, 1862-05-19
S u P PL E M E MT,

S u P PLEM E N r .
Cur National Finnnces.
The ANNEXED juhilant article upon the Gov
eminent finances is from the circular Of
Nessrs Samuel Hal!ett & Co, prepared for
the Boston steamer:
lhe prei:1css Of events has now fully con-
enforced Of the stronghold the loyal
States and Of Government aud has
completely solved the financial difficulties Of
the latter. The market value Of its securities
is not only far above their Par value, but is
considerably higher than the premium paid
for gold All ,he money the Government
wants is prnffered to it at from four to Ave ner
cent; and SO abundant is capital that 1t win
undoubtedly soon he able to make long loaus
st four and half Per cent. In exchange for
its demand notes, gold may, and probably will,
continue to advance, but not in lie SAINT ratio
q It's lntersst~paying securities, which it will
find 10 difficulty in exchanging for the former,
with larger premium in its fiyo7.
The result Will be accepted as extra ordinary,
financial strength of the country; but still
more so as expressing the progress Of our pco-
pic in political experience, aud IS the MEAS
ure Of confidence resulting therefrotn. At
the close of the last Administration, Govern
mcnt was glad to pay IL per cent for money,
which was advanced rather tr4nl patriotic
motive OF sense Of duty-whsch capitalists
owed 10 themselves quito as much as to Gov
cInmlnt, TO preserve nnshakea, US far as pos
sible, confidence in the National fa!th-taau as
al investment As late IS July Inst, with the
most Strenuous efsorts Of the Government Of
ficers in this city, the money necessary to
meet lis maturing obligations, then only small
in amount, was raised only just in season 10
save protest: Its 6 per cents had fallen
from 124 to S3-
Tic light Of one or more Of The States to
break up the Government Was asserted, and
IT was not long before eleven Of them com
blned for that purpose Tac success Of that
attempt, it WAS felt, would be fatal to all Gov.
ernment, and leave no prospect for the future
hut anarchy, which is more to be dreaded
than The worst furm Of ltsPotism. Our peo-
pic were called upon to light, not onls as a
defense against threatened invasion, but to
save themselves from material as well as po-
Itical snnihilaion. With preparation for tue
contest came courage and confidence: The
means of Government Increased just in the
degree that it showed itself earnest and res
olR:e
All that was wauting was . purpose. From
the darkest day-that of the dcfcat At Bull
Run, which at flash disclosed the magnitude
OF the contest in which ne were ENGAGED
public confidence has been daily growing
stronger and stronger. The ability Of Gov.
cEpnlrlt 10 borrow has steadily increased, till
it is now easier for it to borrow $50, 600 ia
gold than it Was two years ago to borrow
$1,000, co., All feel that experience has
cleared away the doubt and uncertainty in
which The powers and functions of Govern
mcnt we've involved. We had nouiaalIy q
Government, but one without powers, even
TO defeEd It's own property
The most threatening attitude might be
assumed By the insurgents, but the Executive.
could not raise its finger either By way Of
punishment OF restraint. A spell rested upon
It. It had SO long l>1mpcred the elements of
INSTRUMENTATION, that the most perfect I'M
nunlty had been secured to the individual.
10 wonder It had come to be an object of dis
trust by other nations as well as ourselves.
For long time we stood stulid1y gazing 1T
the meteor Of secession, when the attack uDan
Fort Sum1er, like I thunderbolt, brought th:.
natlon TO cons nsc1ousness, dissolved the spell,
and from that moment it entered upon the
path that has conducted it to the result VIC
now w!tncss--supQression of The rebellion,
financial ease, and complete restoration of the
national credit; and above all nationality.
and Government, with functions and powers
commensurate with its duties and objects.
I4e future is no longer involved in doubt:
We have the strongest Of :1l governments. be-
cause it is most nearly allied to the evIsi1,a-
taies, habits and understanding Of the people,
AS the material welfare of The conntry de-
p"pdcd upon its political unity, We could in
~ NAY ll1LLCAE AuG 1tI1iitT EG tItE1EI[lT as
~ susfa7n!EE lie latter The onc;s the meas.
nre Of tie other. As the i,roaic in the loyal
States we're never before half SO thoroughly
united, they wtrc never hciore so strong They
never enjoy cd 4 greater degree Of MA e.ilI
coIaioit Food aud clothing were never more
abundant. OF E:orr easily obtained by all
claEses- Ikls fact, coupled with money
abundant at tie lowest ra!es OF interest that
ever prcyails d, is the most conclusive proof
that csn be adduccd Of sound and healthy
financial condition.
The end Of all Governments, in their econ.
oniic aspects OF ot,jects, is an abundance to cat
aud TO wear. No prosperity is specinus OF
superficial when such abundance exists. We
May, VIC think, challenge history for similar
example Of people who, in tue midst of d,
restored their national credit as hoEtilities
progressed, AID who conducted them tn a
successful Termination, without atatiu. q lot
from the comforts and luxurics ordinarily en-
joycd.
We have already liscussed the sources or r1a-
1ntnts OF oar strength. These ar. to b.. found iu
The natural wealth in our soil; in the MAIN
tenanee, unGlsturbcd Of our industries in our
un1ayaled means Of internal commerce. and
N the universal prevalence of labor. We
nave 70 classes eonsscra.ed from wealth, call
ing, OR rank, to iudolsnee. The incomes aris-
ing tro1i Lands, OF tIo1n permanent invest
men1s, do not 20 10 parties entirely discou-
4ected, except by ownership from the soiI
me consequence Is 3hat although We spend
1IeelE AID tftsn sris1lly, the practise Of rigid
economy Tor q yeAr or two, and to which nc
can bring ourselves as no other people can.
compensate 1GF great losses, aud sooII makes
Us Iaeh even with q great reduction from our
ordinsEy revenues.
Ihe abundant supply Of capital, and The
Flasent los 1atcs tuT money can ue CT Mai a,d
IL an equally simple and satisfactorily manner,
Ihe North, toEi us.attly, before tie rebellion
nloEc ouf, had put in operation all tue ma
et1acTy necessary fer The development OF It's
1esourccs aid the utilization Of its strength.
mere was not producer within the vast ex-
tent Of the wide domain loyal TO Government
lhat DID not. either By railroad Or canal pos
Etss cheap aid convenient outlet to market
The construction Of new works, with the an
hnal expenditures upon those opened, had,
Nitnln the last ten years, absorbed more tl,an
SICK, 0,c00, ,0c0 annually. For MANY years 1,,.
investment was comparatively unpruduc:iss,
The greater portion Of it is now yicidinr
1a!f 1ncCnle TO The oWners, while tn. frcscas2d
Felnc 1t has given to the property OF the
country from the commercial facilities a:Eo,d-
ed, excteds many times the whole expenditure,
1le annnal drain for public works has almost
cp11relF c.: ased. There ART, in fact, no ne9 en-
terrrsscs presented to public attention, Money
Il becoming cheap because there is no demand
Ill channels where it was once most actively
employed. But the amount eX,ppied an
railroads, willie these were in proyresss WAS
not by any means equal to that required TO
1ransfvr 100000 people annually from the
tastern States to the Western, to place them
Ill lo-17ion Of ronlfDEt-to mike. the i'm
proreIne1ts required in their new condition
and 10 construct the cites tuat have r;sen ,s
II by magic tIoal .Eeir plains
ite people Of The Eastern States have, with
N Inc LAST ten years, sent more money into
Tie STATE OF Illinois io- tie purchase OF lluis
Tor the erection Of Buildings, and for improve
Aients OF one kind or ano:uer than for lis rail.
READS. II has cost larger sun. to huikI the
cry q Lineage. which has added 10 UOl to lis
Hopelataon within the past ten years. than
1nat invested in the system Of public x,,r1-e
tor the whole State. Such exren diturrs are
now measuraf!y discontinued, abatinv in al
eqnal de:rte the customary employment Of
rcaEon why 1heSc has been SO little pr;rate
ana personal distress growing out OF the re-
oel!ion. Is Ming to = fortuna:c subdivision of
1he various industries Of the countrF, None
1e SO dispropo. tionate or oyershadoyinr -
not TO bc readily absorbed By the Others in
case disaster arert1Ecs it. Massachusetts, Is
the great seat Of cotton manufactures fo the
country, yet every mill in the State might be
closed without thro wing, perhaps, a Single
person nov employed IN them, upon pubIic
charity. as last 4s the hands a1p oischarrf.d
they find employment and support in
ot1et branches o! industry. To all, agri-
culture Is ! neycr.failing resource, We hone
10 sec this harmony OF interests always pre-
served We're England equally fortunate, she
would escape the terrible problem now pre-
sented in the condition Of millions, when EN-
Pioynent IN the the cotton mills fails, must
st3lse IT. or be relieved at pnblic expense.