The New York herald., 1864-07-14

AO4s0AAAI VOAA S'
TAs Critical CenditSsa es the hasaeAsa
Finances.
II is blgh time that the people Nnouio 'u''y
appreciate the great faot that We have ars.s you
that critical period In the history Of the ~
when the question Of our national finances be-
cones one Of grave importance, second only
to the result OF the conflict ITSELF We stand
to-day In danger of crisis which more than three
years Of financial mismanagement at Washing
ton has induo oed, and which only wise prudence
aud Q discreet divergence from the ruinous
policy OF Mr.. Chase can entirely avert.
The present financial condition Of tho coun-
try is the strongest argument It would be pos
sible to adduce against his fitness for the posi-
ton from which he lately retired, leaving the
people to reap the bitter fruits Of his inoom-
petency. He assumed control Of the Trea-
sury In March, 1861, when tho national
debt was less than seventy millions,
and whom the country was in the high tide sf
prosperity, and he abandoned Office whom that
debt had increased to nearly eighteen hundred
millions, and gold was selling 1t premium Of
one hundred and seventy per cent over the
national currency. Mr.. Chase was an egregious
failure. There was no reason whatever why
this country, with ih boundless resources,
should ever have drifted into such . position,
aud especially after little more than three
years Of war. II Great Britain could carry on
her long and costly Napoleonic wars. involving
the suspension Of specie payments for quar-
tor Of century-namely, from 1877 to 1921
with an average depreciation Of her paper
money Of only twenty-five per cent during
which long period the highest rate ever reached
was forty-one per ceat, and that lasting but for
q short time, sarely the United States Of
America ought not to have allowed Its
currency to dspreciate 20 much more
In 50 short . time. There was no me-
cessity for 1t, and anything like good
statesmanship weuld have maintained the
finances Of the country on the sound basis Of
taxation, supplemented by loans.
Although during the suspension Of specie
payments In Great Britain for tho period re-
ferred to tho Bank Of England tripled its cir
culasion, and the number Of provincial banks
increased by hundreds, 20 well were the fnan-
cial affairs Of the kingdom administered that an
entire resumption Of specie payments took
place within six years after tho declaration Of
peace. and this was followed by period Of
commercial prosperity unexampled In the
history Of the country. But during all tk time
of the suspension the English government acted
In perfect accord with the banking and COM
mercial interests Of the nation, and this unity
secured that strength which proved itself Irwin
chile.
It Is this unity which Mr.. Fessenden b now
called upon TO secure. He must bring har-
mony out Of chaos, and no longer allow . con-
fict Of interest to exist between any section Of
the wealth Of the country and the national
government He must fuse everything that
can contribute to its support into homogeus-
ous whole, and there must be long pull and
pull all together till such time a. the ship Of
State is clear Of the breakers OF rebellion. II
he does not do this, and reconcile the antagon-
isms fostsred by his predecessor between the
State and national banks, and the State banks
and the administration, by sbollshiug obnoxious
regulations and giving equal privileges to each,
will compel . reduction of the present enorr
nous premium ON gold, hs also will DO q
failure.
We admit that Re has difficult task--a very
difficult one-to perform; but he has assumed
the responsibilities Of an important Office at a
critical juncture, and he must meet them boldly
and with that singleness sfpurpose which has for
its aim the national good alone. The people
sit in judgment over his acts, and vast interests
are dependent upon them. It is seldom, indeed,
in the history Of any country, that such splen-
did opportunity for the display Of financial
ability presents itself as is now open to the new
Secretary Of the Treasury, just Is 1t would be
hard to Hnd period when financial blundering
would be more disastrous; and we therefore
trust that he will make the best of that oppor-
tunity, and prove himself equal to the great
Importance Of the occasion.
I<eevernoR Seymour and General DIX On
the War Platform.
y It is amusing to see the shiftings, turnings
aud double shuf1es Of our public men-one