Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1864-04-21
MIR. Chnse's Observation-Disclosures
frnry success Indispensable.


We alluded in recent article to the let
Ter from Secretary CHASE, read by JOHN
SHERMAN, of Ohio, in the United States
Senate, on Friday, the 18th instant, at the
opening of the discussion on the bill to pre-
vent speculation in gold. We now recur to
the subject, partly for the purpose. Of cor
recting some numerical errors that crept
into our former article. and partly for the
purpose Of making some additional re-
marks. Mr.. CHAsE's letter closes with the
following sentence:
Nothing short of taxation to one-half the
amount of the current expenditures. and
reduction of the expenditures to the lowest
point compatible with efficiency, will in
sure financial success to the Government,
and without military successes all measures
will fail.
Hon. Z. Z. SPAULDING, Of Buffalo, New
York, representative in the last and the
previous Congress, whose financial ability
is asserted by members of his own (the Ad-
ministration) party. to be fully equal, if not
superior to that of Mr.. CHASE, in letter
recently published, estimates the current
expenditures of the present financial year
at One Thousand Millions of Dollars, all of
which must be raised by loans or taxation.
Mr.. CHASE says that nothing short of taxa
ton to one-half the current expenditures
win save the Government from financial
disaster. The people, then, must be taxed,
according to this showing, to the full ex-
tent Of Five Hundred Millions, or Half a
Billion Of Dollars, to enable the Govern
ment by the aid of all the loans it can
raise, to get through the present fiscal year,
with the prospect of an enormous increase
Of expenditures and proportionate in
crease Of taxation in future.
But the closing words of Mr.. CHAsE's let
ter are deeply significant. He informs the
country, through Senator SHERMAN, that
without military success, national bank.
ruptcy is certain. This Mr.. CHASE certain
ly knew as well three years ago as he does
now. AS contemporary remarks, for speak.
ing substantially as Mr.. CHASE has done
General cCLELLAN was hunted from tn,
army. The General, in his famous lette
from Harrison's Landing, Va, advised th,
President to rely upon military success owe
rebels In arms, instead of measures of par
tisan and fanatical legislation. From tn
moment he wrote that letter, the hounds o
Abolitionism were upon his track, and the,
did not cease the chase, till they had driver
him from the field, and not even then. TIL
leaders of the Administration party, VIII
had LINCOLN in their keeping, did not wan
military success, then, for fear it might re
suit in the restoration of the Union, an
their hopes Of making political capital ou
Of negro emancipation, and of enrichin
themselves by expressing the North an
plundering the South, be forever BLASTED
For these ends, they have prolonged the wa
until after three years of blood and slaugf
ter, and piling up agigantic and oppressiy
National Debt, the Secretary of the Trea!
ury comes forward and tells the people thi
the nation ison the very verge of bankrup
cy, and without that military success whic
might have been achieved two years az
but for the mischievous course Of himse
and his brother Radicals, all his financi
schemes win utterly fail, and bankrupt
Of the Government and poverty of the pe
pie be our certain doom.