The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1862-07-05
GOVERNMENT FINANCES.

The Lonlon Daily News places the fnan-
cial position of the Federal Government in
more favorable light, if possible, than
the most sanguine of our own people. 1t
says:
The financial position of the United
States, after twelve months of civil war,
while it sorely puzzles our mechanical pc,
liticians, furnishes a striking proof of the
constancy of free people, and of the true
wisdom of their rulers in relying on that
constancy, as their recent triumphs in the
field have shown.
Four months ago, there was no way
Of seeming wise so easy as predicting The
collapse of the Federal cause from sheer
want of money. The world was warned by
grave authorities on this side of the ocean
that Federal insolvency was imminent, and
Federal ruin and reprdiation near at hand
America, in her exigency, had resolved to
raise four ffths of the extraordinary charges
for the war by way of loan, and one-ffth By
taxation. But community unaccustOmd
to draw quietly in financial harness was
sure to kick against load even thus COM
paratively light; and from the moment
Treasury notes were made legal tender
national bankruptcy might be said to have
begun.
Well, what has happened +? Every dollar
which the Government at Washington re-
quired to borrow has been raised in the In
ion, promptly and at moderate rates ofinter-
est; and, as we know, every dollar has been
expended as fast as raised. Government
securities, payable at variously deferred Pc
RODS, have been given for the vast sums so
borro wed. and these securities have been
made by law a legal tender. But instead OF
dropping to a ruinous discount, as certain
reactionary prophets among US would have
had the world anticipate, Treasury notes are
actually at three per cent. premium, and
=. 8. stock is in demand at SO in the money
market in New York. There is notbingto
be compared with this for grandeur in The
annals OF European finance.
1t would seem to be an il compliment 70
the sagacious and discerning advisers Vi
President Lincoln to ascribe these re'a'A"
BILE phenomena mainly or primarily TO ahE
peculiar skill of theirs in finance. The thing
has in it far deeper and more important
meaning. Credit is due to the Cabinet at
Washington for the simplicity and candor
of their measures, and above all for the cour-
ageous faith they have shawn in the calm
steadfastness and the patriotism of the peo'
pie.
The whole community commits itself to
the cost of the pr esent war, because The
whole community feels that the defense oil
the Federal Constitution and the supPreS'
sion of the unnatural treason is worth The
cost, and ought not be grudged. The rich
men open their strong boxes, and the thrifty
contribute from their frugal stores, and tho
tradesman and laborer. take without mur'
muir payment in the promissory notes OF ID
State, because all feel that they canuot 81
ford to doubt their value They do n"
want to believe that they have any right 10 10
ask for discount upon them. They wiz
not believe it; they do not believe itIloI
the best of all possible reasons, that the!
feel that they have it in their own power
make good every cent borrowed IN 'h'''
name.
This is public credit. the public credl! o.
a self-gevernipg people. one Of the gEea. sn,
and most notable results of freedom IN w
time; one of the most complete ana com.
prehensive answers ever given to the cSi'-D
MES of its foes.