Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-08-11

|
! Crawford or Alexander J. Dallas for issu-
ling Treasury notes and bonds in the wal
! of Isfz-I5. Thecharge against Mr.. Chase,
to have the least foundation, mnst refer 70
either the amount or manner. But these
are in6eRnite things, dependent upon dis
cretion, and in doing which no public man
can fairly be charged with VaSsing the
public credit. But even in matter of
discretion, Mr.. Chase has nothing to dread
from the verdict of history. In the only
case in which there was really q great
issue of National Curreney,-the four hUa-
dTed millions of Legal Tender Gotes,-he
was right, stands approved by the country,
aad will be esteemed by posterity q public
benefactor. What was the condition of the
finances of the country at this tine, inde-
pendent of Government action ? 25Ths eoun-
try was fun Of local, corporate banks,
which Immediately SUSPENDED specie pay
ments, and whose notes, history proves
would fail rapidly, from time to time
These notes would have been the Only cur
reney the people would have had, and
since the amount of currency required in
war is slWays enlarged, We should have
seen these bank notes issued by thirty or
forty different States and Territories, every
day increasing, and every day depFeciEtiDg,
country were thrown into ineXtricable con-
fusion. Any difficulty We have, or are like
IL to have, with credit and currency now,
is nothing TO what it would have been with
the corrupt and deprecated currency Of
suspended State banks, Talk of Mr.. Chase
wasting the credit of the nation He is
the only man who sustained it, and with
out whose courage and frmness the coun-
try would have been swept over with
torrent of wild speculation and irrespons-
ible currency.
1t was saved from this by National
Currency. Il was what the nation wanted,
what the nation has faith in, aHd what the
nation will sustain. Let the people who
write for the Merchants Magazine try to buy
wool and wheat in Ohio with New England
or New York bEnk notes, and see how they
will fare. When all the socialists and
theorists who support the false systems of
political economy (which fnd too many
advocates in our large cities) are forgotten,
the name of Mr.. Chase will be honored by
his countrymen as one Of the greatest of
public bensfsctors.
/ formerly took the Nsze6anfs Magazine,
and found in it may valuable statistical
tables but what reliance can be placed
upon it, with such statements as the fol-
lowing It says, page Is (July,) that 'the
President Immediately nominated David
Tod, who was known as hard money man,
who promptly rgiISed the Office" &c. Is
David Tod a hard money man st this time
Did he refuse the Office srLsa he could get it
Ask the Senators from Ohio shout that.
Again it says of Mr.. Chase:
iIn his report, Dec, 1862, page %, he
tho Eh0uld he eOUtin-
ued, contrary to hope and expectation, to
1864, and the public debt shall
reach the utmost limit now anticipated, Of
seventeen hundred millions Of dollars, the
excess of revenue will reduce the debt, in
the first year Of debt, more than three per
cent
Midsummer has come, and with it debt
of about two thousand millions, and the
revenue promised does not exist"
On the Ist day of August the debt was
Just ssUsnt.sH hundred millions and a frac-
ton, by Mr.. Fesseodsn's statement, inclu-
ding every species of Indebtedness; aud
yet the Magazine boldly adds three hun
dred millions TO the statement, and says
the Government is s'almost" bankrupt -
The srsdIth of this country more than
doubled in ten years, from 1850 10 1861
and is still increasing at most rapid rate
No man who knows anything of the re-
sources of this country can doubt its aoil-
ity to carry on this or any war for twenty
years, (so loag As its ragsges are kept in
the eusmy's cOuntry,) without half the
danger from bankruptcy which Eoglsnd
has been in every day for the last thirty
years. a country which receives 100000
immigrants every year, which is filed with
gold and silver mines, which has immense
surplus crops, where every man lives on
the fat of the land, whose commerce Is
equal to that of Great Britain, and double
that of France, and which no nation dare
stack, even in its divided stAte-of such
country (of which the like never existed)
to be talked about as bankrupt by men
who pretend to be the organ of Merchants
Shame, where is thy blush2
A VETERAN 0BsERvER.