The New York herald., 1862-01-31


and fury of all the roaring rebel demagogues
Of the South, from Wise to Wigfall, will not
save him.
The Great Question OF the Hour-The
Finances OF the Country.
The most important, vital and pressing ques-
tion which at this time occupies the attention of
the government. of Congress, and Of the whole
country, is the provision of the ways and means
for carrying on the war for the Union. AS Mr..
Spaulding stated the other day, the government
is within few days of an empty treasury, and
the war will be brought to dead halt if the
indispensable sinews to move it are not sup
piled. No time, therefore, ought to be lost in
pushing forward the Demand Note bill. The
step first in order ought to have been the Tax
bill, and would have been had we more prac-
tical Congress whose leading men were
fully alive to the tremendous exigencies
of the hour. The bill ought to be ready
now-it ought to have been ready, in fact,
ut the opening of the session. But, as it is,
it will take some time to prepare a well
digested system of taxation; and our tclegraphic
despatch from Washington states that the bill
cannot be looked for till about the end of
March. 1t is evident that the Demand Note bill
cannot be postponed till then. On the con-
trary, the necessities of the government require
its immediate passage.
But practically, it is of small moment which
bill comes first, provided that it is well under
stood, and, in fact, stated, in the Demand Note
bill. that the new issues are to be convertible
into six per cent United States bonds, tho into
rest on which is to be paid in coin, by the ap-
preparation of definite annual sum from the
taxes to be raised for the war, and the principal
of which is to be redeemed by sinking fund
created and sustained by the annual appropria-
tion of the necessary amount from the proceeds
Of the taxation bill now in contemplation.
Let this be done, and the notes and bonds saay
be issued Immediately with perfect safety,
while those who are entrusted with the prepa-
ration of the scheme of taxes may mature it at
their leisure.
These financial measures are of the
very highest national Importance, for
upon them everything depends. They
are Indignantly opposed by the intrigues Of
set of heartless inanciers, who are specu-
lating upon our national troubles, and hope to
become suddenly rich at the expense OF the
people-a class of men Of the same stamp as
those who sold kerosene and camphene casks to
the government to carry water for the troops OF
the Burnside expedition, and those who sold
vessels, warranting them to draw only eight
feet of water, when, by actual measurement,
they are found to draw thirteen feet. These
shameless Shylocks would cut their pound OF
flesh from the heart of the nation if it were to
cost its life in one hour. As the Rothschilds, the
Barings the Goldsmidts and the Hopes became
millionaires by the wars with Napoleon, so do
the American fnanciers desire to make them
selves millionaires out of the present war. They
are enraged at the government because its mea-
sures will not afford them a chance for specula-
ton The most earnest wish Of their hearts is to
see the government securities deprecated to IS
and so, and then to purchase and hold till the
conclusion of the war, with the expectation Of
realizing from 115 to 125.
Their organs in New York are crying up
gold against paper;" in other words, they are
waging war against the credit Of the govern
ment Paper, well secured, is just as good as
gold, when issuing from sound banking corpo-
rations If 1t were not so, the community
would insist upon receiving gold instead Of
bills. What bank in Wall street, or out Of it,
is as good security to the holder OF its paper as
the United States government, with the whole
property Of the people, worth over sixteen thou
sand millions of dollars, pledged for its sol.
yency? All nations, inextensive wars like that
in which the American government is now en-
barked, are compelled to adopt system Of
credit, and the credit is deprecated or other
wise Just as the provision for the interest and
the security for the principal are good or bad.
During her continental wars, Great Britain
| made the Bank of England notes legal tender
and suspended specie payments from 1897 to
| 1928, period Of twenty-five years. During
this time she successfully resisted the power
of France to subjugate her. Her paper
money became deprecated because there
was no provision made to fund il
| and pay the interest. We are wiser by expe
ricncc; we make provision for both; and oul
resources, moreover, are fresh and mighty, and
continually growing. The specie in the coun
try is not adequate to the tenth part Of its com
mercial business How, then, could it be equal
TO the immense expenditures of the govern
ment in addition? There are three hundred
millions of gold and silver in the country
The government contemplates an expcndi
| ture of twelve hundred millions. There
| is no nation in the world that could
carry on such war as the American
government is now engaged in by specie
payments. All the specie in the country would
not suffice for six months expenditure. AL
the specie we can command will be needed te
| pay the balance of our foreign exchanges, and
| TO purchase from foreign nations articles which
| we need for the war, or which the country doe'
| not produce When the war is terminated We
shall then gradually return to specie payments
which, in times Of peace, is the proper basis FOL
L - 3ry