Daily Nashville union. [volume] (Nashville, Tenn.) 1862-1862, 1862-06-13
FRIDAY. JUNE l3, 1862
our NationaIDebt.

OF our National debt. The VALLAND1g- |
HAM clique said in their address that the
debt was slOOooOoOOo. Senator SIM
MONS, speaking from Secretary CHAsE's
Report, makes the actual war debt incur
red by Mr.. LTNUoLN's Administration
S400O000O0. We doubt whether, not
withstanding the unavoidable swindling
OF some corrupt contractors, which il was
impossible for the Administration to
guard against there ever was a war man
aged with such economy. The Admin
istration had to create everything to pros
ecute the war; it had to create Navy, il
had to improvise an army, it was stripped
of its arms, and a rebel President and
Cabinet had Frustrated the public credit
Now it has ample supplies of everything
and our credit is good beyond precedent.
This state of things speaks volumes in
favor of Mr.. L1NcoLN's sagacity and en-
ergy. We commend Mr.. SIMMONS statis-
tics % tho careful consideration of every
reader:
l see an attempt made to magnify our
| difliulties, both at home and abroad, and,
therefore, in order to give Senators cor
rect view of what is necessary for us to
do, intend to try to put that question
| right before the Senate. believe, there
is no question now pending that is so lit
tie understood as the question of the
present exigencies of the United States
of America. This war has been carried
on now about fourteen months, and we
all knew, on the 4th of March last year,
nearly TO dollar, what the amount of
the Indebtedness was, and yet it issmore
often stated at twice the real amount than
it is at what the amount actually is. We
all know that it was stated to us by the
Secretary of the Treasury that our in
debtedness, when this administration
came into power, was S120,00OOO0, and
yet / see it stated in the papers, and by
members of the other House, that the in
debtedness of this Government is now
from Sl000000,000 to S1,200000 900.
| took the pains to get at the exact amount
of it on the 9th day Of the present
menth, in all its details The debt when
this Administration came into power was
S12O,0OO000 and on the day before yes-
terday it was S485, 7S6, ,005 OF. That is
the increase after thirteen months of the
war--that is all that is on the books of
the Treasury Dependencies an increase
of about S365, 100000. Then there is in
addition to this an amount which is pass
sro fh,nr,ob IL A,,1,Nn,31
the outstanding claims. This is perhaps
S90,000;000 or S40,000000 now in tran
stu, which would probably make the in
crease about S400000000. Now, any
8 body who choose to reflect moment will
. see that this first year of the war must
have been vastly more expensive than il
can be if it continues, which do not be-
. lieve it will. We have had TO organize
= and equip large army, and get all the
means of transportation. We have had
q also to imprOvise navy and provide
pretty nearly the materials. This would
not have to be done hereafter, and any
one can see there will be no such thing as
T. an additional outlay of S300,0O0OOO OF
100000, 900, after this, unless we have
vastly more troops in the service. | say
this because | want the Senate to under
stand what the probable demands on tn,
: credit and resources of the country ar,
likely to be during the last year. From
the time this party came into power til
the 1st of January we were in receipt o
hardly anything whatever from the or
binary resources. Since the 1st of Jan
uary the customs from the loyal State
"a have been equal to what If the Who'll
} number of States were in the Union agai
9. would be, from S80,000000 to 100000,
: 600 year. We are getting from NeV
- York at the rate of more than $4,000,
ss 600 year. We are paying now, in ad
s, ditiOn to the regular expenses, many @
II these outstanding claims. But 1 procur
\, ed from the Department the estimate 9
, :, the amount that would be required fc
4 this week, and it was $685. 800, G
We about 100000 day. Think, mysel
O. that the Indebtedness of the GoYernmer
n at the end Of this fiscal year will b
- about S550000,000 or S575,000,000. /
regard TO the Tax bill as il came from th
House, il did not receive the favor of
majority of the Finance Committee. II
thought il bill for the benefit of th
he rich, and burden 10 the poor. He pro
at posed by the amendment to simplify th
bill very much; place tax on fewer al
ticles, and harm no branches of indus
try He calculated to get about S155
100000 from his bill, and another Sl0O,
100000 from imports. Such a measur
would clear the Government Of debt i
ten years, giving S1O0000,000 for the an
nual expense of the Government. III
debt at tho end of tio war, he presumed
would be about S8000o0000 He sal
Z, every other country in the world ha
- taken of the tax on industrial pursuit.
and put it on just such articles as he pr'
posed by his amendment"