The Smoky Hill and Republican union. [volume] (Junction City, Kan.) 1861-1864, 1862-06-19
NATIONAL FINANCES.


ment are SO ably and Interestingly set forth
by the Oneida On. " Herald that we can
not but use its words.
The recent official statement of the liza
bilities of the National Government ha:
calmed many fears. Wild stories had beer
afloat of the cloud of debt accumulating
the people were agbast at sensation leaders
on the crushing taxation, from which We
were never to be free thousands of mil
lions were spoken of with Aippancy by the
"Satauic +" and with gloom by the people
the London Times estimated our daily
expenditure at 100000 (four milllons)
we we're voted bankrupt at home and
abroad the fabulous tales of disbursement
were swallowed whole by credulous pub.
lie, who saw the enormous preparations fol
war, and seeing these, we're ready to believe
anything as to their expense; the semi
loyal press took advantage of the popular
tendency to exaggerate the debt, to circulate
loose charges of corruption and proaigacy
by government; terrible representations
of imitation which should ruin the financial
system of the country filled all mouths a
rapid and fatal depreciation of the paper
currency was freely predicted. While this
sort of things fourisbed, all the world won.
dered to see the government steadily meet
its liabilities, never cramped for funds; to
see government stocks steadily rising from
the point at which the popular panic had
placed them-to par-to one per cent. pre-
mium-to two per cent, the same as that
paid for gold-to three, four and five per
cent-until, to-day, the skies of 1881 stand
at one hundred and six-worth two per
cent. more in the market than gold; and
this is the stock which we were told would
soon be on par with continental scrip,
worth ten cents peck.
This anomaly is for the first time salts
factorily accounted for by the official state
mcnt recently published. This shows that,
SO tar from extravaganza and corruption
having ruled the national councils, the
finances had been administered with rare
sagaoity and economy A debt OF less than
five hundred million where thousand were
currently expected, is as gratifying to the
coup'ry as it undoubtedly is to the patriotic
President and Financial Secretary. The
economy Of the present administration can
be best shown by comparison with that
Immediately preceding it. Under Buchan-
an the army averaged something like
fifteen thousand men, and the cost of the
military establishment was about twenty. five
millions. At this rate six hundred thous-
md men would cost one thousand millions
/ year. Yet Mr.. Lincoln had, up to the
End of May, nearly fifteen months, ex-
pended but three hundred and seventy four
Millions on his army. OF course large
army can be maintained proportionally
cheaper than a small one, and of course the
lrmy has earned money which has not yet
oeen paid to it, and of course the army has
not been six hundred thousand strong ever
'ince the present Administration came in.
But these allowances will not cover dis
,rcpancy of six hundred and twenty six
and it must be remembered, too,
hat since Mr.. Buchanan left the Executive
hair the pay of the army has been increas-
ID, and that of these expenditures which
ve have been comparing, that of Mr.. Lin.
oln is for fifteen months and that of Mr.. |
Buchanan for but twelve. Under the last
Democratic administration, our navy, which |
vas next to nothing, cost twelve millions a
ear under Lincoln it has cost forty-two
Millions for fifteen months, during thirteen
( which the mos. extensive and difficult |
lockade in history has been rigid!y main
aimed. Mr. Buchanan's fcivil list, foreign
Intercourse and miscellaneous" footed up.
nnuaily, about thirty millions; Mr.. Lin
oln's total expenditures, aside from the
'ar, have been, for fifteen months, less than
twenty-five millions. Every department 0:
be Government exhibits retrenchment, en-
rgy, sagacity. One of the most remarka.
lie features of the present financial situa-
on, is the low rate of interest at which
,e whole amount of the loans have been
.cured. In a country where the lowest
gal rate Of interest anywhere established
six per cent, and where capital always