Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-07-21
A.. r,cr that the Yankee and Confederate secreta

Trr FACT that the Yankee and Confederate Secreta-
- of the Treasury have both resigned and this at the
same time nearly the same time, constitutes coin
cdence that naturally attracts good deal of attention.
and we need not be surprised if we find the public
drawing parallels and nstituting comparisons between
the two men. Both have measurably failed, at least
neither has been able to sustain the credit Of the paper
issues of the government which he represents and in
this respect it must be acknowledged that Mr.. MEN
MNeERs failure has been greater that Mr.. CHAsEs
since Confederate money sooner reached point of
treme depression than, Federal money, and sunk
lower than the latter has yet reached although it is
now impossible to say how low point of depression
greenbacks may reach or how they may arrive OF
this point.
It is har y Just hold either Mr.. CHASE or Mr. MEM
M1NeER responsible for the failure of their respective
currencies and the injustice is the greater towards Mr..
MEMMIkGER whose financial schemes never adopt.
ed by Congress- while, on the contrary, every re-
commentator made by Mr. CHASE was promptly re-
sponded to by the Yankee Congress. Whether MI.
MEnN1NGER's schemes would have met with any better
than has attended those put forward by Con-
gress, we cannot pretend to say. We know that
they never had a chance to show what
value they might possess. They at least have
not failed, for they have not been tried. Mr.. MEN
A1NGER simply the machine" of paper credit he
did not make it, Congress started it without basis
without making any provision for its redemption
without imposing adequate tax to meet at least the
interest the debt created The result could never
have been doubtful. We do not think Mr.. MEMM1NGER
great nancier but really it would be difficult to
what different things he could have DONE He had very
little latitude-very little freedom of action. His d.
ties were simply administrative.
On the contrary Mr.. CHASE had all the powers that
he chose to ask for and it must be admitted that be
engineered the Yankee finances, if not ably at least
adrotly. Ill schemes of finance based upon the issue
of inconVertibe paper must or later to
stop. That for long, ard in the face of such
nous expenditures, Mr. CHASE contrived to keep the
price of gold within reasonable limits matter for
which he must receive the credit at least of tact if not
of ability. The failure On his side is due to mscal-
culation of the duration of the war. He probably
could have kept greenbaeks up toleraby we'll, and in
fact did keep them up for two years and It may
fairly be couectured that that was the extreme limit
that he assigned for the duration of the war In thus
limiting the trouble he made mistake, all know
The war has entered its fourth year. Mr.. CHAsE's
calculations out and he himself has resigned
1t would be rather mistake to attribute the late rise
gold to Mr.. CHAsEs resignation. OF course that event
might produce some slight effect for day two, but
that would soon pass away. Mr. CHAsEs resignation
did not cause the rise in gold but the inevitable rise in
gold caused Mr.. CHASE to resign Tie thing had got
beyond his control 1t is beyond 1.-The control Of
of Mr. FEssENDEN or of any other person who may be
called upon TO succeed the former Yankee Secretary of
the Treasury.
The experience OF the world is the same in oil
ages. There are certain laws of trade, finance
and currency which cannot be set a. defiance with
impunity, but which, although controlled or divert
ed for time, will surely assert their power even
tuaIy. The first revolutionary currency in Amer
ca the assgnas in France the greenbacks and blue
backs of the present day. oil 60 to prove this The his
tory is uniform one, and neither Mr. MEMM1NNER DOT
Mr. CHASE could arrest its progress although the in
eyitable coDsummation might be slightly delayed a. it
has been in the United States and slightly accelerated
as it has been in the Confederacy.
Why MIR. MEMAINGER's successor is not appointed
we are unable to cay. -