Phs.. Aue L. a9.7nss0 3g6i 35S .4g 22B s6.52a i6S
Boston, Aug. L. b G0392 3129490 S321oii az s6lI75
Total. .&2ss76ea2 317ss74 10 l296.S 2i73Geos
Last week 2gos5Gs5 30729lT l66Sa,GH 2l9l5la3
Desrrahe 10 oaue T5,e59sst
pecreaAe lL creus'ion hsJ sS4
The cash balance ~ the hands Of the Assistant
surer 10 Boston, at e close business, July go was
ss,95oo2 decrease Of s59ie42 compared with tho
close OF the previous week.
The Bcaon imports for the week end ng July % were
fQ4s 55 against sgl AS5 for the vypck IN