The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-12-05
FINANCIAL AND CONNER GAL.


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TUESDAY, Dec. &c p. NJ.
The Presidents Message and the Report OF tne
Secretary OF the Treasury were laid before tho
pubic IN this afternoons HERALD. The former
seems TO meet with general approval. The Pred.
cent afiiims that South Carolina has no right, un.
der the constitution, 70 secede from the Union, bus
that II she does secede, neither Congress nor tho
President has any right TO coerce her 10 remain
in the conederacy; that the people Of Sosth Caro-.
lima enjoy the right Of revolution against the gene.
raj government, but that no grounds exist for tho
exercise Of that right finally that the time has ar.
rived for an amendment of the constitution, reeogs
nizing the right Of property in slaves in the slave
States protecting that right in the Territories, and
securing to the South, Independently Of the action
of State Legislatures, substantial and effective
Fugitive Slave law. Ii now remains 70 be seen
whether the republicans are prepared 70 yield 20
much as this, and whether the cotton States Oh
the other hand, viii accept this compromise. Thi5
question cannot be determined for some time. Ia
the meanwhile. the announcement that there Is no
present prospect Of actual hostites between the
United States and South Carolina viii probably
tend to produce calmer state Of feeling both u
the South and at Washington.
The report Of the Secretary OF the Treasury isS
in some respects, melancholy exhibit, inasmuch
as it depicts this great and prospereus country
sinking deeper into debt year after year. On 30th
June 1885, the public debt amounted to $44 el0 077
including o754 500 of Treasury notes; on 30th
June, 1852 the public debt amounted to SIS, 1854.
$40, including SIS l53,e6l of Treasury notes; On
30th June, 1850, the public debt amounted to
f64 ,769 ,70s, including $l9, $50 500 Of Treasury
notes. Since then some Treasury notes have ma
tured, and have probably been paid; but to raise
the money 10 do so the government has sold
$40, coo eco Of per cents at fraction over par.
The buyers Of IS 9ol 900 OF this $40 600 900 have
paid up either in full or in part; the takers Of The
remaining Il ,oo9 900 are delinquent, and decline
to take up their stock. Mr.. Cobb applies TO Cons
grets fer power TO have the stock sold for their &C.
count. BY January l, over million and qnarteE
will be required to pay the interest on the public
debt; and between this and then large sums wiz
be required 10 pay the expenses Of Congress, and
to redeem over five millions of maturing Treasury
notes. The Committee of Ways and Means in Con-
gress, foreseeing no such revulson as the one
which has now ovsrtaken us, reported, last
session, bill authorizing the issue Of SCI 600, 00Q
OF five per cents to redeem these Treasury notes.
and provide for the expected deficiency Of reve-
nue.. OF these, as we said, Mr.. Cobb disposed, on
the 22d of October uls., of $4,000, 900. He nov
asks Congress to repeal the act SO far as the re.
naming ell 100000 are concerned, and 70 author.
ize him to reissue Treasury notes the best terms
he can. Something of the kind must certainly be
done, and that quickly The best bids at the
Brokers' Board for the new i've per cents
are 80 %; and II any large amount were
offered the price would probably decline
TO so Is. If the present agitation con.
tinues much longer people win not he willing
to give even 80 for United States 6ves. The ques.
ton is, win the substitution Of Treasury notes for
government stock mend the matter? At present
notes bearing six per cent interest are worth 80
9sa. The reason why they are higher than stock d
because they are received cash 1T the Custom
House in payment of duties But II the present sgita-
tons continue and more Treasury notes are issued Il
is evident that nothing but these notes win be paid
into the Custom Houses for duties, and that thu
government will receive no revenue except ia
own obligations Mr.. Cobb proposes, in order
TO give . higher rank 70 these Treasury notes,
that the public lands shall be pledged for their
repayment. II the government OF the United States
is going to last the notes need additional secu-
rity; II the government ia going 70 pieces, tho
pledge of public lands, about which the South and
the North may presently have 10 fight is not worth
much. We confess that, as we stated few daya
ago, we very little prospect Of the United Stated
being able 10 pay its de 1ts this winter. Perhapd
If the first debt postponed were the pay and mile.
age OF members Of Congress, . settlement Of tho
pending difficulties might be facilitated. With re,
gard to the expenses Of government, II ia crafty.
ing to notice that they are being reduced, as tho
following table shows
Enper diure Of 1913 ..................sTl sol,l1
l5os-oO.... ................. 90 402,A ~
For the yeur 1850 81 the President thinks that
the general expenditure will fall short Of SIS 000.
600. These sums are Of course exclusive Of tho
interest on and redemption Of the public debit the
former now amounts TO over three millions and .
half. Adding the interest on and redemption Of
the public debt, We find that public expenditure
for the past ten years has been a. followE-
PrsLrc ExrMprUR.s.