The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1862-11-07


thanks to the indomitabe Democracy, all these
supposed formidable barriers were beaten down
and Mr.. Cohroth, an able and reliable Demo-
crat, will represent the XV[th district in the
next Congress. g. Union.
5.lt 49, - - si4 sIt
Published by Special Request and not given
as the opinions of the Editor.
National Finances.
THE leading article in the Circular of Messrs
Samuel Hallet & Co. for the steamer Oct 20,
I 862 is on the National Finances. 1t contains
facts of great importance at this crisis, and the
figures can be relied upon as correct;-
In anticipation of the annual report of the
Treasury soon to be made we are enabled to
lay before our readers, approximately, the con-
diton OF the national fialn;es up t, mar tn,
close of the present month. We may not give
the exact figures in every case, but our state
ment will be found to be very nearly accurate.
| The public debt of the United States may be
divided into three casses-that contracted pri-
or to the loan of $3.50, 900, ,0oo, granted in Ju-
ly, 1861 {: the loan of that date, and those au-
thorizcd by Congress at its last session.
The amount of debts of the first class WILL
probably, reach about Il8,000,0O0. OF the
second class, the $3.50, 100000 is made up of
the 7 3-l0ths of which about 2,O00,O0J
have been issued; $4,000, 600 per cents due
in 1881, and so, 100000 Of the demand notes,
which were made receivable for dues at the Gus
tom House. About one-half of these are al
ready cancelled, and are being retired at the
rate OF 100000 daily. Their places, howev
cr, are supplied by what are termed ""e~ issue
of demand notes.
Since the passage Of the Act of July, 1851,
the Government has relied chiefly upon its de-
mand notes; upon the deposits made with sew
er;,l Of the Sub-rreasurers, an by the issue of
certificates OF Indebtedness. Of the latter IL
bout $6G, 100000 have been issued. OF the
''new issue" Of Treasury notes, about 81 81, ),OOO-
900 are already in circulation The Depart
ment is now paying them out at the rate vi 600
900 daily
OF the class of bonds known as tho 5-20s,
5 S,57., 90 have been issued The exact IL
mount of deposits with the Sub-Trcasurer5 on
call, is about Sj5, 100000. The aggregate in
debtedness of the Department, consequently
will foot up as folows:-
Debt contracted prior to july,
1851, $llS,oOo, 900
Bonds bearing Z 70 per cent.
interest, ~ 132,ooo,Ooo
Bonds bearing G per cent inter-
est payble in 1881. $4,000, 900
Certificates of indebtedness G6,00O,OO0
Deposits with the Sub-Trea-
sury, and payable on call 65,o0o,o0o
Treasury notes, new issue 1S0,000,000
Custom House notes. 24,000,000
The Five-twenty year bonds 1851, 100
Total indebtedness Si53,57l, 100
The statement, we believe, is Approximately
correct, taking the figures as they stool on the !
22I instant an making liabilities OF Govern
ment considerably less than the current esti-
mates 1t should relieve all apprehension as to
any embarrassment to be caused by our public
debt. The interest ON the total amount ut six
per cent is only $50. ,266. But only Sl49-
57l 100 draw interest, reducing the charge up
on the Treasury from this quarter to S-6, 054-
266. To meet this charge we have the revenue
from customs, which will probably equal $50
100000, the present year, and the revenues
from the extraordinary sources recently provided.
These sources were designed to realize fully
5000, ,000,0 900 annually We learned that SO
far they promise to prove productive far beyond
the estimate. There can be no doubt of their
realizing an immense sum, and forming a secure
cruing on the public debt, but for its rapid ex-
tinguishment, upon the close of the war. The
abundance of money demonstrates the ability
of Government to borrow to any required a
mount AS previously argued by us, the nation
finds no difficulty in sustaining the burdens OF
the war, as it possesses in abundance whatever
is necessary for its prosccution-mcn, food, and
materials and munitions Of all kinds. So long
as the people will dispose of these for the obi
cations of Government, no financial embarrass-
ment need be feared.
In the present financial condition of the ma
tion, consequently, all is well. The people have
not lost jot of their confidence, notwithstand-
ing the failures in the military operations of the
Government. They feel that want of success
has been due to incompetency in those who
have directed affairs, not to any weakness of
the cause, or in the means of its maintenance
and support. Confidence is unabated that the
right men in the right place will at last appear
More ,nan year ago it was felt on all hands
that military successes were essential to the ne
gotiaton of loans. They have not come in the
degree predicted or expected; yet it would be
| far easier for the Government to borrow to-day
than it was year ago. We refer to this to
show that it is always unsafe to underestimate
the financial strength of the people.
On the contrary the war will demonstrate
strength on the part of the nation far transcend
| ing whatever was claimed for it by its most ar
| dent advocates. The natural resources of this
country are so vast, that no limit can be pacel
upon its productiveness under the stimulus of
great necessity, or demand, especially so long
as the war is not waged upon Northern soil.
| financial N a n