The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-07-16

TAs Great Crisis or the Cosatry-Mr.
Fessead IN Wall street.
Mr.. Fessenden, the new Secretary Of the
Treasury, has been for several days negotiating
with our city banks for IN immediate loan Of
fifty millions OF dollars to meet the urgent
arrangement however, has yet been agreed
upon, and some days may yet elapse before
Mr. Fessenden can report . rescue from his
embarrassments.
The plan OF relief suggested by our local
banks embraces the proposition that they be
made the repositories Of this loan instead Of
those experimental and conflicting institutions
known as national banks. Upon this point
the shoe pinches. But II Mr.. Fessenden cannot
be persuaded that the interests Of the Treasury
can be best subserved by some reasonable con-
cessions to our local banks, we spprehend that
his mission will prove failure. It cannot be
expected that our State banks, representing
the substantial wealth Of the country, will
agree to accommodate the Treasury with fifty
millions to-day and fifty millions tomorrow if
these advances are to be used to the prejudice
Of said banks in building up those rival insti-
tatisns, the national banks. which are supposed
to be aiming At the complete absorption Of the
banking business Of the country. In word,
our local banks are ready to assist the Trea-
sury; but they are not prepared to assist in
their own destruction.
We hope, therefore. that the justice Of the
propositions made to Mr.. Fessenden from our
city banks will be recognized without fur.
however, we have but one Of several diff
culties that he must meet and overcome In
order to secure the needful ways and means for
q war expenditure OF thousand millions q
year. The legacy left him by his predecessor
is, indeed, a thankless burden. The political
ambition Of Mr.. Chase has brought the Treasury
to the verge of the dark abyss Of bankruptcy
His promises in the outset, that the rebellion
would be speedily suppressed were SO fully
believed that he had only to ask for one hun
dred and fifty millions from the New York
banks in order to obtain the money. But in
stead Of laboring faithfully to redeem his
promises, he labored to protract the war; to
rule the administration and the army; to secure
more loans Of money; to initiate the currency,
and to cheat the country with show Of fnan-
cial prosperity, upon which he might ride over
all competitors into the Presidency. His reck-
less ambition has been his own ruin, and from
the burdens Of his follies and blunders Mr..
Fessenden can be relieved only by compre.
hensive system of reforms
As the malign influences of Mr.. Chase extended
to the army. the navy, and to every leading
man and measure, in every department
connected with the general policy Of the
dissatisfaction, and the question OF the
succession. so yfar must the nesdful remedies
b. applied. Mr.. Chase was the implacable
Marplot Of the Cabinet to whose selfish in
trigues more than to all other causes we may
attribute the breaking up of the we'll considered
military plans and combinations Of General
Mcclellan, and, finally, his retirement from
active service. The blunders of the War Office,
under Secretary Stanton. and the drowsy In
competency Of Gideon welles, served the politi-
cal purposes Of Mr.. Chase in protracting the
war, and In thus making the head Of tho Trea-
ury, as he supposed, absolute master Of the
Cabinet and the succession, in being master
over the State banks, tho capitalists of tho
country and the whole financial situation. Mr.
Fessenden, then, must be relieved of tho whole
budget Of Chases blunders before he can ex-
pect to reach tie solution of his financial
difficulties.
Our banks and money lenders want to know
when this war is to end. They want some
visible evidences that II will be shortly finished
They must be convinced that there will be no
more rebel invasions Of Maryland, and no
withdrawal of Grants army from the James
river, except through Ricbmend Mr. Fessen-
den, in support Of his financial acquisitions
upon our banks and capitalists. must give them
these collateral securities. Mr. Lincoln, for
Mr.. Fessenden, can do it. Let him announce
to the country that new military department
to be called the Department Of Washington,
has been created; that General Mcclellan has
been appointed TO command IL; that one hun
dred thousand three months volunteers will be
accepted to serve under him, and Mr.. Fcssen-
den will at once begin to see daylight. Let
the President next remodel his Cabinet, and
make II q unit Of harmonious, able and ex-
perienced men, each In the business assigned
him, and the Secretary Of the Treasury, like
Atlas, will be strong enough to bear the world
upon his shoulders.
Give the banks and the country these a.
surances that the war will be speedily ended,
and tho Treasury and the administration will
at once be saved.
The QUARREL m THE UNION LEAGUE CAM
We publish elsewhere au expose Of the pro-
ceedinss Of the Union League organisation, with