The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-08-08

Financial Aspect Of Our National Afsa IRIS.
The federal Congress Of the United States
has adjourned, after providing, in the fullest
manner, for the payment of the expenses Of the
war to suppress rebellion. The Congress of
the Confederate States continues its debates
with closed DOORS but it is understood that its
weightiest considerations are given to their en-
barrassed pecuniary condition, and that it is
oiled with dismay at the gloomy prospect be-
fore it. A financial revolution is in progress
throughout the entire Union. Appearances in
dictate, however, that ii will prove healthy and
beneficial to the North, while it must eliminate
in disaster and ruin to the South The sudden
ness and m .gnitude Of the fiscal operations
which the war has engendered, have demon
strated the almost inexhaustible resources of
the non-slavelolding States, while under the
tyranncal and oppressive rule of Jefferson
Davis and his fellow conspirators, taxation has
assumed shape so irregular and unprecedent-
ed, that the most sanguine believers in sepa-
ration Of the republic, stagger under the bur
dens which have begun to be imposed Sol
Veney, with vast reserve of resources, as yet
Untouched are the guarantee to the administra-
Jon that it will be able to put speedy end to
treason, while insolvency want of credit, and
exhaustion, are all that the Richmond govern
ment can look forward to.
Upon great national and patriotic scale, the
expenses of the war, will, for some time, con-
siderably exceed a million of dollars per day.
What then? Congress has cheerfully yielded the
money, and the new Tariff and Loan bills are
about all that could be desired under the cir
cumstances. A loan is authorized to the extent
Of five hundred millions, of which half is called
for at present The holder of the stock that is
to be issued will receive seven per cent for his
money, and it is believed that the Treasury notes
will be current at not far from par. These lat
ter may be given out Of such small denpmina-
tions-fves, tens, and twenties, if necded-that
they will speedily be absorbed into the currency
Of the country, and their presence will scarcely
be felt. A large portion Of them, moreover, will
60 back into the national Treasury in the shape
of taxation. The Tariff and Direct Tax bills, it is
thought by the Secretary of the Treasurt, will
yield from ninety to hundred millions Of dol
lars. The additional duties imposed on tea,
coffee. sugar and a;r;su, articles so suitable for
the purr ..es of revenue, as has been proved by
the experience OF Great Britain and France will
bring in, alone over twenty-five millions and
the income tax of thirty millions will afford
twenty millions more from the loyal States.
Foreign commerce may somewhat dwin lie, in
view of the high duties imposed on woollens.
silks and iron; but the impetus that will be
given to domestic manufactures and trade will
more than compensate for any loss in this direc
ton.
One OF the best features Of late financial
legislation, at Washington, is the virtual aboli-
ton of the sub-Treesury system, by enabling
customs and taxes tobe paid in Treasury and
bank notes. 1t is fitting in a commercial coua-
try, that there 49, nwsu1nI go