, 1862-12-12
TIE PUBLIC DEBT.

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thing more than an approximate estimate
Of the amount Of the public debt. The un-
finished contracts upon which large sums
are due, the amount due the army, the ags-
gregate Of the outstanding quartermasters'
and commissaries' certificates, etc, cannot
be accurately known. Butthe approxima-
tion is near enough for all Legislative pur-
noses, A1r. Chase in his mastery report,
for the information Of Congress, expresses
the opinion that the debt Of the United
States, at the end Of the fiscal year, On the
30th Of June ne2t, will be about one thousand
one hundred and twenty two millions, two
hundred and ninety-seven Thousand, four
hundred and three ISL, ,122 ,297, ,40S) dollars.
He. says also that the estimates Of the diff
ferent departments are equal to two mil
lions Of dollars day, for each day of the
year including Sundays and holidays. On
this basis, the debt, on the 30th Of June,
1864Eeighteen months hence-would be
seventeen hundred and forty-tive millions
1,745, ,0o0, ,00N Of dollars. This, upon the
supposition that the present force Of 100000
men is kept in the field, and that the in
crease Of the navy keeps pace with the
growth Of the year past.
These figures look formidable. Indeed
they are so; but when we remember that
the average rate Of interest now paid on the
accumulated debt, is but q shade over four
and 4 half per cent, and that the expected
receipts from the internal revenue will not
fall short of two hundred millions per an
mum, and that large sums will be derived
from customs and public lands, we need
hare no apprehensions for the stability Of
the public credit no fear that the debt will
not be finally paid of. Assuming that
the estimates until June 1854,
are correct, the annual interest upon that
sum would be seVenty-cight and half
millions, at the rate we have named. This
is an annual charge that the country can
well endure. Add to it an equal sum for
current expenses Of the Government, and
the internal revenue would discharge both,
and leave, in addition to customs receipts
and revenue from all other sources, a large
surplus to be applied, by way Of sinking
fund, to the liquidation Of the principal.
It is undoubtedly true, that, in spite of the
drain upon wealth and population by the
war, the resources Of the country are daily
increasing; and that, if we can keep clear
Of foreign complications serious enough to
destroy our foreign commerce, We shall,
nczt year, be better able TO carry On offcn-
sive operations, than we were when hostili-
ties commenced Wemake no account ofthe
rcactionary movements Of the so-called
Democratic party, nor Of its threats to
throw embarrsssments in the way Of the
progress Of our arms, because we assume
that there is virtue enough left in the
American people to put down and punish
all such reasonable endeayor-
t The stake for which the Government
contends, is worthy Of the enormous out
lay Of blood and treasure which is the in
evitable necessity Of war. This rebellion
susmounted, and the Republic assumes its
well earned place at the head Of all the
nations Of the earth. An united and free
! people, having under their control tue
| better part Of a hemisphere, governed
by just and equal laws, superior in resour.
ces for attack and defence. in wealth, il
patriotic zeal, to all nations now in exist
cncc or that have gone before, VIC shall BIT
at once the judge and disposer of kings
and Kingdoms, and the arbiter Of the
worlds fate. Who, for the realization o
such prophecy, will regret the sacrifice:
Of to-day?
THAT BANKING SCHEME.
| We have failed to discover anywhere il
the bill before Congress for establishing :
National Banking System on. the plan pro
posed by Mr.. Chase, any limitations Of TIL
amount Of government indebtness which
may, at the option Of the holder, be con
vcrted into bank circulation. We're thert
no ether objection to this scheme, t1,is
emission whereby the whole amount O.
the national debt may be made into bank
notes, and whereby also the most deplora
ble consequences to the commerce and in
tiustTy Of the country would inevitably en-
sue, ought to decide its fate in the mind O.
every man who will be called upon to vote
for or against it It is intolerable, aud die
We believe that Mr. Chase's recommenda
1ion had any other meaning than to pacif5
the banking interest, Of which he is cgi
Lently too much III awe, We should dea
with it in palmer terms. 1t is revival il
i national form and for national purposs
Of the financial plan that wasso eminentlJ
disastrous in Illinois. 1t is the resuscita
1icn Of an exploded experiment; and whe1
| it gees into operation, a blow has beel
| struck at the prosperity Of the countr,
which nothing can ward Of.