The Placer herald., 1862-02-15
THE PLACER HERALD
AUBURN, FEBRUARY Is, 1862.
National Finances.


phase of its affairs. to maintain before the world
asound financial position; but it is especially es
sential in time of war to have an acceptable cir
culating medium The subject ola national cur
rcncy is one that has engaged the attention of
the American people more than any other Upon
mooted points relating thereto parties have been
built and have waged war for years. The veto
ing of the United States bank charter by Gen1
jackson. involving in the policy of the veto, the
entire scheme nd different theories of national
currency WAS a crisis in our domestic policy.
which shook the country to its very center. 1t
was question before the country twenty years
ago. and It WAS believed that the course of the
people of the United States was at that time def
nitely settled. Recent developments indicat e
that the theories then supposed to have been ex-
plodcd. are now about to be ventured upon in
practice, and that nre about again to see a
monster moneyed power arise in our midst. which
shall dictate laws and policy to this Government
and the people thereof The scheme is to re-
establish National Bank and the reasons given
for it are the necessities growing out Of the pres
eet war. The gigantic operations of n Govern
ment at war cannot be carried on, without the
expenditure Of vast sums of noney-this every
one knows. We expect an army and navy num-
bering in combatants. upwards of 100000. TO be
costly The current daily expenses of our Gov
ernment has heretofore been understood. to be at
this time, about one million of dollars per day
This is about one half the real expense of the
war-as it does not embrace the pensions. claims
for services and damages consequent upon war,
and which is always drain upon the vtals OF
the Government for generations after q great
struggle. Enormous as this estimate is, it does
not seem TO be up to the mark. The s. +. Bnl-
letin of the llth inst in an article under the head
of Financial" gives the following AS the daily
expenses of the Government:
THE acquisitions for the Qua termaser's De-
pnrtmcnt alone. as shown by Gen. Meigg report.
amount TO 50 900, 900 per day; for the Paymaser er
Generals Department, 900 per day; for Com
missury- Generals Department.. $240.000 per day;
for Ordnance department. SAL 600 per day; max
ing total for these departments of the military
service of S2,999.600 per day. To this must be
added the daily disbursements for naval purposes
estimated at over 100000. and for the civil list
at nearly as much more: and we have daily ag-
gregate of S3.2O0.000, and Il grand total OF
$ll6S. 600, 900 per annum."
This estimate takes no notice of the c. ntingent
expenses of war, before alluded to as flowing
from ii state of war, which added to the Bulletins
statement makes an awful showing before the
world, and On appalling spectacle Tor the tax
payers Of the nation. In commenting upon 1t
that paper remarks that t is not to be wonder
ed at that in view Of such II showing an unusual
degree of hesitation and gloom prevailed in con-
servative financial circles at the East
&c in nj tpln nj
dispatches that the last million OF ready money
in the Treasury, had been sent to Kentucky to
pay the troops then in the field. Bankruptcy
stares us in the face the vast resources of pow
erful people are upon the stretch. 1t is not 4
party question, but fact that one and all must
seriously consider-a truth that Republican and
Democrat should realize. In casting about for
the remedy comes the suggestion of a Federal
bank, which is openly recommended by a lead
ing member of the dominant party. As means
of immediate relief, Congress has now before it
u proposition to issue bonds having the legal
force of Federal coin. Upon the proposition TO
make these bonds legal tender. the Senate seem
to be about equally divided. If they are not
given that effect they will be much below par in
value and if they made, business men will
regard it as great hardship. 1t will be regarded
by them as only another mode of arriving at "A
forced loan. There is gloom and dependency
in financial world never before felt in the
darkest hours of the nations history 1t is est-
mated that the audited and unaudited debts of
the Government, amount now to the enormous
sum of thousand million of dollars or there
abouts, whilst our revenues from importations do
not exceed thirty-six millions per annum. To say
nothing of the fearful vortex into which we are
sinking daily, what are we to do for the present?
The troops are in the field, how are they to be
supported! Certain newspapers assuming to be
Informed, prophesy war with Europe,--how are we
TO wage it? We need generals in the Treasury
Department, as well as in the field to solve these
knotty questions some genius of more than
ordinary foresight to avert the impending dau-
gers Of the money world.
LECTuREs.-The lecture of Rev. Mr.. Hill,
Of Sacramento, was we'll attended on Wed
nesday evening lie took for his subject
"uenry Clay" and did ample justice to the
selection.