Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-08-12
TIE RESIGNATION OF MR.. CHASE.
/ From the london Times, July 20. |

From the London Tunes, July ~.
Ii Themistoces was proficient in the art of makir &
I'm Ill city INTO large one, Mr.. Chase is, at lef st.
equally entitled to claim the credit of msking great
ate into liGtle Yet let not be unjust, even
10 this mghty master in the art OF ruin. ORndor must
admit that the problem set before him admitted of but
one soIuton-a solution more orless complete, accord
to the genius of The philosopher TO whom it Wss sub
mitted. That problem may fairly be said to Given
alton determined on war, thrsiing or revenge, in
saiable Of empire steadily resolved TO conquer, but
eauslly resolved TO conquer without any immeote per-
sOuai or pecuDiary sacrifice, - extract from it m n
materials, and money. IA regards men, tins resources
Of voluntary enlistment we're very soon EXHAUSTED, con-
scrip lou did not yield what required, ard the OILY
Tesource LETT was bDe into Inc ranks thOse VITO coud
neithsr be forced nor persuaded Thus en- imsnt very
early became qlesaon Of pay ald bounty, and the
eupply Of men speedily resolved itself into the deeper
AID more difficult problem of the supply of money
The maxim which lies a. the bottom Of the system
to bansh from your mind all idea OF paying the princ
pal and, in order 10 make the required sum which is
to be paid large al possible to b. particularly
care u with regard 10 the payment OF the interest H.
teres ding TO the school Of which Ar. Chase az
b. Considered ou der, is not sun paid for the
orbeaTsncc Of money-it is rather oais by meens OF
which fresh morey may DO obtsned As long, there
fore, as money DO got, the interest mu be
paid with tn utmost paic uaity the cum borrowed
may have tunk by the preeiato OF the currency to
two birds It's metallic value, but the interest must
be paid in goS, although by chat mesns the chsTge
Il much more tban double. Having thus doIe
everything in lis oDwtr TO Drive gold out of tie
couatry Mr. Obase's system required him TO do eve.y
thing in his power 10 keen IL back aud hence number
Of ope ions which consisted 10 selling at loss whether
gold showed an inconvene2t tendency TO RISE and 6x
peing it lrcm the country by prohibiting thcse who
dealt in 1t frln selling it Ike any other commodity in
open ma kss, with the iatsn ion, 4hen no money
was to be borrowed, OF pddatirg first the interest,
I'd after decent tIvAi Of Suspense, the principal If
any one dcu5,s the truth OF this pouse let hm ask
himIel by what means he supposss that the present
currency of America is be- restored to tie standard
before the war or he suppose thas any in
hs co, ssl who ever meant to pay would be borroPng
money OF rate OF interest mere than double OF tina.
Wh oh il nomnaly bears.
Let ue, however, be Just to Mr.. Chase. Re had Lot
mauy weapons In his armory; he hod promises which
no could bst ak he bad o currency which he could de-
base and be had some gold whico not wasted in q
expend ure of Government might do good service in
aulog fresh subsciDsrs his open loans he has
used them all to the utmost Ac;uir money he would
also have used if he could hive got 1t. Bat it
would be unjust to deny that he has done
all that could be done with two great cub
iut,d powers bOundless cause of credit and the
investing WOrlhltsj paper with the privilege OF
legal tender He has not saved his country, but he
has given her, in exchange for inevitable rn very
fair OPT tunty of dragging down the rebelloVs south
into the same destruction with herself Toe wlsest
thing he has ole is 10 watch the gradual imitation OF
the bubble and to leave the Sgreeass task Of assisting
at lis bursting to Mr. William PIT F3ssenden gente'
man eaid to be f:m believer in He. Ohases system
Such faith, 1T such moment merits that crown Of
martyrfo which It ia sssuredIy destined to. Nothing
in Mr.. On3sss administration hes been &C wise as his
leaving It, and it will he very difficult for Mr. Fessen"
den to do anything mere fool sh while he Is in oiice
than be has already done by acceptnRit