The weekly sun. (New York [N.Y.]) 1851-1869, 1861-12-14
A Pair Look Mt Our Liabilities.

In these troublous times II requires nerve TO
look our financial position fairly in the face.
But We hope our readers will do so and we all
viso them to give tho repor, Of the Secretary Of
the Treasury, which will 10 found upon the firs
page, an attentive perusal. In interest to tn,
reader Il Is not second to the Report of the Wa
Department, while TO the commercial and finan-
cial world 1t is the most important document Of
the year.
Its prominent feature Is a--debt, in round
numbers, Of oSK THOUSAND MILLIONS OF DoI.
Lars This 10 European monarchy is no.
much, for they never expect to pay their debts:
Out to new and vigorous country, which has
never contracted obligations except TO moot
them, and which has frequently had from ten
10 forty millions Of idle funds in its national
purse, II sounds appalling, and leads ~ to feel
poor indeed. That this amount and the same
twice told, will b. cheerluly expended before
our northern nation fiLters in its onward course.
Nhe people Of the South and tho nations of En-.
sopo may rest well assured, but it is to b. hoped
that our Government, by its wise and vigoro1s
action, will either make the southern states
tributary TO alirge portion of tho debt, or by m
carly suppression of tho rebellion cur,ail
ats proportions.
Among the suggestions for revenue, our rca'-
eis will note with a smile the vcritillc "S'amp
Act" which became 30 odious in the times Of
the Revolution, and from which the Ancrici n
mind starts back as II from the bite Of ser
pent. II is not generally known that this mole
OF missing revenue has ever been si force in this
country, but such IL the fact. 1t cxi ID in
Maryland for several years, in consequence Of
The internal improvements of tina. state having
created largo debt, and no adequate mean.
existing TO meet tho interest, except bv such
unusual enacimtnts. Daring its existence
notes drafts, bills Of exchange, receipts, AMI
other similar vouchers of debt and obi ,ations
were invalid except written upon paper sold ly
tho state auth rifles, and bearing small
stamped seal, something like tho impress Of
dime piece upon one corner.
A. 90 m, ans for credit, from the frat slr
gestion Of the Secretary, touching the trans.
fer of all the BANKING interests of the coun-
t'y to Government hands, thus raising one |
nj the most stupendous monopolies the wo III |
over saw, eve'y reader will start back with /
alarm. II the idea is thrown out to sound |
the popular pulse, the Secretary will soon |
10 con, iGcod tina; the people of this coIn-
~ are not easily led into any such delu-
sions but the policy of even admitting TO the
light, 70 monsirous proposition, at a time
when a good reputation for sound sense
md good judgment on tho part Of
lie Department. is so much needed |
g. indeed, 10 BE- questioned The second sus ycs.
ion, which simply contemplstos an enhance
lent Of the Federal loans, and Federal credit
y making i's stocks the basis for universe,
anking system throughout the VIII lie country,
not so Objectionable, although il /, to be- hon
that our NI'ioral tcbeis no, to be- Of that |
which he suggestion implies. The
Ian would be- productive Of good 10 the Gog
rnmont, but the whole system woulI he OYER
lrcwn on the final payment of our Na,olE %.
gators. c
The report closes with the operations of the /,
lint, from which it appears that while Phila-
elphia retains tho Mint proper Now Yo.k,
through its Assay office, d, es all the COMA 20.
N excellent time, now, to correct this long en-.
ured injustice.