The New York herald., 1862-07-28
CUR NATIONAL FINANCES.
~-~~~~~>v>~-.~>~S~~~~~~~
The Financial Revolutions of
the Past Year.
~~~--~.~~~-~~~~~->~~~~~
Immense Resources OF the
United States.
The Financial Schemes OF the Govern
ment Adopted Since the Be-
ginning Of the Rebellion,

something OF wonder when nuancia measures are 10 be
considered and ways and means OF supporting the
government devised. Tho United states, suddenly
unexpectedly punssd into great, bloody and expensive
contest, have displayed earnestness, determna-
tion md depth &c never oxceed equa,sd
in the history Of any other nation Tho civil war though
long threatenig at last, and found the nation
prepared vast army to be rased, armed
and equipped navy gone decay 20 be resuscated
and greatly Increased size and efficiency, thou
sand ouays made, which, times OF peace would not be
required To furnish the funds accomplish thess OBJ
scts and TO provide for these ouays, entirely
system OF finances rendered necessary. The old
plan OF carrying oil tho business OF the governments
with spcce, and Of issuing only money made OF metal,
had To be abandoned great additional issues OF paper
money mnde The national debt has from less
than s91 100000 on lie LIST Of July, 1861, 70 about
$3.50 900 coo at the present date.
The various plans adopted and schemes devised TO aid
the government day o need will prove hereafter
interesting all political economists and students Of the
history Of The great rebellion II is our object colec,
In blief space and concise form Of the leading
or the schemes devised since the nsarrecton be-
formidable.
The administrstion which into power the 4th
Of March, 1861 found the finances OF the nation
plorabe condition. raorous Secretary Of the Trsa-
sry had held tho cins Of power the expenditures
Of the government ae date that the patriotic
forts Of General Dix failed the people Scve
raj members Of President Bucharans administration had
pursued which calculated utterly ALLEVIATE
the people OF the loyal section from his
and to destroy their confidence in tho efforts mado to
suppress ths rebellion. Accordingly, whom found
necessary call for sna loan the end OF Mr. Blu.
chanans term Of Office il only obtained at very heavy
Of interest the people who bid being unwilling 70
part with their money TO the government without
guarantee that they should receive eleven and twelve
rer int fhorao he bafur
Mr. Lincoln and his Cabinet anything
but promising. fragrant act OF insnbordnation
required to people, TO awaken their pride
and open their purses Till the bomb OF Fort
they did realize the the insurroc
tionary SPIRIT the determination Of the government
TO qucli il.
THE MORRILL, TARIFF.
One OF the hast acts which Buchanan Yves called ON
TO sign tue Morrill, tariff which he approved March
3 1861. AT the time OF passage by Congress the
beion had become fixed and settled fact, neither
had the people conception OF the vast expenditures
10 which the government WAS to be subjected during tho
coming year. The old question-whether not u be
cxpedent TO levy heavy duties on foreign products
and manufactures 10 afford encouragement TO
.ercign Dealers or protection to home manufac
tures--was discussed in Congress- md out. Tho OBJ.
icct OF the bill, when IL was introduced, not 10
much TO yod increased TO afford
sutn protecton The act clumsy in its
provisions and nconvcnient Ia its details doubts
expressed whether the legislation the subeGt Of
hs tariff would not conpcae the national troubles then
looming up In the distance II also feared that the
treat protection afforded 70 manufacturing interests
would bo the of such vast expenditures building
factor los and IN fitting them for business that would
hereafter be brought the heads OF many, when
liberal tariff shous take the Of the OF which
speaking suo the objects Of, such the objcc.
lions to- the Morrill, tarif At the time OF its passage
little month after the date OF its approval
tho North awakened 10 OF its danger and its
responsibilities hy the attack Fort Sumter faint
dca--ony faint cue--of what in the future was
coacey ed and all opposition TO this
di,tely dropped. Aa army to be raised and
supported and TO do this ordinary or
entirely inadequate. Every calculated to
afford additional revenue without OPPRESSION would
be in isyos All parties agreed that the passage OF the
Trf BIZ. which had been strongly opposed but short
time before was fortunate, and well calculated 70 assist
the government under lhe state OF affairs. Tho i'm.
poratons Of foreign manufactures fell of greatly, owing
70 the distracted state Or The country tho uncertainty
10 the future and tn high rates Of duty Tho decrease,
hewcyer, mostly in such articles could well dis
pense wh, ard lof which, had tLey been imported,
should have crpoicd money neeilessly and foolish
". The falling OF in ceipts Tor duty proportion
acly great notwithstanding tho high rates OF duty. The
hopes entertained that the government would profit by
the high rates, and from their imposition derive addi-
na' support, realized, and before the act had
been long in operation became evident that the duea
he st further Increased in order accomplish
ohec o. raising the greatest possible from i'm
| pcricd merchandise.
Such is the history Of the rst financial adopt
ed by songress after the beginning OF the rebellion IL
accomplished the object for which originally pro-
posed-namo!y to afford protection to American
acures but failed OF the much important one
der tho circumstances, 70 AFFORD relief 70 the Treasury.
The Thirty sixth Congress- passed two other acts in
ended furnish the government with means. The Arst
Of these
AN ACT TO AUTHORIZE LOAN.
This net TO the President the necessary authority
borrow the credit OF the United the Of
S2 oo and tho Grst Of the series OF loans
called FOR reb son began. Tho security for the
money loaned under tho provisions OF this 70 b.
United States stock bearing interest 1t the rate OF six per
cont rccesmabo at tho option OF the government
within twenty years from the time OF Issue. The
act 10 lated February 8, 1861.
TAO passage Of this loan bin followed by that Of
AN All no AUTHORIZE THE ISSUE or TREAsURY
NOTES.
uudcr the provisions Of this aet the secretaxy q the
Treasury authorized 10 ssuo Treasury notcs the
amour. of tel millions of dollars, which were to bear in
at the rate OF six cent and 10 be redsenabls
within year from thelS date The notes issued under
this law known tho per cent notes Being 70
csivabie for MI public does they became during the
subsequent 10 their favorte currency for I'm
ories paying duties at the custom houses Of the diner
ports. rho bill authorized tho Secretary to ISSUE ip
pce q TIC ross Tcd.em, other ones the O!s value Of
those in circulation ai ar tic not to exceed how
ev.r, :hc ea2un! specified f'r tho first ISSUE which
Mas, as stated above, so,ovo,ooo The nolg were w.
posed Il. 10 tho hghes, tldscr and all c2mmandsd .
,,em,,m Th,s aa. q iaost en.pvyagng sign, and was
xence ,ha, tho confidence q the people was restored
and their inh in the government, greatly strsnghenSk
p rcw months before 10 loan called for stcretary
Dix hno boon disposed Of at much shor rates Of interest,"
with the samo opportunity Cor competition in bidding.
~, 800, found their wy nto th, market and oontuued