Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-02-04


ton was in process Of formation, We have not SUBJ
sequcntly felt at liberty to throw any obstacles in
the way of the success of the system that was ac-
tually adopted, but by giving our cheerful support
to all the subsidiary measures designed to reinforce
it, we have sought in every way within our power,
to strengthen the hands of the present enlightened
Secretary of the Treasury in whose integrity we
have confidence, and for whose ability we
cherish an admiration shared by the great
mass of the country. We have now no otner
wish in the premises than thst our views may
perchance have been unfounded In point Ell
expedienoy as they were deemed by the MAORI
ty of Congress to be erroneous in point Of consti-
tutional law. But it is proper that the elements
of this question, as viewed by political economists
and publicsts abroad, and as embodied in the off,
DIAL papers of the Government, should be placed
before the public mind especially when, as appears
from the record before us, this information was
furnished by Mr.. Pike at the request of the Secre-
tary of State writing at the instance of the Score
tary of the Treasury.
1t remains for us to say that whatever difference
may exist in the minds Of any as to the value OF
the opinions of the Dutch bankers when they come
into conflict with any part of the policy of Mr..
Chase, it will not perhaps be denied that their
suggestions are worthy of heed when they concur
with his forcible arguments against any further
expansion of our paper currency. And to this ef-
fect we find such suggestions scattered Pass'm In
Mr. Pixies correspondence.
Writing on the 4th Of February last he says
Cooler and more candid men express very different
| views of affairs. 1t is thought by them, also,
that have gone far as prudence will allow on
paper money basis, and that the time has come Tor re-
to They believe we were to do no more
than double existing internal taxation, that with our
duties imports would have enough to deray four
fths of the expenses of large war we are able to
make proftably and large need to make to ruin
the of the rebels and make them sue for peace
They believe abundantly able to reduce the differ
between receipts and expenditures to one hun
bred millions of dollars per annun, and that the augmen
tation alluded to- with due economy Of expenditure
would accomplish this result Once achieved 1t is felt
that the Government could carry on the war without
either losing its credit exhaustag ITSELF and that 1t
would thus still continue to remain master OF the situation
But think all feel that the attempt to carry hos
tties in the future by OF fresh issues OF the
rency measuring its redundancy by the large
premium If fifty per cent on coin, will create great
danger of the consequences that our enemies are 30 eager
to advertise as already Overspreadng the country.
On the 18th of February, 1858, Mr.. Pike
writes as follows:
"The and sollcitude in regard to is
turned almost exclusively upon its financial aspects
The opinion has become very generalalmost universal
that terminate unless it is brought within
manageable compass and placed on broader basis
of taxation.
rates able 10 hold out only for short time longer
Of which their thus far gives strong assurancehe
efforts to ubdue them must be suspended in consequence
of the exhaustion Of the resources relied on BY the Gov
eminent.
It is not doubted however, as had the honor to OBJ
last week. that if the country chooses to incur add-
tona taxation and TO reduce it's armies to moderate
dimensions that it possesses the ability to protract the
indefinitely and until it shall effect its objects in the
final reduction of the rebels.
But SO long as they and every body else sees that the
lapse of time will rapidly exhaust the provided by
recent legislation for prolonang the contest it tends to
the hopes of enemies and the fears OF friends IN u
rope, among whom number many noble men, equally
aDrous with ourselves that the nation shall not waste or
misapply its strength.
finance have been mainly deduced orbds confidence 10
paper money issues where they not held in check by
redemption CON- and the of the issues ordered
by Congress has resulted further depreciation of
American securities and fresh apprehensons of coming
financial and political disasters"
Under date of February 25, 1863, he says:
"Our chief difficulty that the constant issue of legal
tender notes which here believed to be- the most
mischievous form Of Government paper, and which have
already reduced the income American securities almost
half to European holders deers investors from buying
the Government stocks where the interest payable
in coin They fear lest they may suddenly find themselves
compelled by law To take legal tender for their interest
money, aud unless they count upon limit to it's issue
they do not know whether they in the end to get
n two per cent income. The Government credit would
unquestionsby still further improve if it's policy
to be fixed in opposition to further issues OF this descp
ton The intelligence by the last mail that Congress ia
engaged upon tax bill, which will add hundred
millions to the revenue, is very assuring, and the very
thing that needed here to still further stimulate the
disposition TO buy Government stocks"
On the 4th of March, 1868, he holds the fol-
lowing language:
AS have former occasions remarked, this country
teens with capital; and setting aside the investments in
the Dutch national debt very large portion invested
10 foreign securities The Of the country beng small
and it's development being agricultural than mechan
ca and manufacturing aud its being restricted
il results that the immense annual accumnatons Of wealth
mostly compelled to seek employment out OF the
try And there IL not that ndspositon to speculative
erprses, either that would expect to find from the
known characteristics Of the Dutch people think there
few profitable enterprises in any part Of the world
where Dutch capital 10 not TO be found 1t lie thus that
their survey of the OF other countries
temptations and efforts turned exclusively to-
wards the development of their resources The same
observations part Of the financial centre Of Ger
many--Frankfort on the-Main.
am hence persuaded that il is rather at Amsterdam
and Frankfort that TO find takers Of national
than at London and il is at these points that
the policy Of the Government be most effect
uay given aud where il could by authoritative announce
ments most directly advance its pecuniary interests The