The New York herald., 1865-02-20

Tn, appointment OF Mr. Fessenden's successor will
probably be made the Of the ensuing week. and
much Importance is necessarily attached to the Presi
dents choice OF officer to fill this important position
The fiscal affairs Of the government have been thus far
cond c,ed with such conspicuous absence Of scientific
method definitely arranged system that the new Secre
y will be called upon bring order out of Chaos and
he fail prove Of his duty he shrinks
from the hcrcuean task before him.
Our national debt, revenues and expenditures
rapidly assuming such huge proportions that the
makcshift experiments and temporizng eXpediens 80
freely resorted TO by Mr. Chase longer be relied
upon TO official charatanry and shallow chi
eancry-for their evil effects too obvious TO be
looked; and we become by practical experience edu-
Gated this great subject Of finance we shall grow
criti al OF measures affecting the public credit
Us we before indifferent to them. The supneness
Of the great of our Legislators upon monetary
questions Is reproach them at time like tho pre-
cent FEcal studies are evidently NJ. = their taste
because not to be r--s rs'et 9ttoat Degree % nie!
iecs7a eZssllen which tpey 0anSiias1 Il unable q
sSake t4d hence with grvo financial problem. 10 he
s0g IS have Congress- and Treasury wishcut
ans1o'an
IT, * aad r0etsodlxins the public deht
.nd tEs gr,pcr laannecrssrf cs income And expcndi
g VIII demand me pains taking investigation OF the
new Secretary TO arrange the disbursements ~ 70
provide punctualy for the payment Of the interest and
tho redemption principal Of the debt they may fall
OF tho first Importance and cannot be done with
ont classification foresight and carefully prepared es
mates and returns and this Is especially difcult In
our case, owing to the needlessly complicated
nature OF public Indebtedness, which originated In
the suggestions Of spectators in government loans who
made money by each kind Of security that they
succeeded in inducing Mr. Chase TO issue Our national
debt has thus been made source Of national confusion
and investors puzzled 10 distinguish between one
Of bond note and another and government
rites are the phrase goes al skies and sevenA"
These require TO be adjusted
In order make regular provision for the payment Of
the interest the national debt Of Great Britain the
consolidated fund established by act passed (27
George ILL., 49, previous to which period the whole Of
the revenue in consequence Of the additional burdens
imposed upsn the various Of R national income
by tho expenses OF the American war in state Of
the utmost confusion. By this act certain taxes and
duties arising from the customs excise and stamps
regulated and certain portion Of their proceeds together
with the Post once revenue, the assessed taxes and
other smaller sources made permanent and consol
dated into The for the payment Of tho inter-
est OF the national debt By subsequent act passed
(57 George Ill, 4 the Commissioners Of the Treasury
we're authorized to issue exchcquer bills answering the
purpose Of certificates OF Indebtedness TO make good
any deficiency which might be found to exist upon
making up the quarterly accounts Of the charges upon the
consolidated fund and the produce OF the latter varies
according to the receipts Of taxes the amount Of the
deficiency exchequer bills also varies These, being
convenient investment. are generally at premium,
aud consequently the old bills, instead Of being
deemed In cash mercy exchanged for bills at
stated periods this renewal being auhorized by the
authority OF two acts, known appropriation acts,
which annually passed for paying or exchcquer bills
80 long these can be kept at premium the holders
Vim readily assent to tn cir renewal should they
discount the Chancellor the Exchequer has authority
20 raise the interest them TO three pence hafpenny
per dcm for every floo or Is o. 6sd per cent their
usual interest not exceeding 60 10s per cent and this
experms has succeeded in keeping them In circua-
,ion II should fail they would still be receivable at
per for taxes The amount Of these outstanding has
generally ranged from twenty thirty millions sterling
bu4 during the Napolconlc they were issued
I'D Rbarw, tiil they far exceeded these figures
and called for the action Of Parliament Ac-
cordingsy IN oct passed ~ George III, ~ for
regulating the Issuing and paying Of c1chequer bs 70
which all now ssuod subjected II directs the mode
Of issuing hem and empowers the Treasury TO order The
dschnrre Of them n such time and In such manner -
sba be doomed most conyeasns and beneficial 70 the
publ,c ssrviosp william Pt accomplished great task
IN 1883 and 17sY by the application Of permanent tara
zion 70 permanent dsbt In The essablshhsnt Of the con-
sodassd fund.- leaving 70 Psrsmsns NE constitutional
st 10 raise annual tsxes 70 dsHy ne annual e~penss
nsi we stand need of eonsoiidatsd fund our fsor
experiences will sufficiently demonstrate, and wishou
enterng into further details We leave the suggestion
the consideration Of Congress and the Treasury ~
Mr. rcss nden, his snnsal report called attention
shs sinking FAM already authorized, but respectful
which provision of law no action has yet been taken
According he set the surplus revcnue from custom
duties should b. rssulary devoted 10 the establishment
Of fund for gradually reducing the principal Of h'
national debt; but, as the surplus OF one hall
year may only be sufficient 10 possible deficiency
on The next cannot be considered that any portion
se gold rcyonnc available for diversion 10 the sinking