The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-02-14
FEDERAL Finance.

f.derai Finance.
4 significant debate occurred lsst week in
the Federal House Of representatives., on the
b,l! which has subsequently passed, author
iaing tie issue of hundred and fifty millions
of Treasury notes, payable on demand, aud
of i've hundred millions of Federal bonds
containing, also, 3 provision requiring the
notes of the Government to be receivable III
payment of all public and private debts AS a
legal teuder.
Mr.. Spaulding. Of New York, representing
the district OF Mr. Seward, aud Il leader OF
the House said in the debate, I'VE all agree
that taxation must, in various forms, be I'm
posed 10 the amount of at least one hundred
and fifty millions Of dollars, on which to res,
she credit of these notes and bonds In the
second pace, we agree that hereafter toe war
must be carried ca principally upon the credit
OF the Government, aud that paper, in the
form % notes aud bonds, must be issued to an
amount equal TO our expenditures, dsducting
he amount Of current revenue not absorbed
- paying interest ana ordinary expenses OF
Government
Atr. SiSNtDSs TIE ttitti ~ Ni''''" W
the House, spoke in more detail, and suostan
TALLY rs follows This bill is p measure OF
necessity, not choice. 1t provides means,
in the two forms of paper authorized, OF six
hundred ard fifty millions of dollars The
late Administration left a debt OF %lGU, MO ,oo0
Congress, at its extra session, authorized an
additional loan of $50, geo 600, which has
been all taken except fifty millions. The
hanks. before they had paid al Of the portion
OF Ibis loan which they had taken, broke
down under The load, and suspended specie
ravment The last of their payments was
made Yesterday, and Oh the same day the
banks have refused TO receive the Treasury
notes, which must sink to deprecated money
The remaining fifty millions the Sec'e-
tary Of the Treasury has been unable to ne
eotiate. There is now floating debt, au'
,iited and uuaudited, of one hundred ana
thirty millions The day expenses OF the
Government are now about two millions. 10
carry us On till the next meeting OF Congress
will take six hundred millions more, MAKING
about seven hundred millions 70 De pFoFlueu
for. But MS this Congress musE provide LOT
appropriations 10 JAY, 1903, seven lnon'h5
more must be added to these expenses. 1ilaI
would require fouT hundred and twenty NH
lions which. added TO the amount before esd
mated makes eleven hundred millions II
,he first seven hundred millions is forced on
the market, | have 30 doubt that the bonds
would sell as low as sky per cent, as III the
los, year: and even then, il would be found
IMPOSSIBLE to find payment III coin bot
large part must be accepted III tie cepre-
ciated notes Of ncu-specie paying banas' II
the minimum discount that any reas enable
man could fix. say twenty-five PER cent, the
loss on eleven hundred millions to be sold
you'd lie Two hundred and seyenty.hve nil
lions. Il would therefore require at least
bonds to the amount Of thirteen huudred and
fifty millions to produce sufficient currency 10
carry us to tie end Of tee next fiscal year,
39;h June. 1863 The suIn is too tIightta! TO
lie tolerated
This Is the language Of an Administration
man, "a prominent Penusy !vanian, hot ddvo~
cate Of the war. i, Is their own statement %
their own case ty the oI~cles OF Yankee SEN
tmeut They confess that 1t viii require
The Issue OF thirteen hundred and fifty lnli-
lions Of dollars to Pay the present floating
debt of the Federal Government, and to carry
on the w:r til July Of next year, The ag-
,r.rate Federal debt will thus be, taking IN
the old debt, and the two hundred millions
sold Of the debt authorized last summer, six
teen hundred aud fifty millions Of dollars. )
This amount results from estimating expenses
at the rate of two millions day; but ii is well
known that these expenses are neaf three
millions The probabilities are, therefore,
that, instead Of the lst Of July, 1863, finding
them with debt OF sixteen huadlss and fifty
millions. it will fpi them with II least two
thousand millions, falling IS q charge Of one
hundred and twenty millions annually to tie
account Of taxation.
The bill now just passed imposes q tax Of
one hundred ana fifty millions, and makes
every man who has debt due him or prop
erty to sell 10 receive payment in Govern
ment notes, which Stevens thinks mast 90
down to sixty GEMS in the dollar. 1t remains
10 BE- seen what effect these measures Will
have upon the pocket nerve Of the Yankees
We now see why their leaders are so anxious
for early victories. They want to eNiiilar',;e
and tickle the people while they rob them.
Does me South want to take hand IN pay
my his big debt, and snbjscting herself to
this heavy taxation! II so, she has but to
fold her arms and submit to sutjugation. 1t
her pride did not rouse her to RESISTANCE, her
interests do Submission would not only be
degradation, it would Re utter and everlasting
ruin.