The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1862-02-21
Federal Finances.

Federal House OF Representatives, on the
bill which has subsequently passed, au-
thorizing the ISSUE Of hundred and fifty
millions of Treasury notes, payable on de-.
mand, and of FIVE hundred millions of
Federal bonds, containing, also, a provis-
ion requiring the notes of the Govern
ment 10 be receivable in payment of all
public and private debts as legal tender.
Mr.. Spaulding. of New York, repre-
senting the district of Mr.. Seward, and
leader of the House, said in the debate,
1--WE all agree that taxation must, in vari-
GUS forms, be imposed to the amount of
at least one hundred and fifty millions Of
dollars, on which to rest the credit of
these notes and bonds. In the second
place, we agree that hereafter the war
must be carried on principally upon the
credit of the Government, and that paper,
in the form of notes and bonds, must be
issued 10 an amount equal to our expen-
ditures, deducting the amount Of current
revenue not absorbed in paying interest
and ordinary expenses of Government"
Mr.. Stevens, the chief financial oracle
of the House, spoke in more detail, and
substantially as follows: This bill is a
measure of necessity, not choice. 1t pro-
vides a means, in the two forms of paper
authorized, of six hundred and Fifty mil
lions of dollars. The late Administration
left debt of Sl0O.O0O,0lD. Congress. at
its extra session, authorized an additional
loan OF $3.50, 900, which has been all
taken except fifty millions. The banks,
before they had paid all of the portion of
this loan which they had taken, broke
down under the load, and suspended
specie payment. The last of their pay.
ments was made yesterday, and on the
same day the banks have refused to re-
ceive the Treasury notes, which must sink
to deprecated money. The remaining
fifty millions the Secretary of the Treasu-
ry has been unable to negotiate. There
is now floating debt, audited and unau-
dited, of one hundred and thirty millions.
The daily expenses of the Government
are now about two millions. TO carry us
on till the next meeting of Congress will
take six hundred millions more, making
about seven hundred millions to be pro-
vided for But as this Congress must
provide for appropriations to July, 1863,
seven months more must be added to
these expenses. That would require four
hundred and twenty millions, which, ad-
ded to the amount before estimated,
makes eleven hundred millions. If the
first seven hundred millions is forced on
the market, have no doubt that the
bonds would sell as low as sixty per cent,
as in the last year; and even then, it
would be found impossible to find pay
ment in coin. But large part must be
accepted in the deprecated notes of non
specie paying banks. If the minimum
discount that any reasonable man could
fix, say twenty-five per cent, the loss on
eleven hundred millions to be sold would
be two hundred and seventy-fye millions
1t would therefore require at least bonds
to the amount Of thirteen hundred and
fifty millions to produce sufficient curren
cy to carry us to the end of the next fiscal
year, 30th June, 1868. The sum IS too
frightful to be tolerated"
This is the language of an Administra-
ton man, prominent Pennsylvania, a
hot advocate of the war. 1t is their own
statement of their own case by the ora
,cles Of Yankee sentiment. They confess
that it will require the issue of thirteen
hundred and fifty millions of dollars to
pay the present floating debt of the Fed
eral Government, and to carry on the war
till July of next year. The aggregate
Federal debt will thus be, taking in the
old debt, and the two hundred millions
sold of the debt authorized last summer
sixteen hundred and fifty millions of dol
lars.
This amount results from estimating
expenses at the rate of two millions day;
but it is well known that these expenses
are near three millions. The probabilities
are, therefore, that, instead of the lst of
July, 1868, finding them with debt of
sixteen hundred and fifty millions, it will
find them with at least two thousand mil
lions, falling as charge of one hundred
and twenty millions annually to the ac-
count of taxation.
The bill now just passed imposes tax
of one hundred and fifty millions, and
makes every man who has debt due him
or property to sell to receive payment in
Government notes, which Stevens thinks
must 60 down 10 sixty cents in the dollar
1t remains to be seen what effect these
measures will have upon the pocket nerve
Of the Yankees. We now see why their
leaders are so anxious for early victories
They want to exhilerate and tickle the
people while they rob them,
Evacuation of Bowling Green.
On Thursday evening Bowling Green
was evacuated by the larger portion of
our troops, who fell back in the direction