New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1858-05-31
NEW NATIONAL LOAN.

Speaking Of the new loan Of fifteen millions Of
dollars asked for by the Administration, the Peters
burg (Va) Intelligencer remarks:
When, few months ago, the Government asked
for loan lin the shape Of treasury notes) to the
amount of twenty millions Of dollars, the assurance
was given that it was not at all probable so large
sum would be required, but in order TO provide for
any contingency, it was deemed prudent to provide
broad margin. The amount granted, and is
gone almostin a twinkling and now the Secretary
OF the Treasury is down on his marr0w-bones again
begging Congress for fifteen millions more. When
we recolec that, less than year and quarter ago.
when the present Administration came into power
there was surplus OF nearly thirty millions in the
treasury and that the Government has had the bene
tt Of all the receipts since and loan in addition of
twenty millions, we are bound to conclude that Demo-
cratic economy is very costly institution, and De-
mocracy it,ef most expensive luxury.
The Administration has certainly spent great deal
'of money and If it goes on to the close the way
has commenced, On enormous national debt will be
the result, without anything to show for it oil the
smallest value or usefulness The treasury was
gorged to bursting with some $50 600 900 when the
Administration came into power. This vast amount
was Withdrawn from circulation and could have done
no more Injury to commerce It it had beeu sunk at
the bottom OF the Red Sea, Black Sea, Dead Sea,
White Sea, or any other sea- than il did do BY being
locked up In the surcharged sub-treasury chests
But we are DEPRESSING, and are referring 10 some Of
the bad effects Of the working of the subtreasury
system, with which we have no present business
For time the sum kept augmenting in immensely
and as the augmentation went on the Inconvenience
to the general interests OF trade enlarged But these
halcyon days Of exunerance soon passed away The
Secretary Of the Treasury. Mr.. Howell Cobb of
Georgia, soon demonstrated that he possessed more
talent, was more stupendously gifted, in the line of
spending other peoples money, than any Of his pre-
decessors, who, Justice requires US to admit, were
tremendously endowed in that way. Very soon the
millions began to depart. The process Of departure
grew more rapid as Mr. Cobb became by experience
better acquainted with the details Of his Office As
he got the hang Of the house, the " mintdrops''
flew with celebrity that would have astonished the
most expert artist that figured in the annals of
finance. His dexterity became marvellous, so much
So indeed, that collapse of the treasury bag en-
sued, and dead lock Of the wheels of Government
inevitable had not Congress assembled the tenth
month after his accession 10 the management Of the
financial department Of the Government. We do
not deny that his extravaganza in emptyng the
treasury boxes allevated somewhat the pressure Of
the crisis, while il bankrupted the Government and
in this consists his only Recommendation.
Having spent thirty millions in less than ten
months, over and above the regular revenues, he
modestly asked Congress for loan Of twenty mill
ions. aud distinctly intimated, by way Of per.
suader 1t Is fair to presume that he would not want
another red cent from the national legislature to en-.
able him to keep the wheels OF the federal machine
properly fabricated with the golden OIL In fact he
gave out the idea that he would require bat portion
of the loan asked probably not more than half
bat to be the safe side he desired to provide against
all possible contingencies. This looked and sounded
fair and reasonable, and Congress gave Mr. Cobb the
twenty millions. This sum, 1t appears has gone in
search Of the thirty millions surplus Mr.. O. found in
the Sub Treasury vaults on his assumption Of Office
and now he asks for fifteen millions more, which
sum, he positively AYERS, will enable him to get
through without trouble
Well, we should think it ought to Thirty millions
surplus gone--twenty millions loans gone-the &C.
eruing revenues gone-and fifteen millions more
asked for all in less than fifteen months ought, il
seems to u.s. to satisfy any Secretary of the Treasury
At this rate ofexpenditure the. Buchanan Admins
tration will lay down the seals Of power with
national debt of one hundred and fifty or two hundred
millions Of dollars bearing upon the country, instead
Of the surplus they enumerated when they mounted
to the high places Of authority But, what Of this
Our people delight in paying taxes-love to be
swindled-and make ID point to encourage and
patronize those who oudest in protestations of
economy while they practice the rankest OF extrava
gance. This is great country and can never
be fenced in.