The Express.
London, England, 1864-12-22 00:00:00

DEFICIENCY TO !Z PEOVIUED FOIL.

From preceding statements it appears that, exclusive of
the receipts from ordinary sources, the amounts following
are to be provided, Cs.:—For the fiscal year ending June
30,1865, 570,727,508 dole. 11c ; for the fiscal year ending
June 30, 1866, 462,621,006 dole. 170. ; total, 1,040,348,513
dots. Deduct amount now authorised and balance in
the Treasuir July 1, 1804. 560,063,188 dole. 2c., it leaves a
balance to be provided for by additional legislation of
480,33,323 dols. 26c. It will be observed that this balance
is predicated upon contingencies which may not occur, and
calculations which may prove deceptive. It would be un-
safe, therefore, to limit so closely the provisions to be made
by Congress for meeting the expenditures of this and the
succeeding years. To mite • large portion of the amount ne-
cessary to meet these authorised expenditures, it is obvious
that recourse was to be bad to loans which have been already
in part negotiated. The necessities of former years have
led to many expecFente, as it is apparent from the diver-
sity of forms which ova securities present. As the debt
increases from year to year, hot rowing becomes more diffi-
cult. Embarrassed as the country is with two systems of
banking, and obstructed as the government is by a currency
wholly beyond its control, it is manifest that to push its
own circulation far, if at all beyond its present limit, could
only be juatified by absolute necessity. To thrust our securi-
ties upon the market in such amounts as it is not able to
bear, and to retain no check upon stock jobbing combina-
tions, most exercise • disastrous effect upon the public
credit, and operate injuriously upon large numbers who
have heretofore invested their means liberally and con-
fidingly in government issues. The secretary is not
unmindful that in the opinion of many persons con-
versant with financial matters • recourse should be
had to foreign markets, and in two acts of Congress,
one of which is still in force, authority has been given to
negotiate a foreign loan. This, if practicable at all. on
terms which the secretary could feel justified in accepting,
would in his opinion, at the present time and under exist-
ing laws, be so inconsiderable in ►mount that its effects
would be merely temporary, and would afford an allevia-
tion rather than a relief. Our bonds have already, to •
ooneiderable amount, been sought for abroad, and to that
extent the home market has been relieved and
strengthened. Communication with Europe is now so
easy and regular, intelligence is transmitted so rapidly,
business facilities are so abundant, that foreign markets
are almost at oar own doors, and a demand abroad
is felt almost at the urn* moment and supplied without
Injurious delay. To effect a foreign loan would not, as it
has seemed to the eecretary, add much if at all to the
whole amount of sales unless stimulated by efforts and
inducements which our financial condition has not as yet
called for, and though • certain advantage might be gained
in the power to control in some degree the rate of foreign
exchange by the deposit of a large sum to be drawn against
as occasion might require. The possible benefit thane* to
be derived has not seemed sufficient to counterbalance other
and opposing considerations. This n►tion has been able
thus far to °oviduct • domestic war of unparalleled magni-
tude and wet without appealing for aid to any foreign
people. It was chosen to demonstrate its power to put
down insurrection by its own strength. and furnish no pre-
tence for doubt of its entire ability to do so, either to