New-York daily tribune., 1861-07-08
THE FINANCES.

pre,ept month, at nearly Three Hundred and
Twenty Millions of Dollars, whereof he proposes
TO raise Eighty Millions by taxation, leaving
Two Hundred and Forty Millions to be borrowed.
OF this sum be proposes to borrow One Hundred
Millions upon Treasury Notes, or Exchequer
bills, of $50, 500, $500, $1,000, and $1,000
at an interest of 3-1Oths per cent per aunum,
so that the interest on every $50 shall be just
one cent per day, and on each $4,000 one dollar
per day. This loan is to be offered in all the
cities and chief towns of the loyal States, so
that those who can take but $50, 500, or $500,
shall stand on the same footing. with the greatest
banker or capitalist, and every one may compute
his own interest, and realize that he wakes each
morning richer by the amount of that interest
than he was the day before. The Government
is to reserve the privilege of redeeming these
notes after three years from date.
This plan is admirable aud will command the
hearty concurrence Of the People. Whoever has
even $50 laid aside, should resolve and prepare
TO invest it in this patriotic loan. The rate OF
interest is higher than that paid by any solvent
Government; aud, unlike most investments, the
security will be at all times convertible into coin
1t may possibly be depressed below par for few
months, but it will be worth q premium on its
face the moment the war is ended Let the
patriot Press but do its duty in explaining and
commencing this loan, and it will be eagerly
taken to at least the amount proposed. The
Notes will become o favOrite currency; and as
the specie obtained therefor by the Government
will be Immediately paid out and thrown again
into circulation, while present Tariff obstructs
any outflow to Europe, we see not why any
amount that may be desired may not be obtained
on these notes. Who would MT prefer them to
almost any other securities bearing like interest 2
Why may they moi become iavorite medium OF
domestic exchange, being paid out for Produce
in the West and received again for Goods at the
East2 We believe their issue will strongly tend
to revive our internal trade and secure to our
artisans ampler markets and to our farmers
better prices for their produce. Give US the
notes
AS TO the alternative or supplementary loan
Of 500, 0,00O,0 900 proposed to be Issued by the
Secretary in the usual form, at rate Of interest
not exceeding seven per cent, we trust Congress
aud in the form he suggests. The Finance
Minister of the Government must not be crippled
nor fettered in an emergency like this. But we
trust this Loan will not be required, and We are
confident it will not be if the Patriotic or Popular
Loan aforesaid is duly set before the People, and
the money raised thereon employed in good faith
and with wisely directed energy in putting down
Al II ILL. Al IN h..na
Chase will ponder long and exhaust every other
expedient before deciding TO issue single dollar
in British currency and to attempt to negotiate
the same in the British or aby other foreign
market.
Gentlemen at the head Of affairs allow us to
sse plan words, for the magnitude of the inte-
rests at stake demands them. Sycophants and
jobbers tell you we are your enemies, but they
lie, and you ought to know it. Our first
anxiety is that the Country shall be car
ried triumphantly through this terrible crisis;
our next is that the Administration that we
waited SO long and labored so faithfully to bring
into power shall not 90 down to posterity brand
ed as mpOtent and discounted! But it pM be
0iscomfted--you ought to know it. Messieurs -
if it is driven into any sort Of compromise or
arrangement with the authors Of this gigantic
treason whereby they return to Congress and the
high places Of the land with triumph beamiDg on
their brOws. This is the one great danger OF
the hour. and we can not feel that you realize
it as you ought, or you would not allow arrest
ed traitors to be treated more leniently than
rioters at a camp-meeting, nor permit Davis and
Beauregard to barasS the navigation Of the Po-
tomac and still fsunt the rebel standard within
a days march of Washington, when they might
have been chased out Of Virginia ere this, had
they been pressed as they might and should
be. You have spent Fifty Millions of Dollars in
calling into the field Three Hundred Thousand
gallant men; and Seventy-fye Thousand of them
are about to be dismissed to their homes without
hayiog been gratI6ed-we speak Of the majority
with the sight of rebel regiment Is tins
war Does it look like an earnest, single-mind-
ed effort to put down the rebellion Are
brawls about Washington grOggeries, riots be-
fore brothels, the only semblance Of war which
the most Of our volunteers are fated to encOun-
ter Do you not know that the decentralization
OF idle months in camp will prove moro fatal
than activity in the field and exposure in the
combat
We are talking Of Finance; and we insist
that the very first condition of health in the
Finances is an immediate and resolute advance
from all points upon the rebel forces. Were
Beauregard crushed back on Richmond and
beaten, Johnston and Wise might be captured or
annihilated. II the main army of the rebels were
routed in Virginia or chased out of it, with n
correspondinp demonstration in the Sontb w..