Smyrna times., 1861-12-19
G8s Smprua Times,
THURSDAY, DECEMBER 10, 1861.
Providential Phases of American FL
nance.

nance.
We have repeatedly alISded to the prepitious |
financial condition OF the country. 1t is an |
anomaly in history. To Christian citizens it !
can appear nothing short of especial Provi- |
dence." Such citizens need not rejoice in the
suferngs Of foreign communities by bad crops,
but they may well rejoice that their own coin
eidsnt bountiful crops enable them to save their
foreign brethren from starvation, and at the |
same time to provide superabundan for the
National financial wants even in time of war.
Such is the just view of this case.
The singulariIy, the marvel, is presented in
our actual condition, of country in war, in the
worst kind, and yet commanding the exchange
OF the commercial world; having more money
than it ever had at any one fsrmer period &C.
cumulating every day; its railroad stocks rap.
idly rising by increased transit business; it's
shipping sstir with extraordinary activity; no
foreign loans necessary its National loans KEEP
at home, thereby increasing circulation and
lnVIgotating business. The hand OF God is in
this anomalous condition, and, in conjunction
with the patriotic supply of men, the patriotic
unanimity of opinion for the Union, and the
recent tendency of military and naval events,
it shows what is the providentiully designed
upshot of our National trial. No Christian
thinker can mistake that design. The Great
Republic Of the new world 10 summoned by
God hmselftS rise to greater vgor and great
er future than ever it has anticipated.
= L.. Il.
than we to bear National debt /; for the land,
Oh its surface and beneath its surface, is full of
wealth, and National debt is substantially bat
a mortgage on this wealth. Our accumulating
debt may, without a figure Of speech be pro.
nounced trfing cOmPered with that of almost
any important State of Europe. Whatever
may be the eventualties Of the war; the debt
thus far must be pronounced trifling as affect
ing the intrinsic credit Of the country; for even
IT the Southern secession should be permane
"a point inadmissibe except here for argument)
the remaining States world be greater in pop
ulation than The whole Republic was at the
census Of 1850, and the resources, developed
and undeveloped, of these States, surpass those
OF any other equal portion of the planet. Dou.
BILE, treble, quadruple the present debt, and
you do not approximate that OF England. Our
fathers emerged out of The Revolution with
: debt Gin l79l) of $75 100000. It estimated
that, taking inlo account the difference in the
4 relative value Of money and the conditions OF
G the country, then and now, we can bear deb,
of $4,000, 100000 easier than our fathers
= could theirs of 1871. They paid theirs SO far
;. by the war Of 1912, as to leave then $4,000.
o 600 unpaid: that war left US in 1916 with
}! $l75,OOO,OO0 of debt, and but eight and hall
milliSn ofpopulption. This amount has been
estimated (eavng out every calculation bu
e numbers) as equivalent to about $3.50 900 ,OO(
/ at the present time. And yet in nineteen year
e we paid it all off and had an overpus in the
= Treasury. How have the population and re
sources Of the country advanced since this Ii
:. quidation, and how much more able are we {,
y master q debt not merely one.thrd as large
but three times, twenty times as large!
= So far then as the present debt or any posi-
~ BILE debt tor the war is concerned, we affirm
that the intrinsic credit (that is to cay, the in
rs trinsc capacity of The nation is trium phantl
" superior to any real or permanent liability.
The banks, in co:eperstiOn with Secretst
b. Chase, (whOss able management is one of th
as extraordinary facts Ofour current history, hav
in shrewdly looked ahead against any possibl
unhealthy revolution in exchange, and the
- have made sure work in the matter. We hav
a. no fears on the subject. A time Of war is nc
but temporary raise of exchange lately attempt
Us ed, and even the alarm which it excited, sho,
a. what caution exists on the subject. Not onl
IL do we feel perfectly secure fer the time tbs
~ the deficient European crops may yet need suI
'e. plies from Us, but we look farther forward to
y" ", renewed and mighty impulse TO our prsssI
monetary advantages over Europe. We b.
q lieve this war cannot be a losg one, and thu
to il must result in the restoration OF the Unio
n' Even the partial restoration Of the Union-
"D some Of the Atlantic States-msy reopen OF
I'd Southern resources. II, by the termination
] the war, or otherwise. we shall be able to Il
low our supply of cereals to Europe. with
y supply Of cotton, tobacco, etc., what an il
ar. mense enhancement must the fact give TO o
Ike command Of the European money market |!
b.. How most il extend that command 10 bo
au range and duration Our only danger Ih
n,a will be superabundant wealth leading to sup'
ave buudant speculation, importation, &c. -
my In fine, the extraordinary fiscal conditions
KISS the country increasingly confirms our late pI
80" 80" dctiops Of d permanent revolution in the re
car tions Of American and European business, q
ing hereafter the supremacy TO the former, q
. tkis the result Of eiUil soar patriotically a
faIr brarely net BY our business men. God, 81
M. The Methodist, will help lhose who help the