The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-22


the Bank and Currency Question.
We are informed from Washington that Chief
Justice Chase Is giving considerable atten-
ton 10 financial matters" that he thinks we
shall soon return to specie payments, that all
the bonds will be redeemed in specie, that the
national bank system Is the acme Of perfec-
ton, that its currency is the best in the world,
and that all nations will copy the profound
banking and financial system which he estab-
lished. Mr.. Chase, in making this modest
declaration Of the beauties Of his financial
policy and Of his own merits in devising 1t,
shows he is paying far more attention to this
subject than to his judicial duties. The truth
is, this is the foundation on which his ambition
to reach the White House is built. Seeing the
current Of public opinion setting strongly
against his infamous national bank system and
crude specie payment theories, and apprehend-
ing some action in Congress to upset the whole
gingerbread fabric, he has become alarmed,
and issues his pronunciamient to head Of
the movement Though coming indirectly
through Washington correspondent, there can
be no mistake about the object This express
sion of bis views appears on the same day
Congress reassembles, and is evidently in
tended to operate upon his radical supporters.
I. is the Chase radical platform coming, con-
structed by the chief himself
The country is painfully conscious that Mr..
Chase has been paying considerable atten-
ton to financial matters" for several years
Joa % vns1l
and frightful burden Of taxation, such as
England or any other country never bore,
show the results Of his attention to our national
finances. Not half this debt, nor half this
amount Of taxation, would have been felt had
he never controlled the Treasury Department.
Seven years ago sixty or seventy millions
year was an the revenue we needed now it
amounts to five hundred millions. Then we
had not hundred millions Of debt; now it is
for the federal government alone near three
thousand millions. 10 less than seven years
a people who hardly felt the weight Of federal
taxation have become taxed to the utmost
limit Of forbearance. We, who used to point
to England as country weighed down by
taxation, are now In worse condition than the
British. Where they are taxed . dollar we are
taxed two With them the burden was
ages accommodating II has taken seven years
only in this country. Admitting the magni-
tuds and vast expense Of our war, there was
still no necessity for creating half such debt.
II was the wretched and imbecile administra-
ton Of the Treasury under Mr.. Chase that
brought the burden upon us. But worse than
that, he and his partisans and friends would
fasten this debt upon us through all time by
forcing specie payments, by increasing our
burdens. and ty perpetuating system of
banks and currency that would rob the people
Of all the profits Of their industry that would
continue 10 make tho poor poorer and the rich
RICHER, till we shonld reach lower Depth q
paupsrsm than prevails In Great Britain and
Ireland. Such is the miserable pretendeY to
financial craftsmanship who presumes, even
while on the bench, to dictate the financial
policy Of the republic. We have no idea that
Congress will follow his dictates, but il 1t
should be stupid enough to do SO the people
will certainly denounce its conduct For
seven years we have been rushing the down.
ward road to financial ruin at railroad speed,
with Mr. Chase as the engineer. We cannot 20
much farther without coming TO destruction
He AMI his SGT of ignorant and reckless man
ayers, N Culloch, Jay Cook, and all, must be
thrown overheard and our national finances
committed to ADLER men.