The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1862-01-29
From the London Times, December 81
FINANCES OF LINCoLNDoM.

Every thing in America is on magnificent
falls are tumbling floods, her mountains tow
er head and shoulders above the pigmy alti
tudes of Europe. She is continent OF very
marked features. But there is nothing in
her physical phenomena which so taxes our
astonishment as the moral immensities she
has lately developed. We are not used to
the thunders of Niagara, and the tremendous
distances Of the Mississippi, and the high
shooting peaks Of the Andes; but we are not
altogether incapable of new sensation.
We stand aghast when we have for the first
time disclosed to US the tremendous vegeta-
ton Of her national debt and the magnificent
scale Of her deficits
The American news we publish to-day IS
chiefly remarkable for The wonderful financial
statement of Mr.. Chase, the Secretary Of
the Treasury. In other respects il is still
but an uncertain sound. The pOpulace OF
New York was yet hugging the fond delu-
sion that the seizure Of the Trent would be
passed over without resentment. The news
had only Just reached them that England had
heard of the exploit of Com. Wilkes. twill
be remembered that at the first moment it
was received with some astonishment, but
with calmness. The primary impulse was,
not to bluster, but TO inquire. The people
OF New York. judging too much by their own
habits, and delighted to find US so calm, tel
egraphed at once that " the effect oi the news
n England is not so unfayorable as was ex-
pected." Ia this fools paradise they had
vet to be disturbed. We are as far as ever
from being able to Judge in what mood our
demand for reparatIun may find them; but
il there should have been any doubt upon
the mind Of the Federal leaders, or any di-
vision of opinion among the Federal popu-
lace when Lord Lyons made his eommun-
cation, that magnificent and stupendous de-
ficit Of forty-three millions sterling remain
ing at the end Of year, during which The
borrowing powers Of the Federal States were
taxed 10 the utmost. ought 10 aid these peo-
pie to see their position. Mr.. Chase, as q
prudent, or rather a jealous, Secretary ol
the Treasury, does not 20 out Of bis way to
mention disagreeabe facts. He does not
tell us how much Of the expenditure OF 1861
was raised by loans and how much by taxes
/ NOR uOes ne neHllOu tue plesCHl ahvuHt WI
the newly-bOrn national debt OF his nation
Without this Intelligence, however, he states
quite enough to enable any man Of 5usines;
10 Judge how long this war Of subllgatIon
can last, and what the probabilities are ol
sustaining another war in addition to il. lie
saws that from July 1861 10 July 1869 the
war expenses will be in round numbers ei09,
100000 sterling, Of which lie has succeeded
in borrowing about G4O,000,OO0, and hopes
to get the rest BY paper money. more loans,
and taxation to the amount ot about R2,500,
900. II he can get the loans, aud Il people
will take his paper money, aud Il they will
also pay taxes, he will then be able TO make
both ends meet up TO July. 1862; but, i the
south should not be subjUgated BY that early
date, he tells his countrymen plainly that he
shall want sesenty-six millions sterling to-
the service Of the next year, and that at the
end Of June 1865, the national debt Of the
Federal States will be nine hundred millions
Of dollars.
This i pretty we'll for three years war
Yet, If we were to examine Mr.. Chase's tig'
ures very closely, we should find the estl'
mate Of expenditure, and still more the est.
mate OF the amount Of debt, very much un'
derstated. However, let that pass. I've