New-York daily tribune., 1861-09-11
Nrw YORK DAILY TRIBUNE WEDNESDAY SEPTEMBER H. 1861

rived at which II was to go into effect furthe,
respite of eleven years was granted to the small
notes.
This respite was followed by two years Of
speculation and imitation wider than any known
before, and in the latter part of 1873 the worst
reyusion ever known was the consequence. The
run on the paper currency recommended, and one
of the Directors of the Bank testified before Com
mttee of Parliament that their specie had run
" miserably low;" in fact, that it was less than
Ct 300, 900. This small amount was only saved
by recurrence to the issue of f1 notes, and
that the Bank was enabled to avail itself OF this
last resort was purely matter of accident. A
box of these notes had been overlooked when
their issue was stopped a few years previous,
and this box now sverted the complete drain OF
specie from the Bank, and saved the credit OF the
country. The whole system, debt, dividends,
dead weight, half pay, pensions, secret service
money, exchequer bills, and all together we're
within few hours of irretrieyable ruin
The population of the loyal States i, greater
than that of the British Empire when it was
bearing the burdens to which we have alluded,
and the average expectation of their produce
and manufactures for the last five years has been
within $30, 900, 900 of that of the British Empire
at that period. Our proposed expenditure for
the present year, at which The Times is
so dismayed, is more than l5O,000,0O0 less
than the average yearly expenditure of Great
Britain during the FIVE consecutive years
nf tha sfruooIa with Franco Sha anfhrad
that contest with a debt already pressing
upon her of 1925, 10000 and an annual
interest Of about S47 100000. She emerged
from it with debt of more than "a, ,0O0, 900 0OO,
and floating debt of $3.50 0O0, 900, and poor
rate swelled to nearly $40 O0O, 900. But all this
British credit has survived, it matters not by
what hairbreadth 'scapes, or on how fictitious
basis it still stands.
We are free people numbering 20, OO0, 900, op-
posed to 5000, 600, nearly half of whom are even
more impoverished than the pauperised people Of
England. We comparatively free from debt
and have never been depleted by excessive taxa
tion. We have banking capital of upward of
S3l5, ,0O0, 900; while the Rebels, previous to the
war, had only about S93, ,OOO Our banks
hold specie reserve Of moro than 1000, 900
all of which is pledged to the support of the
Goyernment-ten times the amount to which the
Bank of England has been more than once re-
duced, and even this small amount saved only by
legislative enactments, tantamount to making its
paper legal tender. Still more, we have q
Reserve Fund, of which account is seldom made
We have now an untouched domain of at least
1000, 900 900 acres, which, at the price of 81 25
per acre. after deducting cost of acquiring title,
surveying, selling, and managing is worth more
than 81 ,OOO, 100000. This alone is sufficient
basis for national loans, even at present rate
of expenditure, for three years to come
There is one wholesome suggestion in The
Times, as to the inadequacy of the taxation pro.
posed by the late Congress. There can be no
doubt of the policy or the obligation Of taxing
ourselves so as to bear large portion of the
burden of public expenditure. Doubtless this
will be attended TO in the coming long session
of Congress. IT'S work at its late session was
in strict accord with the wishes of the people
" short, sharp, and decisive" There was no
time to mature a gigantic scheme of finance.
great responsibility has been thus thrown upon
the people, but one which the late action OF the
banks, and the patriotic response the country is
now making to the call for a National Loan,
show to have been no more mighty than they
are willing and able TO assume Our people
bear aud will bear oil necessary burdens cheer
fully, for we have no landed arstOcracy to
hang as dead weight upon the labor and In
dustry of tho country; to compel the poor work
man to pay los. lid. taxes on every II OF his
earnings, while the Marquis of Hertford or the
Dukes of Cleveland, Northumberland, and Buc.
cleugh pay only three per cent upon incomes
more than prncely.