The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-11-24

A Mast Interesting Narrative Of Our Fin"n'
cinI nsmrea nnd MINIMIZE.

| liisfUtt az W sf ~ INC iNtil'il'is
nm glad that ,ou contemplate the isauine 81 =
now edition 81 W.. IS. tor the pr, imaton 81
(which YOU are Ut" au,vra I "tnet NJ en-. h"u,s
position Chairman ~ the Suh.commitec ~
" ave aud Mcnns 90 tlr House ~ Rrprcs"uia-
tvc-. at the time TIE Legal Tender aci was nt.s-
ed. placed You in po-se,sion ~ facts which,
from tho nature Of tue case, others couid not
know. go,
most sfttc-iU.uliNe md patriotic bodies which
ever a--cfi bled in tlis or any other cutHtrN. IL
promptly aprrrhr ndcd TIE magnitude ~ ne
nursti .ui lcfure b.. and 90 tho uiml 4 ui us
W lily mes them ~ tie most efficient ~ 'nnrr.
inst toe nudur 70 uulrv cstal hshcd by mat
Cofgrc-4 was nDt coiti us SO Guided and con
tiiucd L., it, succ,ssur- aud 10y the head OF TIC
Mr. u 80 was pressed Tor that position, be.
cause oftlc regard Of the people for ms nRh
prrsuual 10 Iiltaitun. lie ud been an oriilna
Free. " Her. and had won the i"yer o. NE men
of advanced views upon that sihject. ne haa
been chosen to tie IntVd states Sen tie oy
Democratic votes ON the suppositon that his
views on financial and analogous Questions were
then constituted. lie WAS a Conspicuous candi-
date Tor the Presidential nomination in 1860,
snd. In the estimation u many, presented the
ideal Of an Autri AN statesman.
Upon the election Of Mr.. Lincoln. It was the
demand Of Mr.. Chase's friends that he should
occupy lcaoing position IN the Canlnet. Inc
President elect We ; himself disposed to comply
tfeelcN' arc"mpanicd nm on VISIT To mr..
Lincoln. 10 urge that Mr. Chase should receive
the portfolio Of the Treasury. We hal been led
to believe that another choice had been made
for this all-impoitant position. We represent
ed to MIR. Lincoln that struggle was Imminent.
(which would he d. cdeo IN favor OF the party
whose resources held cut the longest. and ac-
cnrdingly that minister Of hnancc was re-
CURED VINO would command, IN the highest de-
Eree, the public confidence. Mr.. Chase, hs we
believed, possessed that confidence as no other
mum did whose name was under consideration'
The dav following this interview received
note from Mr. Greeley, informing me that MT.
Chase had declined the Cner OF the Treasury
Department. | lost 10 time In calling upon
him at his hotel. Mr.; Chase pleaded that his
education and habits had not fitted him for the
duties Of the place and. lie added. with his ac-
customed courtesy. hat If tie hid had az edu-
cation Ike NV own. he would feel less dtstrust
OF his qualifications for the Office. His appro-
pirate sphere he believed to he the son tc. To
which tie had Just been chosen for the fun term
OF six years In response. | assured him that
Secretary ship 81 the Treasury ana further
more. that he could at all times count ui on the
support OF every patriotic man whose services
he misht desire To- command. Mri Chase IN ny
the convictions Of his frienos.
A few DAYS sub.equenty,o on my return TO New
ADVISABLE Of inviting proposals for what re-
manned ~ the twenty-five million loan which
Buchan ~ administration. At hls invitation
visited WASHINGTON. but found him disin-
which f,l: confident could hot then be obtain-
ed. Il W.T. APPARENT tnnt he b q thus early be-
come c'nN tt g. tie so.cllled PIPER policy.
tihHlnT b, 81 NJ u.c 10 .ftne the point, maIe
no further attempt ID Influence his views. Ii
Won az We IS reercd a! The s't s" smn
porter - stable financial sNstcm mad 40 uttcr
loans ri,rerlv secured Ly t,xatipu. and mad
placed hi- reliance uuon the patriptism ~ the
country. IL is nav belief that the credit Of the
nation would lave been maintnined upon per
msn-nt foundation. aud the depreciation u our
currency would have been in a great measure
obviated. The machinery OF our hanks was al
his di.posnl. and never al a more generous Dis
posi- ION been shown by the moneyed interest Of
cial minister.
The ~ loan act, passed at the extra session
ofthe Imtty-s. s,nth Congress provided Tor the
modinc ftiaii = tho Sub Treasury l,w, tor the
express tt.rnos. OF aiding The secretary To-
avail nin.eli of these faciities But he r. used
10 accent ii ON. md u.r.tsfed Il, demanding
of the lua.- Tor viii b they had Stt scrfhcl. The
effect was most dtsustrnti. lie Tins tc.tro, ed
almost AT a blow. the foundation OF bank cred
The gold whch mad constituted the basis II
banking transactions wns absorbed by the ires--
ury, to tie paid oui 10 contractors. and immtdi-
ntely 10 he boarded where il could n' tnirer ne
useful In hO-ifess ar Tor tie public cNirenci,s
Mir. Chase might have avoided tins tut he saw
Mt to trcciuItate the disaster. 70 do this i'm A
period II national calamity. | shall alwa,s re-
gard as an Ct of most extr % dinarv infatuntion.
the hi was Introduced by yoGrself authorizing
the issu. ~ L utfed state. notes ~ rirculat.
currency, and pl oyI ling FOR the furding OF them
in six per cont bonds. Your plea was that Of
necessity. did not share yonr Views. Accord
Ingly. ! opposed NJ debate the Iroluslti5n TO Is
sue legal tender paper currency winch the
frnmers Of inc Cons ittiitnn had wisely MEM
ed to iuhhit. At the same time, | am free to
admit that the accompanying provision to
FUND these paper promises promptly IN the
bonds Of the United States was "A measure Of re-
demption which could not under the circum-
stances, be too highly common ed. At this
moment It presents The on, means possible for
an early ana safe return TO specie payments.
Had it neen consistently adhered to. 1t would
have brought the country to that point Def ore
the present administration came into power.
But, unhappv. a Congress succeeded T. the
Thirty seventh which was not controlled 10y the
high moral considerations and which did not
possess the capacity Of its predecessor. Loose
views 81 financial integrity were entertained
The Secretary Of the Treasury found the ma
jofitN unable to his purpose At his de-
nand legislation was had abrugatiug the provi-
sion for the conversion Of the legal tender notes
into bonds, and also empowering him to issue
other evidences uf debt at his discretion. A
power 40 tremendous has seldom, II ever be-
fore. been lodged I'm the hands Of minister.
am constrained 10 say that IL was exercised al
most wantonly. The credit Of the nation
was deprecated to tue verge Of bank
ruptcy. i've per cent. loan placed
on the market; compound interest notes
and otner ephemeral devices were resorted to.
III order t. shore up the stupendous financial
iaunc WHICH seemed To be toiterlllg to its fan.
1counted the Inherent varieties 81 paper which
were emitted unti' II my memory serves me
rlght, the number reached thirty three, when
gave up IN despair
he instinct OF the people was wiser thnn the
subtieN oi the men VINO assumed 10 guide IT,
MI Llh'oih was placed second tlme in the
heiu ior PRESIDENT, whle Mr. thtse was COM
peieu 20 yleld y" me storm which he had crea-
tcu ana fcllre from the Ire suiy. 10 the errors