The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-11

OF financial necessity which was imperative.
a national need which was appalling. and that
the result of his action was Immediate and
timely relief to our bankrupt treasury. and
through that to our unpaid armies in the field
those who do not know these facts have
overlooked one of the leading features of our
recent struggle.
When Judge Chase first urged upon Con-
gress the passage of the National Banking act
he found few to second his efforts, but, pressed
by great responsibility, and exercising a
statesmanlike forecast for which history at
least will give him due credit he labored on
until he converted majority of Congress to
his views, and the national banking system
was maugurated. Every other means for
raising the needed funds to carry on the war
having failed, the then Secretary had promised
Congress that if they would adopt this mea-
sure he would be responsible that money was
forthcoming. The result more than iustified
his confident predictions. Three hundred mil
lions OF bank capital was poured into the
empty treasury at most critical period OF the
war; the comparatively irresponsible banking
institutions and the unsecured currency of the
States were together swept out of existence; a
uniform and perfectly secured currency was
given to the country, and more than thou
sand efficient and responsible agencies were
established in all parts of the land, which
aided very materially in the negotiation and
absorption Of future Government loans. The
finances Of the nation were changed from chaos
into order; from weakness into strength; from
insecurity into soundness and safety. Such
were the immediate fruits of Judge Chase's
Identification with the national banks"
1t is not expected that patriotic service to
the country, performed in connection with its
financial interests, however distinguished may
be the ability shown, however disinterested
the spirit manifested and however beneficial
the results will beget great degree of enthu-
siasm towards the person rendering that SER
vice; but it certainly is not too much to expect
of the American people that they will at least
refrain from misrepresenting public servant
to whose profound craftsmanship and faithful
devotion they are indebted more than they
know for the success of their efforts in sup
pressing rebellion.
Nothing could exceed in injustice, in
gratitude, unreasonableness, and untruthful-
ness the charge, so persistently made, that
Judge Chase was actuated partly by personal
motives in originating and organizing the
noble system of finance which has proved, and
is proving, such blessing to the nation. The
suggestion that the late Secretary of the
Treasury, in devising his great financial re-
form, sought to put himself into such rela-
tion with the combined capital of the country
as that he might profit by it politically in the
present or the future, has not even the merit
of plausibility, for statesmen (and dema-
| gogues, even), whose leading aim is to secure
! preferment and promotion through the good
will OF the people, would not for the world
| even seem to identify themselves with capital
as distinguished from the other interests of
the country. The tendency is always strongly
in the opposite direction, often even hurt
fully so.
Aside from this (Which of itself ought to be
| conclusive) is the fact that the very nature of
the national bank organization is such that it
is simply impossible to use it as a political
engine in the service of anybody-and this is
one of the chief excellences of the system.
There are probably not half dozen banks in
the country which have not both Democrats
and Republicans among its officers, directors,
or stockholders; and if any attempt were made
to use the banks in the interest of any man or
party, the bank men of the opposite party
would be prompt to discover, expose, and
thwart the undertaking. And this feature Of
the national system is not only approved by
Judge Chase, but is the direct result of his
foresight and design.