New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-02
OUR NATIONAL FgNANCPs.

OUR NATIONAL F1NANCPS.
When Gov. Chase resigned the eminent and
arduous position of Secretary of the Treasury,
the selection of Mr.. FesSenden as his successor
was hailed with general and emphatic approval
Party distinctions were eflaced and forgotten in
the universal consciousness that the place
needed very strong man, and had found him.
Mr. FeSsenden's distinguished ability, his un-
questioned integrity, his ripe experience III
public affairs, and his familiarity with questions
relating to Revenue through his service as
Chairman Of the Scnatc'S Committee of Finance,
fitted him so clearly for tho post that his selec.
ton was popularity ratified with unalimity
and heartincss all but unprecedented.
The one drawback in the premises was ms
well-known intense reluctance to assume the
duties Of this most ardu0us, difficult, thanklesS
trust. The Senate was his chosen theater Of
action. An effective debater, an experienced
legislator he felt entirely adequate to the labors
of his Congressional post, while he feared that
bis impaired constitution aud delicate health
would not sustain the inevitable labOrs and anx-
eties which, in this era Of gigantic expendi-
turc and inccssant borrowing, devolve on the
head of the Treasury. PoStpOning his own
choice to that Of the country, he accepted the
unwelcome advancement with distinct under
standing that he should resign it at the earliest
moment consistent with the cxigcnces Of the
public service; and it is currently reported that
he still looks wishfully 10 speedy return 10 The
hOor OF the Senate as the true arena whereon Ia
devote his powers and energies to the service Of
his country.
If such be the fact it presents strong temp
tations to the adoption Of a makc-shilt, hand-to-
mouth policy in tie management of the Ma
tional Finances To which, indeed, the huc-
tuating fortunes of war would naturally incline
us. We all hope, and with reason, for an early
close Of the War through the collapse Of the
Rebellion; and we rca!.zc that tho loans which
are now dragging at heavy discount gold
valuatiOn,) would al once command premium
if ;he struggle were ended. Hence we can all
comprehend and excuse. though we may not so
readily approve, tie resort 10 expedients and
devices for the provision of ways and means
which must be condemned as short sighted and
mistaken if tie contest is to run into still
another year.
Yet We hold il orr true policy TO lll tie ever
yawning crater of the Treasury, 80 long as the
War shall continue, first, by putting up the
rates of taxation rs high as they can be carried
without drying up the springs Of Productive In
dustry; secondly, by selling Government
bonds in the market for the mos, they viii
fetch, and thus keeping the premium on Cold
that is, the depreciation Of our Paper Currency
AS incOnsiderablc as may be. In other words;
we believe that our Government might, by pay
ing 100000, 600 a. premiums on loans, have
saved double the amount in the shape of
inflated prices for the Flour, Corn, Pork, Beet,
Ships, Locomotive &C., &c., required for the
prosecution Of the War.
Can we be mistaken on this point Would
il not be better TO sell short Five per Cents at
90, or even 20, aud pay s. per barrel for Corn
Meal, IS TO 80 for Flour SIS to $50 per tnn
for Hay, &C., &C.. than 10 sell those same bonds
at par and pay % TO 80 per cent. moro for
everything eaten. worn or otherwise consumed,
By our soldiers and sailors AID, if ours be the
correct view Of this vital matter should it not
be backed by the Houses Of Congress. by their
respective Finance Committees. aud energeti-
cally enforced-as we must believe it in accord
ance with his natural nclnatiop-by the Secre-
tary OF the Treasury
The only objection We have seen or can
imagine to this view of the case imports thu.
capitalists aud bondbolders lack the requisite
discernment 10 perceive that 100000 Of Ten.
Fortics selling at 30 with Gold at premium of
80, are of greater actual value than the same
amount selling at lC3 with Gold at premium
Of 30 to 100. If capitalists are idiots or infants.
then it may be well 10 amusc them with rattles
and Chinese masks; but if they are rational
beings, let them be treated accordingly. Such,
VIC trust, will be the Judgment OF Congress, Of
the Treasury, and Of the Country.
sEYMOUR-
A. moan to-day Horatn Seymour i'm gccord-