Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1864-07-16
SATURDAY MORNING, JULY 16, 1864.
The Retirement of Secretary Chase.
OcTenneSSee.

We are not of those who have regarded
Secretary Chase as an indispensable necessity
to the Government, and We were, therefore,
not particularly shocked at the announcement
of his having retired from the Treasury De-
partment. While W. have been disposed to
concede to Mr.. Chase financial skill in fur
nishing to the Government a currency to meet
the sudden III demand upon the Treas.
ary, we have believed that he was most la.
mentally deficient in administrative ability.
Whatever credit may justly attach to his
Treasury note system as a temporary measure
Of finance, results have proven that he has
committed an error in relying upon it :o' ex-
clusively to meet the enormous expenses OF
the war. 1t appears to have been no part Of
his system to make foreign loans available,
even to on extent sufficient to meet the de-
mand fer specie to pay the annual balance of
deficit against the Government, and which it
was reasonable to suppose would reach one
hundred millions per annum. If a loan had
been effected. ono year ago, for one hundred
and fifty or two hundred millions, in coin, it
is not at al probable that legal tender would
have deprecated much below 80 cents, and
this could have been done then on reasonable
terms. Mr.. Chase declined 10 effect loans Of
cash, and steadily pursued the policy of de-
pending upon the issue Of Treasury notes to
meet the extraordinary expenses of the Gov
eminent, keeping down the excess Of circula.
ton by the sale Of bonds. This policy has
had the effect that was predicted by many, of
depreciatiug the value Of the currency, by
furnishing an opportunity to capitalists to in
crease their profits in the purchase of bonds.
When Congress met in December last. and
it became known that the policy of funding
Legal tender would b. continued, those notes
commenced to depreciats and have steadily
gone down until they are now worth but As
cents on the dollar. How much lower they
would have gone had Mr.. Chase remained at
the head Of the Department, can only. be con-
jectured. The change can do no possible
harm. and we anticipate from it much benefit,
as it must bring about a radical change Of
policy.
The daily expenses Of the Government, on
the present paper system, is about two mil
lions. To revert to the specie system, would
reduce the daily expenditures fully one.third.
say to five hundred millions per annum. If
tho revenue should be collected in coin, not
moro than ono hundred and fifty millions
would have to b. provided for by loans. The
legal tender notes could be converted into in
terest.bearing bonds, and their places supplied
by checks drawn upon the Treasury, redeem
able in specie ON presentation. 1t would be
safe to issue three hundred and fifty million
dollars in these checks during the year, as
they might be required for disbursement,
upon the yearly revenue. The balance that
might b. required, could BE- drawn upon the
proceeds Of loans.
We believe the people upon this coast
would chssrfully pay their dues to the Gov
eminent in specie. provided the Government
would pay out like currency, and we see no
reason Why The people everywhere would not
Gladly submit to the change. 1t may result
sftsr all that the adherence to . specie basis
upon this coast may prove q saving to the
Government Of hundreds Of millions which
would otherwise have BEN squandered in At
tenpts to carry on the Government with q
steadily depreciatins paper currency.
We anticipate from the new administration
Of the Treasury Department the correction Of
many abuses which have furnished just cause
for complaint against Mr.. Chase. 1t il here
after to be expected that the Territorial Print
an. and other creditora Of tie Gov, yp:pent,