The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-11-11
The National DEBT.

II
The widest errorsse to prevail with
regard TO the present sum and increase OF
our National debt The Louisville Jour-
nal says that '''4 4ie# i'iae
"A good many persons, whilst profess
ing 20 be loyal 20 the aGOveFnAientaand o
resenting any imputation' Of disloyalty,t
have for months been endeayoring to serve
The cause Of the rebellion by misrepre-
senting The amount OF out public debt.
proelaiming that 9it can never abeispaid.
and dwelling upon the terrible hardshina1
OF the present and prospective war,taxes.
They announce everywhere that The ma
tional debt already approaches the vast
sum OF two Thousand millionsFof dollars. q
their whole object being to,discourage d
the people into, a relinquishmentof, the
war. Perhaps sorae OF them have made
the statement SO often, that, although
they at first knew ito be 'stupendous
falsehood, they are at last beginning ts
think or suspect that there. may be a
semblance of truth in IL.
The public mind ought tobe iisabused.
II must be. Mr., Dawes declared author,
itatiyely in the House Of Representatives
on the 18th OF Nay, 1862, that on the ed
OF that month the debt amounted -
S4SlS 796, las, no acquisitions then re-
naming uRpaid, although there was
known to be q considerable amount. Of
claims outstanding, as there are now, fer
which acquisitions had not been made.
We now have an official statement that
the. debt on the. LIST of October, 1862. d
amounted TO $620000O00 = Thus The sx-
penditure from the 22d Of May to the LAT
of October was only about million OF
dollars per day-a'larg amount certain
ly, but less than one third Of what the
oracles Of the rebellion, have represented
it to be. There is a tremendous differ
ence between two thousand millions of
dollars and six hundred and twenty mil 90
lions. The latter sum. is no very serious
weight upon the shoulders Of such . ,
mighty nation as this. The country can
carry il as soldier carries his knapsack.
And the future increase need give us no
apprehension if we gather up our whsls Z
| national energies, as we seem now to be
doing, and direct them 10 the speediest
possible humiliation OF the rebellion.
II would, as q Boston contemporary
says, be unjust TO the Secretary Of the
Treasury, il we. failed TO remind our
readers Of the singular yerification of his
estimates which the figures now present.
So long ago as December, 1861 lin his an
nual report, he estimated that on the lat
Of July, 1862, the public debt would
amount to $517 ,372 sos, and that on The
LIST Of July, 1868, it would amount 20
1897, 372,803 If we take the statement
made by Mr.. Dawes in May, and add 20
It for the increase up % July LIST, 1852,
at the average rate OF increase as now
shown, it will appear that the debt must
at the last named period have been little
less than 1874, 800 900, or emily seven mill
| lions in excess" Of Mr.. Chase's estimate
made seven months before. AID il we
add TO the debt as II stood on The lat Of
October, for the increase up 10 July LIST,
1863, at the rate at which il increased up
TO October LIST, the amount in j July, 1863,
j win be trihe over 1907 100000, or less
Chan ten millions above Mr.. Chase's esIi-
mate of year and a. half before Or, if
we add at the rate Of the increase up u
October 25th, the amount will be $780,
100000, or $43,000,000 in excess of Che
estimate--a sufficiently close Apptoxima-
ton, il will be.owned, in affairs of such
vast magnitude, and of such extreme
complication, Even at the rate which
Mr.. Chase in his letter 10 Mr.. Valley as
sumes as the probable rate for the year,
the amount win be only S957000000 on
the LIST of July, 1863, sa ylg. ..
Beyond all question, there has been
great deal OF extravaganza and waste in
some branches of the service, but the
Secretary Of the Treasury has done his
arduous duties well, aud the finABciM
condition OF the Government isl aud in
all probability viii remain, entirely
sound. The Federal Government, COM
pared 10 the rebel Government is Cresus
TO penniless loafeE- h.'f