Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1864-06-01
AmerIcnn FInnnoea.
From tho n. Y. correspondence London Times,
dated NAV

change since Saturday last Mr.. Chase, whom /
it Is the fashion in Wallstrert to call the /
Great Bear, has come aud gone, and the /
panic has come after him. His Of ect vas to
bring down the premium on gold In this
be succeeded, thoagh not 10 the extent anhci !
pated whi he accomplished another not
set TO th IN his programme, and brought down
the price Of Glvernmsnt securities and rail-
road stocks and mining shares Of all kinds.
The failure Of his notable scheme for Fegula-
ting the price Of gUft BY the issue oi what he
called gold certiicaies" for the payment OIL
Customs dutisa bad tRnRhtthe--s spsculaiors
that the Secretary Of the Treasury WAS not sol
powerful as be imagined, and his presence
had no more real sG,ct upon ths premium
theuto bring il within 2 or per cent. Of the.
high aeyel Of the last fortnight
Great AS the panic has been, a worse must
follow Il is butthe first fsintylbratory move
| ment Of the coming earthquake, whic will
level with the dust many stately ediice
\ whlrl into the air like dry leaves the paper
! securities OF u wealth that has no foundation.
/ cousign the millionsires Of to-day to the
penury and obscurity in winch they existed
neiore their countrym n went crazy reduce
thousands nf nov prosperous citizens to rum,
| aud & Il the homes Of honest and industrious
men wl'h waling and lameHtstion, The
deusion Of the multitude is rs great as ever.
deu in high places preach aud teach that the
country IS rich, merely cause there l.
enough paper money aA Iat to set speculation
rampan although a million OF men who
four wears ago we're engaged in producing
wealth are ROW wholly employed in destroy
ing each other Mr. Chase, aware that he
cannot for ever 90 o. borrowing, or printing
wagpon loads Of incunvertible greenbacks
per diem insists that the country must b,
taxed to the ex ent Of $500 600 QUO PEI
aunum 10 pay its way, nov aud for the future
aud IN order to reduce gold to par aud nd
vance paper to the same honest level Thu
is sum representing with gold at par nc
less than 100 900 000L sterling, and, rs il
would have to be drained out OF the resources
Of n country not nearly so populous as Gr's
Britain, which is hut scaniily settled for IL
immense area, and on which the chief bur lri
obligation would have TO fall upon the nhah l.
ants Of the large cities, all that need be sal
IS that Mr. Chase's id as of 6nauce ar,
pecui iarly American "rhev est at scar,
who never felt wound;' and people VIII,
talk with such stupen1ous unconcern about
f,cal burden even Of half the weight of on
hundred millions sterling per aBnum, are in ;
cohdltion Of blis.ful ignorance Mr.. Chss
!
Mr. Mnrri |, the author OF the famous ''Mo'.
riIl Tariff, which mpos'd duty Of sboul 81
per cent on every article Of European manu-
facture imported Into the United States, l.
proposing to raise that high rate to &C pc
, cent, and generally to double the dunes i'm
posed by the Internal Revenue Bill of las
sear which so egregiously d sapp9iuted { e
axuectations of every iuancier ID AmerIcr
Nc Chase included, gave utierance to opinion
IN The su ject Of tho taxpaying powers o
i this people that were enough TO take away yh
n breath OF ever}b ldy but an American ia sur
prise at the B obdinEnaPiAn character Of hn
estimates The demard+ upon the Tressui,
Q he admitted to be unprecedented" but III
J. resources Of the country he stii med TO b.
= equal to any possible emergency, good o
! bad" Five hundred millions OF dollars pe
r nnnum were tr a." The people of h
d United St4les had not only he means to pa
every dol ar they owed or ever would owe
but to pay the d-bt however larle il uigh
5 become, principal and interest, in gold "Th
'e Government was supplied with more poD
ID than was sufficient for its purposes, and WA
- actually begging creditors to receive psymeu
y in advance elf the war were closed il
G. 1865, the whole debt nov aid 10 he in th
e, in erval incurred would he paid OF in IL
years Let Us, said this furious hopeiu
o. fnan ier, have loans aud taxes, and inereas
10 The pay Of the soldiers With the dash Of
General who never tails, we must ant cipp
crushing results to The enemy; aud will
~ military success, we shall be victorious owe
rs | ills" Mr.. Morr !, in the exeit m Mt
no his imagination, never coudesceuded to e1
plain what might happen, provii,d as.
should not be f4voured with military sue
cess" But, why should he2 l. he not a
mad as the dwelerS in the PArsd Sc Of Fools
%. Or Why should the reason of those who az
rot fools and ihe experience of the whol
h. world be brought to bear againstthe deluslor
Of a gentleman 30 credulOus as 10 take h
-. dreams for the facts and his hopes for reaitie
y and who is so d,zz'ed by the briiiancy OF b
own patriotism Ri TO be unable TO see Il
excess Of light that which other. who do NJ
ne gsza upon the sun with their TAXED eyes ca
'ei behold quite plainly For Mr Morrill, lhel
en- are no shadows All is light and glory
ilimitabe wealth, ilimiable power, a.
~ illimitable conquest. We're pll his counir
os men equally blind the impending 6nsnci
nu catAsir0phe would bs hideous indeed. II
IRE az least, would not put the break on the whe
. when the frantic horses we're dragging Il
TOT chariot down the hill to the ine evitahle pre-,
.ed pce but would lash and goAd them to
10 newsd speed This gentleman's name h
hu been mentioned az Mr Chuse's successor
, the Treasury department, should the att
ne resgn or he dismissed The mischief
.sa would do may be imagined from the ehni
extracts Of hs speech above quoted, in I
re- purport Of which, had almost forgotten
oy mention. be Was supported by Mr. Stcbbir
!. The Chairman Of the B ,ard Of Brokers in 4