Year: 1865




said recently: "The North never subdued the
South on the battlefield They did it in the
Treasury Department" There is some truth IN
this. although of course Mr.. Orr cannot be ex-
pected to acknowledge the prowess of the hate
full Yankees. On the other hand, We find The
London Times arguing against the financial
credit of the country as earnestly as 1t argued
against the financial policy of Mr. Secretary
Chase. The purpose of this is obvious. En-
elishmen do not like the idea of the United States
entering into competition with them IN the
money markets Of the world. They cannot see
the real meaning of the American triumph. 1t
il impossible that the young Republic should
have made so many sacrifices, gained great
triumphs and at the same time come from the
conflict without bankruptcy. These English
men will have it that we are in very Dad
way-that our national system is chronically
diseased: and while we could fight and raise
armies and win great battles, yet the time is at
last coming when we shall have our virtues as a
Democracy put TO a severe test They regret
10 believe our virtues cannot stand the trial.


We met our financial difficulties very much as
we met our military difficulties. There was
nothing in our inanciering like the exhibitions
made by European Governments. In Europe
when governments want money, they must 80
and beg it at usurious rates from Rothschid or
Barring. or get up some kind Of inducement or
entertainments to attract subscriptions. In the
first case we see q want of confidence on the
part of a nation. The best test OF peoples
patriotism is their readiness to lend money. III
citizen believes in government he will invest


in It's security, and accept ordinary interest.
The money changers, however, make usury
business, and they will drive as eager and close
a trade with a government as with one another.
They tried close bargains with the Government
in l-Gi, when they endeavored to force Mr..
Chase to sell his loan at prices varying from "a
to o. Under Mr.. Buchanan's Administration,
when We had no debt worth mentioning, the
Government was in the hands OF the money
changers. Even in lo55, when the Secretary OF
the Treasury wanted five millions of dollars, he
was compelled to pay discount OF four and
half per cent How very odd sentences like
tho following sound, which we quote from
New-York newspaper, March II, 1853: "The
Secretary Of the Treasury, it seems, will have to
pay four and half per cent for his five millions,
which is one and half more than was antlci-
pated Considering that the banks hold thirty
four millions with a prospect Of eight or ten
more shortly, the market price of United States
securities, and the want of any employment for
money at the present time it is impossible to
deny that the Government has the worst of the
bargain We see how they manage affairs IL
France. The City of Paris wanted fifty millions
of dollars for public works, and even at the rate
of five per cent, the money had partly to be
taken by the Credit MoDiiier, and as an induce
ment to the people to subscribe, four lotteries
year are announced. This inancering suggests
the fancy gentlemen who travel on Western
steamboats, with what il vulgarly called the
"Sweat cloth" "walk up, gentlemen; here's
the place to make O thousand per cent. Put
your money on any number you please-watch
the dice, until it comes, and rake in your win
nings" Our plan is far simpler The great
merit that we give to Mr.. Jay Cooke is that he
brought the loan so closely TO the people, made
them to see il and know it so well, that they
took it without murmur or discount and have
never allowed it to be discredted. A nation
which, six years ago, was paying four and half
per cent for five millions and now carries over
twelve hundred millions, subscribed at par and
kept at par, may well afford to laugh at the
admonitions of The London Times


A French review publishes an article in which,
after commenting America and sustaining its
financial measures, goes on to speak of our
debt increasing at the rate of two millions a
day. The impression is general in Europe that
having got into the way of spending money, we
intend to keep it up. This is mistake. The
policy Of the country, as We understand it, is to
cease this debt neutrality-suspicious. with the
pageantry of our military and naval establish
ments-reduce the army to a peace footing
and by rigid economy bring down the expenses ol
the country to point below its receipts. Pub
lie opinion in America demands this, and we are
glad to think the Government answers the de-
mand. The policy of the Treasury Department
Is plain We shall of course cease paying '.3o
interest when thest loans mature. The legal
tenders Will DO recalled and funded gradually