Newbern weekly progress., 1862-01-21
[From the Norfolk Day Book.
LATE EUROPEAN NEWS!
GECRETARY CUASE>s GIGANTIC FINANCIA
SCHEME.
[From the London Times, Dec. %. I

| From the London Times, Dec. %
Everything in America is on a magnificent
| scale She has mammoth rivers her water
falls are tum bling foods, her mountains tower
head and shoulders above the pgny attitudes
Of Europe. She is a contn0nt OF very mark cd
features Bat there is nothing IN her physical
! phenomena which so taxes our astonishment t
as the moral hlmensities she has lately devel.
opel. We have not used to the thunders Of
! Niagara, and the tremendous distances Of the
Mississippi and the high shooting peaks Of the
| Andes but we are not altogether incapIe Of a
new SENSATION. We stand aghast when we
| have for the first time disclosed to Us the tre-
mendous vegetation OF her national debt and
! the magnificent scale OF her deficits.
The American news We publish to-day is
chiefly remark able for the wonderful financial
statement Of Mr. Chase, the Secretary of the
Treasury. In other respects it is still bat
uncertain sound. The popnlace Of New York
was yet huggirg the fond dclusion that the
seizure of the trent would be passed over
without resentment The organs which as
sumo to represent the policy OF Mr. Seward and
the opinion OF the inhabitants Of New York
were still keeping up their spirits by b;g
words still boasting that England had too
many Interests at stake to risk quarrel with
| the United States, and contor>ng themselves
with the bTaggart notion that ''tanada is with
in two days railway Journey OF half a ulilllon
| of armed men, and has a frontier that can Offer
no resistance to an invading force"
| The news had only just reached them that
| England had heard Of the exploit OF Co,um3-
dorc u likes. It viii be t!utmbercn that at
| the first moment it received with some
Iastoniehment, but with great camness. The
! primary llnpuise here WAS, not TO blust er but
to inquire. The people Of New York judging
tco much by their own habits. are delighted to
| find us so calm, and te!egraphel at once that
the effect Of the news in England is not 50
unflTorable as was expected II this fools
paradise they had Yet to be disturbed. They
had yet to learn that the more calnlly and de-
| i,beratcly a sensible nation examines the
ground It proposed to take up the more reso-
! Lutte it viii be in maintaining that ground.
| We AS far ever from being able TO judge
| in W hat mood our demand of repatriation may fnd
them bat if there should have been any doubt
upon the MUD OF the federal leaders, any d
vision ofopinion among the federal populace
WI hen Lord Lyons male his communication that
magnificent and stupendous deficit of forty three.
millions sterliug rr!naining at the end Of year
during which the borrowing powers of the feder
al States taxed 70 he utmost oug hit to aid
these peop to see their position. Mr., Chase as
prudent, rOther jealous Secretary of the
! rcasury. does not go out of his way to mention
1iSagreeabie tavts. He does not tell us how much
of the expenditure of 1861 was raised by loans
| and how much by taxes; nor does ne mention
| the present amount of the new y bern national
debt of his nation Without this intelligence
! II
men ofbusiness to Judge how long this war Of
subjugation can last, and what the probabilities
are OF sustaining another war in addti, II to it
He says that from July, 1885,, to July 1852, the
war expenses Si be in round numbers, 9l03.-
| 600, 900 sterling. of which he has succeeded in
I borrowing about $40 eco 900 and hopes to get
the rest by paper money, more loans and taxation
to the amount of about f2,5UG. Goo If he can
get the loans. and if people will take his paper
money and if they viii also pay his taxes he will
able
to in Y, 1862. But if the South should not be
subugated by that early date. he tells his coun
trymen plainly that he shall want seventy-six
millions sterling fer the service of the year.
and that at the end of June, 1868, the national
debt of the federal States will be nine hundred
millions of ollaIs,
This is pretty we'll for three years war. Yet,
if we were to exa mine Mr.. Chase figures very
closely, We should find the estimate Of expend
ture, and Ill the estimate of the amonnt of
debt, very much understated. However let that
pass. Two hundred millions in three years form
not bad nucleus to a respectable national debt
1t viii be observed that there is question here
to where the lenders are to come from who are
to supply all the money. There can be us doubt,
of course. that they will rush ON all parts of the
earth to fill the vacuum in the fede al treasury
1t is, presume consisten with all the expert
ence of American fnaEciers that the pres
sing the need of borrower tie greater becomes
the zeal of lenders to assist him. and the more
deeply the security becomes deteriorated by NOR
gage the ready the capitalist is to double his
advances. For the first time. Secretary Chase
gives US glimpse to what this security is. O.
course national security means the national pa
tenca OF taxation.
Mr. Chase is about to make the great expert
ment whether any such securities exist in the
federal States. He proposes to raise by an in
come tax the moderate sum of G2,000.G00. It is
but fifth of what we raise by the tax but
wheh Mr. Chase has obtained his G2000,0O0 we
shall have faith in his security which We have