The New York herald., 1861-12-31

Financial Position or Congress-
Yesterday the banks of New York suspended
specie payment with some twenty-five millions
of gold on hand. Only few days ago they
had forty millions, and il is probable, if the
suspension had been deferred little longer,
tho last dollar would have been drained from
their vaolts. We learn by telegraph that the
Boston and Philadelphia banks have followed
suit 1Ne silent panic among the depositors
which thus prompts them to withdraw their de-
posits has been brought about by the infamous
conduct of members of Congress, who, since
the opening of the session at the beginning OF
this month, have done nothing in the direction
of y provision for the financial necessities OF
the country in its hour Of need, with the excep-
| ton of a tax upon tea and coffee. which will
but slightly increase the revenue. Their whole
| time has been squandered in miserable SQUAD.
bles about the everlasting niger, who has
mOnopolized the attention of the Senate and
House Of Representatives for so many years.
to the exclusion Of the real business Of the na.
tion. And now, with war on our hands, costing
| it is estimated, about three millions per day
the Treasury will be without a dollar by the
middle Of January. BY that time the loans Of
one hundred and fifty millions made to the
government by the merchants and the banks
will have been expended, and no means what
ever provided for further supply Of the indis-
pensable sinews Of war.
BY the magnanimity Of the President, and the
mssterly diplomatic skill Of the Secretary Of
ctofa fba angry ihroofa IF tho En- rtox,orc
ment and its press are hushed, and their violent
denunciations will recoil upon themselves
| Henceforth nothing remains to distract the at
tention Of the administration or divide its ener-
gies and resources. It's whole power by land
and sea will be occupied in the suppression OF
the insurrection for the next two or three
months. To accomplish this great purpose
money is wanted. How is it to be raised
Hitherto the government has obtained
funds by heavy loans from the banks
and merchants. by the popular 7:30
loan and by the issue OF demand notes.
But loans Of this kind cannot last always, and a
more comprehensive system is demanded by the
crisis. Some loans must and will be still OBJ
tained but what is most required il a currency
consisting Of Treasury notes bearing a small
interest, and to he funded at certain time
hereafter, at the option either Of the holder or
the government. These financial operations
must be based upon direct taxation. We are
twenty-five millions Of population, including
the loyal States and parts OF the disafectcd; we
are rich in all the sources Of material wealth,
and are as able to bear taxation as any people
on The face OF the globe. Let all kinds of pro-
perty, therefore, be taxed, real and personal
estate, together with income. including that OF
newspapers, according to their circulation and
advertising patronage. In addition 10 the
ordinary revenue, which under the present
commercial circumstances OF the country. will
not amount to more than forty millions for the
ensuing year, it will be necessary to raise by a
direct tax some eighty or ninety millions to
support the loans and Treasury notes.
Now, this is what ought to have engaged The
talents and attention of members Of Congress
during the last month, instead of wasting their
precious time, by eight and by day, upon fruit
less discussions about The negro-a question
with which they have nothing whatever 10 do.
As they have so long neglected the interests Of
twenty five millions Of white men Of the North
for the sake Of three or four millions Of South
ern niggers who need not the sympathy ard
desire not the legislation Of Congress. it is high
time for them to redeem their error by the
prompt adoption of indcious and comprehen-
sive measures Of finance, such as the exigencics
OF the country and the voice OF patriotism inn
pcratively demand.