The Sun.
London, England, 1863-08-07 00:00:00

interval that was to elapse between its own retire-
ment from public life and the assembling of its suc-
cessor, and voted for the service of the year ending
on the Ist of July, 1864, the following sums :
Dols.
For the support of the Army 838,594,644
Navy 89,848,205
•• • •
45,612,821
Civil and other expenses

Total
resources except
the interest of
the debt, Mr. Chase has no actual
To meet this expenditure and to pay
the proceeds of taxation—of which the Customs'
duties were expected to produce last year 70,000,000
dole., but which only produced
60 000„ 000 dole., and
which may, perhaps, produce still less in the current
dtheyear—a war taxes, which were estimated
n neSupposing that taxation yields the sum anticipated,
at 150,800,000 dols., or a total of 220,000,000 dole.
that the Western agriculturists are in a position
and in the mood to pay income tax ; and that the
great bulk of the commercial and professional classes
throughout the North make honest returns of their
gains, and cheerf ull3- pay a direct tax upon them
(which is a little too much to expect of Yankee
human nature, or of British human nature either,
as Mr. Gladstone and the Income and Property 'fax
Commissioners well know), Mr. Chase will have to
provide at least 753,000,000 dole. over and above
the revenues of the State for the necessities of the
Government daring the year. Should he resolve to
meet the emergency by issuing all the greenbacks
that Congress has authorised him to put into the
market, he will not only fall short of his needs by
the sum of 100,000,000 dots. (twenty millions ster-
ling), but he will send up the price of gold to a
much higher point than the maximum which it
attained this year, 76 per cent., possibly, and very
probably to 100—a state of affairs to which as a good
financier, he has the strongest repugnance. Nor is
this the whole of his difficulty, for within 12 months
he must pay off short loans, of 5 per cent., 6 per
cent., and 7 3-10ths per cent., amounting in the
aggregate to 392,000,000 dols. And these
short loans are already beginning to trouble his re-
pose. Within the last 90 days 150,000,000 dols. in
greenbacks have been funded into " Five Twenty
Bonds," an operation which has caused a rise in
the value of money from 4 and 5 to 6 and 7 per
cent. The continuance of this high rate necessarily
involves the repayment by the Secretary of all the
temporary loans which he holds at a lower rate.
Congress, however, has not left him without power
to contract new loans for the repayment of the old,
and has authorised him to issue—

Dols.
Six per Cent. Five Twenty Bonds 300,000,000
Six per Cent. Ten Forty Bonds 500,000,000
Six per Cent. Twelvemonth Bonds (or loans
for a year)

1,100,000,000
It was originally the intention that these bonds
should be put up to public competition, but as the
probable discount at which they would be taken
might have been alarming in itself, and hurtful to
the prestige of the Federal Government, if com-
mented upon in Europe, Mr. Chase on his own
urgent remonstrance was authorized to sell any of
stocks at any price privately. The law approved
on the 3d of March.

The last working day of the sittings of Congress
expressly states that he may " sell them below the
" market value." If Mr. Chase desires to succeed
Mr. Lincoln in the Presidential Chair, as most people
believe, it is evident that he has it in his power to
work the finances of the country to that end ; and
that he can place chances of fortune in the way or
his friends aed supports more brilliant than ever
before were at the disposal of a Minister. However
that may be, the task before him is herculean, if he
would avoid, as he desires to do, the inflation of the
currency, and the consequent rise in gold, and carry
on the war without a total derangement of all the
trade, commerce, and industry of the country. By
the Ist of July, 1864, let him manage as he will—
either by fresh loans at high interest, or by the
issue of paper,—the debt of the Federal Govern-
ment will greatly exceed two thOusand millions of
dollars, or, at the ordinary rate of exchange, four
hundred millions of pounds sterling. This vast
sum, however, has no terrors for the American
mind. "If Great Britain owes £800,000,000 ster-
ling, are we going to break down under the weight
of one-half of that sum P Guess not !" Such is the
substance of the reply that is invariably given,
followed very often by the consolatory reflection
that though it is possible to ruin many hurdreds of
thousands of American citizens, it is utterly im-
, possible to ruin the great American nation.
All the foregoing calculations are founded on the
liabilities of the past and the current year. Should
the war continue for a longer period, and not be
brought to a close by Mr. Lincoln's successor in the
Presidency (which is not likely if he be of the same
school of politics as Mr. Chase, or any other poli-
tician pledged to the emancipation of the Southern
slaves as the necessary preliminary to any recon-
struction of the Union), the financial situation would
of course be much worse. The Southern debt
would have to be added to the Northern to arrive
at the real money cost of the struggle, in which
case the fast Americans would have the right to
boast of having attainel in four years a state
of indebtedness in fighting against one another
which it took slow England nearly 200 years
to incur in battles by sea and land with foreign foes
exclusively. And should the Northern Government
succeed, as it hopes, in conquering the South by
means of this enormous expenditure, it will gain
nothing but a half-ruined territory, inhabited by an
exasperated and embittered population of whites,
and a useless and pauperised population of blacks,
to keep the first of whom in subjection and the
second in-bread will cost annually about as much as
was required to carry on the war. America may be
a very great and very fruitful country, with resources
all but illimitable; but if the North can stand such
a drain upon the industry of its taxpaying people it
may claim to rank not only as the richest and most
patient, but the most heavily burdened nation on
the face of the globe. But its future prosperity will
not, under such circumstances, keep peace with the
promise of the past. The struggling workers of
Europe who have done so much to develops its re-
sources will remain at home. America will offer
them no attractions. With more of liberty and less
of taxation in the Old World, they will either re-
main in their birthplaces or betake themselves to
Australia and New Zealand—to any place that
offers a strong man a chance of freedom and sub-
sistence, and not to America, that will cease to offer
him either.

CONSUMPTION HOSPITAL, BROMPTON. The
quarterly court of the governors of this charity was
held yesterday at the hospital, Brompton, Mr. T. P. Beck-
worth in the chair. The minutes of the last court having
been read and confirmed, the report, which was read by the
Secretary, stated that the institution continued its course of
usefulness. The extra beds put up during the winter
months, and increasing the hospital accommodation to 210
beds, had been vacated since the commencement of the
warm weather, the hospital having now its ordinary com-
plement, viz., 200 beds. The number of patients under
treatment was about the same as in the corresponding
quarter last year. The out-patient department still con-
tinued to do great good. During the past three months,
although the donations had not been so numerous as the
committee wished, yet the committee had been encouraged
by several liberal gifts, and amongst others might be men-
tioned the munificent contribution of £l,OOO from a lady.
The hospital had also obtained several additional annual
subscribers. the number of patients admitted since the
28th of May was 178 ; discharged more or less benefitted,
153 ; died, 19; the new out-patients numbered 1,417. The
drain upon the funds of hospital, caused by the mortgage
of £9,000, rendered the acquisition of new legacies par-
ticularly acceptable. The committee begged to express
their cordial thanks to the Archbishop of Armagh, the
Bishops of Limerick, Lichfield, and Mauritius, and to other
clergymen who had so ably advocated the charity. On the
motion of Mr. Dixon, seconded by the 14ev. Mr. Franklin,
adopted.gs. A vote of thanks to the chairman
closed
reportthe
's Ointment and Pills.
[AnvERTISEM ENT.] —Hol.l o way .....
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eedi n
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