Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-01-31
EXPENSES OF THE LAST WAR, &c.

We have not had an opportunity before to-day 10
place before readers the following letter, which
has strong claims to their attention:
TO THE EDITORS NATIONAL IsTELLIsEscER.
GRSTLEmEs The editorial article in your paper Of Tues
day last has prompted make you this short
cation Il forcby brought my recollection things
which happened in bgone days. which was an eye
ness and IN which had little participation. / allude
to the very great embaassments of the Government in its
financial affairs at the time Of last with Great B
tain The statement which you have made regard the
difficulty Of obtaining money carry the war; far from
being exaggerated one falls far Of the real facts of
the Instead of the Government paying ga premium
Of twelve per cent the loans which obtained twenty
and twenty-five per cent paidthat is say the Go
gave hundred dollars in United States stock for
seventy-ve eighty dollars in bank paper, which, being it.
self redeemabe in specie, except another discount
from twenty to twenty five per cent the difference in
value Of between the paper the Government and the
lawful currency Of the country from forty forty five per
The whole of the losses in these exchanges fell as
matter of course the public So much for the effects
Was, upon country at least.
But this not the worst part of it, We dracing
nigh 10 the brink of the preepice The peace concluded at
Client saved from further and greater difficulties and
baassments, maugre all the esprit and courage" of Mr.
Dallas the then Secretary of the Treasury in the manage
ment Of the finances Of the country, He could not any
than his immediate predecessor, extract blood from fup.
The truth is the people Of this country will submit be
taxed very heavily if it be done directly and every body
who will reflect the subject know that can
but little by duties imposed imported articles when
at war with such maritime power England. Our past
experience ought therefore, have taught this lesson
that Federal Constitution made for of peace
that excepting that instrument the time
fully with formidable enemy, such England unless it be
purely defensive, in which believe might defy all
chsendom. Now, gentlemen, mark what say the yeo-
many Of this country will sustain the Administration
the madcaps in Congress in with England for " the
whole of Oregon, inch beyond the forty degree
Of north latitude, if indeed, quite far that Remember
that speak of the yeomanryhe taxpayng people Of the
country-not of your idle brawng politicians and dema-
gogues of cities and villages, where in hotels
and the of discuss and settle the affairs of
great nation accordance with their selfish views and
interests Do not misunderstood do say that we
shall have about this Oregon question On that sub
jec have my doubts and my fears The Pesdent-and be
remembered that voted the electoral ticket that helped
elect him-the President say took wrong position in this
from the beginning he has yet got right. Had
he listened less rather at ALL who poll
cans by ade seeking places for themselves and their kim
utterly dsregadng the great and permanent interests Of the
country he would have been in the pedcament in which
he finds himself The real friends Of the Chief Magistrate
and the country stand aloof when they Executive
surrounded and he himself bese by miserable squads
of oceseekers and solicitors for public patronage II is
enough disgust every highmnded rejecting wit
such things But enough Of this My principal object
in writing this hasy essay you right matter Of
fact and you that in the country (hers reside
not yet conversed with single individual whatever poll
he ~
strip Of unproductive land in what is called the territory
Oregon And this firmly believe be the opinion of the
paying people throughout the country generally And yet
may have unwse counsels stimulated by those who
have nothing lose but every thing gain in the contest
bring the country into that calamous predcament We
shall see, and that long. have nothing present
to say, but TO subscribe myself, what in truth am
JANUARY %, 1916. A PLAIN FARMER
The writer of the above letter. though he is, as
he states himself farmer, and we believe very
skiful one, has not always confined himself to the
labor Of tling the earth. On the contrary, though
for perhaps the last thirty years retired to his farm
no man had more opportunities than he of being
acquainted with the financial concerns of the Co
vernment during the war of 1912, land before it,)
nor did any understand them better.
In the article which we prepared for our readers
the other day, on the civil or financial history of
the late war, took care, both in our statements
of the past and predictions of the future, to
keep far within the bounds of truth. We did not
care to let even own readers, much less the
world at large, know how nearly the wheels of Co
vernment were brought to a stand within the last
few months Of the war Of 1912.
Since our Democratic friend insists upon il, how
ever, we must admit the facts to have been even
as appalling he states them. Instead of the
premium Of twelve per cent. paid by the Gov
eminent for money borrowed at six per cent.
year, the premium paid upon the last loan the
Government was able to obtain, we find, on recur-
ring to the record, was fwenfy per cent.--and the
amount Of eighty dollars in money for one hundred
dollars in stock in that loan was received in paper
Of non-paying banks, upon which the discount in
specie was. as correspondent states twenty-five
per cent. So that, in fact the Government paid
premium of fortyofve per cent. upon money bor-
rowed at an interest Of six per cent. per annum,
and, even at that rate, had lost the faculty of
borrowing.
We suppose all our readers know that the sus- |
pension of specie payments by all the Banks south
,f New York, if not all south Of Boston, as it
he necessary consequence of the state Of war at
he time we speak of, will be the inevitable effect
II wa xyith hon