The sun. [volume] (New York [N.Y.]) 1833-1916, 1861-12-10
TIVE NEW YORK SON.
TUESDAY MORNING. DEC. 10, 1861.


,,, sftprtI- Enelish account which las
sent down our stock market 10y the ruu, rou0l'l
our Canadian and Havana ncighpors Immensely
c.u.cd the psoplc Of Dixie to chuckle over an
.p,icip,ted outbreak with Euglaud, AMI other.
ri-c kept capitalists and ncrvou, people awake
for long number OF nights past, j. likely to 'e
sou.rvd On without single cross wuri or angry
look on the part Of the Enslsa Government
AZ things now appear, the aspect ct affairs
on this side Of the Atlantic has been preeiseiy
duplie.ted on the other side While American
funds have zone down here uPoi the seizure OF
IN. R.l-el Comm ssiouors, and trouble on &C
count of it has l,et feared with England, the
s.ms rcsul; has taken place there upon trouJ"
feArvd with America. The rebel pHvatcc
Nashville has gone into Blush port ant re-
ceivcd such ceunteua-c e THAI p'rfion e'the En-
rlish press has a. energetic al, calcd up'n their
government to surrender Officers and crew
x our go, eminent Ne some OF IN weak htrk'i
journals Il this country have callcd upon our
own Administrator TO hi,c up Sid aHl
Niscu.
A, intaNc.l lv the risiu. c.'c' upon iinan-
eil matters in this country Blush law aud
s,n.c having evidently deciisi the question in
our favor = general disposition to~ar!' htl uity
pr,vailS ani hands all arcuni" bid. fair to be
TIE order Of The DAY. In, clouds Of war will
dispcrse After due sapry Of thunder tfUm the
London TINS, ard Nhcn the o'hcr papers, and
the English people generally. .h,ll have made
the for fiy sufficiently from the sides Of the
British los 10 show that the aIroni, If there
hal been one, would have been resented, the
affair will pass automatically away.
Pair Look Mt Our Liabilities.
In these ttoubous times it requires nerve to
look our financial position fei,ly in the fac
But We hope our readers will 40 So aud We all
wise them 90 give the report Of the Secretary oil
the Treasury, which will he found upon the firs'
page, an attentive rerIsal. In interest to the
reader il is no, second to the Report Of the Wa
Department. while TO the commercial and inan-
oial world it is the most Important document o.
the gear.
Its prominent feature il n debt, in round
numbers, Of oSK THOUSAND MILLIONS or DOL
Lars This to European mon Tchy is no.
much, for thoy never expect to pay their debts
but TO a new and vigorous country, which ht
never contracted obligations except to NEE
them, and which has frequcrtly had from tel
TO forty millions OF idle funds In its nationa
purse, II sounds appalling, and leads rs to fee
poor indeed. That this amount, and the sam
twice told, will be choeriull y expended bcl'r
our north, IN nation falters in it's onward cours,
the people Of the South and the nations Of Eu
rope may res, well assured; but i, is to b. hon
that our Government, 10y its wise and yisorou
action, will either make the southern safe
tributary TO large portion of the debt,er by a
early suppression of the rebellion curtai
its proportions.
Among the suggestions for revenue, our rcaf
cts will note with smile the yertahlc "Stam
Act" which became 80 odious in the times
the Revolution, and from which tho Amerc'
mind s,ar,s back as If from tho bite OF II 80
pent. II is not generally known that this mo
Of raising revenue has ever been in force in Il
country, but such is the fact. II existed
Maryland for several years, in consequence
the internal improvements Of that state hivi
created a large debt, and no adequate inca
sKisting TO meet the interest, except by 81
unusual enactments. During its cxiston
notes, drafts, bills of exchange, receipts a
other similar vouchers of dobt and obligation
were invalid except written upon paper sold
the state auth rites, and bearing n smi
stamped seal, something like the impress of
dime piece, upon one corner.
to M, ans for credit, from tho first 81
gestion OF the Secretary, touching the tran
fer of all the Banking interests of the coui
Try to Government hands, thus raising OF
OF the most stupendous monopolies the woi
over saw, evc'y reader will start back wi
alarm. II the idea is thrown out 10 soul
the popular pulse the Secretary will so
10 convinced that the people of this Goa
try are not easily led into any such del
sions; but the policy of even admitting to q
light, so monstpous a proposition, at a tin
when a good reputation for sound sen
and good judgment on the part
the Department, is so much need
is, indeed, to be questioned. The second sugeC
tion, which simply contemplstes an enhanc
ment Of the Federal loans and Federal cred
by making its stocks the hasis for a univer
banh'nB syb'" Nh'"ub""u' wv ""''' N''''''
is not 50 Objectionable, although it is to be he
oil that our National tebt is not to he of II
permanency which the suggestion implies. 7
plan would be productive of good to the Go
eminent, but the whole system would be ov,
thrown on the final payment Of our Nationl Q
legations.
The report closes with the operations of t
Mint, from which it appears that while Phi
delphia retains the Mint proper, New Yo
through its Assay office, does all the COMA,
An excellent time, now, to correct this loag
dured injustice.