and on the continent, _how
has your Secretary of the Treasury (Mr. Chase) so marvellously sustained
American credit during this rebellion, and when will your finances
collapse?_ This question I have frequently answered in conversations
with European statesmen and bankers, and the discussion has closed
generally in decided approval of Mr. Chase's financial policy, and great
confidence in the wonderful resources of the United States.

Thus encouraged, I have concluded to discuss the question in a series of
letters, explaining Mr. Chase's system and stating the reasons of its
remarkable success. The interest in such a topic is not confined to the
United States, nor to the present period, but extends to all times and
nations. Indeed, finance, as a science, belongs to the world. It is a
principal branch of the doctrine of 'the wealth of nations,' discussed,
during the last century, with so much ability by Adam Smith. 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 of 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 Cininnati, 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. Most fortunately that accursed administration was drawing to
a close, or the temporary