American Finances and Resources

American Finances and Resources

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Excerpt from American Finances and Resources: Letter No; I of Hon. Robert J. Walker, M.A

Although many great principles were then settled yet political economy is emphatically progressive especially the important branches of credit, currency, taxation, and revenue.

Mr. Chase's success has been complete under the most appalling difficulties. The preceding administration, by their treasonable course, and anti-coercion heresies, had almost paralyzed the Government. They had increased the rate of interest on Federal loans from six to nearly twelve per cent per annum. Their Vice-President (Mr. Breckenridge), their Finance Minister (Mr. Cobb), their Secretary of War (Mr. Floyd), their Secretary of the Interior (Mr. Thompson), are now in the traitor army. Even the President (Mr. Buchanan), with an evident purpose of aiding the South to dissolve the Union, had announced in his messages the absurd political paradox, that a State has no right to secede, but that the Government has no right to prevent its secession. It was a conspiracy of traitors, at the head of which stood the President, secretly pledged, at Ostend and Cincinnati, to the South (as the price of their support), to aid them to control or destroy the republic. Thus was it that, in time of profound peace, when our United States six per cents. commanded a few weeks before a large premium, and our debt was less than $65,000,000, that Mr. Buchanan's Secretary of the Treasury (Mr. Cobb) was borrowing money at an interest of nearly twelve per cent. per annum.

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