Smyrna times., 1862-11-27


Of Therefore it is that the country has beer
@ profoundly dissatisfied with the inactive
II defensive policy by which the Government
y has been hitherto controlled, and it reioices
; heartily and hopefully now, in the belief
: that this policy is about to be changed for
one better suited to the necessities ofthe
l. country and the emergency of the case.
n RumOred and Real Cost of the War,
i The recent letter of Mr.. Chase. as to the
: amount of our National Debt, is saws the
New York Times, of no small interest at the
present crisis. Many a loyal citizen will be
i conscious OF glad sense of relief at the as
= surance, on the very highest authority, that.
Notwithstanding all that rebel sympathizers
! at home and abroad have said to the injury
OF the National credit, our total debt on the
lSt of October was no more than Sf2O OOO-
!; 900, and that, as the disbursements since
That date, together with all outstanding
claims on the Treasury, amount to 100000
more, the whole debt on the 9th of Octo-
Der did not excee $3.50, 900
But the actual war outlay has of course
been much less than this sum. For if is
we'll known that, prior to the rebellion
there existed the old funded debt Of $50
9S0,935. This amount is included in tbc
present dcb9 from which it must be emi-
mated If we would get at the amount which
the war has consumed Besides this =
considerable aggregate of Treasury Note,
were out before the first OF March 1891
these have since been redeemed at 4 cost
according to the latest official statements. Of
. $4,000. Thus the portion of our debt
which existed before the war was sonntb;r,,
over S6o,o0O,000. Deducting this sum.
we find that the Government has expcudcj
on the struggle against secession about
$G00,000,000. Moreover, as the contest
has now lasted twenty months, the averopc
monthly outlay has been 100000, 900. or
about 81 100000 day while the present
war expenses of the rebels, ACCORDING TO
Their own statements, are no less than $40
600, 600 week.
Our naval and military outlay, though of
necessity great, will not be regarded as ox-
ceSSlve or immoderatc, if we remember that
III the recent Italian war, the monthly OK
pchHture OF Austria was fifty millions Of
dollars, and that Of France forty millions
For neither of these Powers had a mobilized
army onc-haf as large as that we have kent
IN the field, at an average monthly cost Of
thirty millions.
Let us now glance at the future. From
'he recent augmentation in the numbers of {
inc army, the construction Of our new IRON
rlad fleet and tho delicate state of. our for
'Ign relations, the war expenditure is now {
llIliloh and quarter a day An easy f
calculation proves that if the continuance Of
the war requires that this rate of outlay S
Should be Kept up till lst July, 1868, 300 $
mI'ions more will have been spent. But P
the war taxes, during these eight months. .
will pay, according to present appearances :
about one-half Of this outlay, or I4O millions $
Oh collars. Hence no more than SIGO 600
wv VIII require to be borrowed, and in c
stead OF the fabulous sums about which II
imaginative editors dream and ignorant d
stu'np-orators rave, the Government will
commence the next fiscal year with a debt :
nou exceeding 1920, 100000.
Now, the opinion has been expressed. S
that except disunion demagogues succeed a
Ill dividing the North and paralyzing nor c
ton OF its energies, the war will be over bv
the end of June. And in this case there e
VIII be no further loans beyond what have /
been above indicated Hence, we may bo
justified In regarding 82O millions as the :
highest sum to which the National Debt 81
can possibly be swellod by the war for the IL
Of the rebellion. 1t is evident Il
'hat, with our immense resources and
growing wealth, burden of much greater tc
dimensions could be well sustained II
proof OF this, we need only point to the \
TACT that the debt of England is 3,9IS mil c,
hons OF dollars, aud that of France, 2,20C fl
millions. Still, in both those countries. n
judlclous use Of financial skill enables a sun a,
10 be annually raised by taxation, which T
without lmpoverishing the country or op- I'll
pressing the people, is amply sufficient TO
pay the annual interest and to sustain the
expenses of civil establishments e'
which are conducted at a cost such as 4 'e
Of simple republican habits can -.
never acquire. If England and France can r.
'ear the load of their prodgious debts with N
'ut much harm, surely, with the sigular re- bu
operative energies of which we have lust ju
y been so proud, our young giant Republic So %'