Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-12-08

maui No country possesses the true ele-
ments of higher credit-no country. in
ordinary times, can maintain higher stand
ard Of currency and payment than the United
/ States. The government is less costly than
that of most other great powers. The ev-
pendltures OF the current fiscal year, exclud
ing those OF the war and navy departments.
can hardly equal those of the last wear which
! amounted to $24,5Il, 476 66. Estimating
those OF these departments at double the ey-
pendltures OF the last year before the rebel-
lion, they would for the current wear. had the
war ended before last midsummer. as was an
uclpated at the date of the last report. amount
to the sum of S55,S45, S34 As. The interest
on the public debt is for the current wear es-
timated at POOH ,532 OF, and will probably %
over That sum- The whole expenditures Of
the government TOR the current year, on the
suppositlon OF peace, would therefore, not
exceed Sloo'3Ii ,o43 81. This aggregate
must be increased hereafter by the addition of
the interest on the loans of the current and fr-
ture years and by pensions, the precise
amount of which cannot be foreseen Est;o
mate the former at fifty, and the latter at fen
millions year, and the total annual expendi
lures IN peace will reach, emitting fractions.
10 Sloo,OOO,00O. The expenditures of Great
Dritalh during the year ending March 81.
lo0z, were 1854, 1876 $50; those of France for
1862 according to French otfici alestimstes
Will reach S42l 1923 800, and the annual ex
penseS OF Russia, according to the best Access
slble information, do not fall short of $500
700. To meet our annual expenditures. and
to assure beyond contingency the punctual
discharge OF the interest of the public debt,
and the creation of a sinking fund for its re-
auction, congress has provided a revenue
lNoiil customs even now reaching nearly sew
ehty mllllons year, and a revenue from in
terhal duties which will not probably fall short
VI one hundred and fifty millions year
Without reckoning any other resources than
those already provided, the revenue, there
tore, Will annually exceed the expenditures
by htty-tive millions, which sum may be used
for the reduction of the public debt. If, then.
the war shall be continued, contrary to hope
ana expectation, to midsummer of 1864 and
the public debt shall reach the utmost limit
now anticipated of seventeen hundred and
nifty millions of dollars, the excess of revenue
VIII reduce that debt, during the first year of
peace, more than three per cent.
RESOURCES OF THE COUNTRY.
But the American republic possesses I'M
mense resources which have not vet been
called into contribution. The gold-bearing
region of the United States stretches through
near Is degrees of latitude, from British CO.
lumbla on tine north to Mexico on the south.
and through more than twenty degrees of lon
gltude, from the eastern declivities of the
Rocky mountains to the Pacific ocean. It
includes two states, California and Oregon;
four entire territories, Utah, Nevada, New
Mexico and Washington; and parts of three
other territories, Colorado, Nebraska and Da-
kota. 1t forms an area of more than million
OF square miles, the whole of which, with
comparatively insignificant exceptions, is the
property OF the nation. 1t is rich, not only
IN gold, but in silver, copper, iron, lead, and
many other valuable minerals. Its product of
gold and silver during the current year will
not much, if at all, probably fall short of one
hundred million dollars; and it must long
continue gradually, yet rapidly, to increase.
II tins product be subjected to reasonable
selgnorage, as suggested by some, or if as
suggested by others, the mineral lands be SUBJ
divided and sold in convenient parcels, with
proper reservations in favor of the miners
now IN occupation OF particular localities, a
very considerable revenue NAV be derived
from this region without hardship to the actual
settlers and occupiers. And there are other
mines than those of gold or silver, or conner
or IRON, in the wide territory which includes
the public lands of the United States. Every
acre OF the fertile soil is a mine which ONLY
waits Tor the contact of labor to yield its
treasures; and every acre is open to the fruit
ful contact by the homestead act. When the
opportunities thus offered to industry shall be
understood by the working millions of Eu-
rope, 1t cannot be doubted that great numbers
VIII seek American homes, in order to
avail themselves of the great advantage ten
dered to their acceptance by American law.
Every working man who comes betters the
condition OF the nation as well as his own.
lie adds In many ways, seen and unseen, to
Its wealth, its intelligence, and its power. 1t
is difficult to estimate the contribution which
immigration, properly encouraged by legisla-
tlon and administration, will make to revenue;
but, directly and indirectly it cannot be reck
oned as less than that which may be expected
from the metallic products of the gold-bearing
region With such resources at the disposal
OF the republic no one need be alarmed lest
the United States may become unable to pay
the interest on its debt, or to reduce the prin-
clpal to whatever point the public interest may
indicate. The republic is passing through the
pangs of new birth to nobler and higher
life Twice already she has paid off anation-
al debt contracted for the defence Of her
rights; the obligations of that which she now
ncurS tor the preservation of her existence
VIII be not less sacredly fulfilled.