The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1862-02-28

The Pubic Debt OF the United
States.
The Riclfrnonds Esaminsr, Of the. LIST
February, has long editorial on this
subject, from which we extract the fol.
lowing:
We have official figures to show the
amount of this debt. Before the war
began it was within very small fraction
OF sl00, 100000 The appropriations ut
the regular Congressional session oil 1860
I'll, for the fiscal year commencing LIST
July, 1861, were S68,363, 1876. The APP
preparations at the called session of last
July, for the year then commencing, in.
Guiding war expenditures incurred since
the preceding April, were S3lS,UO0,0O0.
These appropriations were reported rot
sufficient by the Secretary of the Treasu-
ry in his annual report of December last,
and Deficiencies were called for TO the
amount of $2l4,00O,0O0. This brings up
the expenditures OF the year, commenc.
ing lst July, 1861, and to end the 3Oth
June, 1862. to 500, 1868, 726; supposing
that no new deficiencies will have to be
supplied by a future Congress, not EN-.
braced in the SecretaIy's revised esti-
mates of December last.
For the expenditures Of fiscal year to
commence next July, and to end with
June, 1868, the Secretary of the Federal
Treasury estimates, in an Official report
10 Congress, that 1882, O4l ,245, including
coast detences. will be required. II is
more than probable that a much larger
Il. -
retaries only contemplate such expendi-
lures as are required by existing legisla-
tion, and do not contemplate what may
result from new acts or orders of Con-
gress. There is no reason to believe that
the expenditures of the next fiscal year
will fall short OF those OF the current
year, which exceed six hundred millions.
1t is morally certain that unless the
war is discontinued, the operations Of
1929 will cost more than six hundred
millions likewise. To meet these expen.
ditares the Federal Secretary coriesses
to receipts under existing legislation
from the tariff war tax, and all sources,
of only sixty millions a. year. He, in
fact, exaggerates his receipts in this state
ment; but, accepting it as true, how does
the account stand9 This is the state
ment:
Old debt Sl0O,00O,00O
Expenditures Of lSSl-'62 ..".".... 1888, 1926
lS62-'63,. "..,... 6OO,OOO,OOO
Total, O,3o372b
Revenue receipts Tor the Two years, l2O,OOOO0o
Remaining debt, ..,.........."""$l,lS ISL, 565,7z6
This is the amount that has TO be pro
vided for The old debt was, Of course,
placed and we suppose that about two
hundred or two hundred and fifty addl-
tional millions have also been disposed
Of latterly, the banks having taken one
hundred and fifty millions. Assuming
three hundred and fifty millions, there
fore, for good count we will say three
hundred and eighty millions to have
been put out, there remains still the sum
of eight hundred millions of dollars to
raise in order to meet the expenditures
of the war.
very large portion Of the amount
will have to be issued in the form OF |
treasury notes. II is found impossible to |
put out bonds upon the Northern mar |
ket in its present feeble condition. The
government must live from hand to
mouth, and depend upon its demand
notes alone to keep It's operations on
foot The question is, what amount OF
taxation will be necessary to give curren-
cy to the enormous amount OF eight
hundred millions The Herald thinks
that two hundred and fifty millions and
a general bankrupt law will do the bust
ness. A party il Congress think that
four hundred millions will be required.
1t is q controversy quite unnecessary.
The people of The North cannot pay
either the ono sum or the other of taxa
ton; and they will not pay. Prosperous
as our affairs are in the South, let every
one ask himself If Virginia could now
pay a tax Of Twelve millions. She can-
not; and yet this Is the rate of taxation
that levy Of two hundred and fifty mil
lions would exact from the Northern PEG
pie. The prospects of the Federal fisc
are certainly gloomy.