The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1862-12-16

iifeuss, ~ cl,0ss@ Is nop 10 Be made.
No pnhntFy possesses the true elements
of higher oredit-no country II ordinary
times can maintain higher standard Of
currency and payment than the United
States.
The Government is less costly than that
| of III ost other gl,at powers. The expen
| ditures OF the current fiscal year, exclud-
ing those of the War and Navy Depart-
ments., can hardly equal hose Of the last
year. which amounted 10 S24,sll, 476
sc. Estimating those Of these depart
ments at double the expenditures of the
last year before the rebellion. they twould
for the present year, had the. war
tnded before last midsummer. 10 was "a
ticipated at the date of The last report,
amount to the sum of $56,845,834 48.
The interest on the public debt is for the
current year estimated at SIS ,04l ,532-
OF, and will probably &c over that sum.
The whole expenditures of the Govern
ment for the current year, on the suppo-
sition of peace, would, therefore, not ex
coed SlO5.37l .s43 Il. This aggregate
must be increased hereafter by the addi-
ton of Interest on the loans Of tue cur
rent and future years and by pensions.
the precise amount of which cannot be
foreseen. Estimate the former at City,
and the latter at ten millions year, and
the total annual expenditures in peace will
reach, emitting fractions, el65, 0oO, 900.
The expenditures of Great Brain during
the year ending March 81, 1862, were
1894 436, 682 those of France for 1869,
according to French Official estimates,
will reach S4el .s23, 900, and the annual
expense of Russia, according TO the best
accessible information, do not fall short Of
s23O, 0Oo, 0ofl.
To meet our annual expenditure, and
to assure beyond contingency the punctu-
al discharge of the interest Of the public
debt, and the creation of sinking fund
for its reduction, Congress has provided
q revenue from customs even now reach
ing nearly seventy millions year, and
revenue from internal duties which will
not probably fall short of one hundred
and fifty millions year.
Without reckoning any other resources
than those already provided, the revenue.
therefoss, win annually exceed the ex-
penditures by fifty-five millions, which
sum may be used for the reduction of the
public debt. If, then, the war shall be
continued, contrary to hope aud expecta-
ton, to midsummer of 1864, and the pub
lie debt shall reach the utmost limit now
anticipated OF seventeen hundred and
fifty millions of dollars, the excess of rev.
eHue will reduce that debt, during the
first year of peace more than three per
cent.
1t has been already stated that the
amount to be provided, beyond resources
available under existing laws, is, for the
current year, $276,9l2,517 Sc, and FOR
the ensuing year S697 ,3S8,l83 So.
To provide these amounts, loans in
some form must be negotiated
The Secretary has already expressed
the opinion. with great Difference to the
superior wisdom OF Congress, that it will
be unwise, unless conditions greatly
change, to authorize the increase Of Uni
ted States notes beyond the limit now FIX
ed by law. Should any vacuum be created
by the withdrawal Of bank note circulation,
thatyacuum should, doubtless, be filed by
United States notes. Should Congress
adopt the measures proposed by the Sec
rotary, it is not improbable that an addi-
tional issue of fifty millions may be re-
quired for that purpose within the year,
and an equal additional issue during the
following year. And it may we'll be hop
ed that military successes, re establishing
the authority of the United States in
large districts of the insurgent region,
will call for further issues to supply the
place of the worthless currency which
the rebellion has forced upon the people.
Should it be deemed expedien. 10 invest
the Secretary with any discretionary pow
er, in view of these contingencies, it
should be so limited as to allow no in
crease of aggregate circulation beyond
the clear demands Of real business.
A considerable additional sum may
probably be obtained by removing the
limit on temporary deposits. The amount
of these deposits has steadily increased,
notwithstanding the large repayments to
depositors. The Treasury Of the Gov.
eminent has been made the savings bank
of the people. Should the restriction be
removed, there is reason to believe that
twenty-five millions may be received be-
yond the maximum now fixed, during the
year.
But the chief reliance, and the safest,
must be upon loans. Without any issues
of United States notes beyond the amount
now authorized, it seems certain that
loans for the whole amount required for
the current year can be readily obtained
At fair rates and it may be confidently
hoped that before its close the resources
of the country will be SO understood, and