The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-12-19
THE PUBLIC DEBT.

II is almost impossible for the financial
officers of the government 70 make any,
thing more than an approximate estimate
OF the amount of the public debt. The.
unfinished contracts upon which large
sums are due, the amount due The army,
the aggregate of the outstanding quar-
termasters' aud commissaries' certificates,
etc, cannot be accurately knowns But
the approximation is near enough for all
Legislative purposes. Mr.. Chase, in his
mastery report for the information of
Congress, expresses the opiHion that the
debt CT the United States, at the end OF
the fiscal year, on the Both Of June next,
will be about one thousand one hundred
and twenty-five millions, two hundred
and ninety seven thousand, four hundred
a,sa tI4rve. <SI, Iz1, zJT, 4U3) dollars. He
says also that the estimates of the differ
ent departments are equal to two millions
Of dollars day, for each day of the
year, including Sundays agd holidays
On this basis, the debt, on the 30th of
June, 1S64-eighteen months hence
would be seventeen hundred and forty
five millions f1,145, 000, 000) Of dollars
This, upon the supposition that the pres
ent force of 100000 men is KEEP. in the
field, and that the increase Of the navy
keeps pace with the growth of the year
past.
These figures look formidable. Indeed
they are so but when we remember that
the average rate of interest now paid
on the accumulated debt, is but shade
over four and half per cent, and that
the expected receipts from the internal
revenue will not fall short of two hundred
millions per annum, and that large sums
will be derived from customs and public
lands, we need have no apprehensions for
the stability of TIE public credit--no fear
that the debt will not be finally paid off.
Assuming that the estimates until June
1864, are correct, the annual interest upon
that sum would be seventy eight and a
half millions, at the rate we have named
This is an annual charge that the coun-
try can we'll endure. Add to il an equal
sum for current expenses of the Govern
menf, and the internal revenue would
discharge both, and leave, inaddition to
customs receipts and revenue from all
other sources, large surplus to be APP
piled, by way of sinking fund, to the IL
quotation of the principal. 1t is un-
doubleday true, that, in spite of the drain
upon wealth and population by the war,
the resources of the country are daily
increasing; and that if we can keep clear
of foreign complications serious enough
to destroy our foreign commerce, weshall,
next year, be better able to carry on often
sive operations, than we were when hos
tilities commenced. We make no ac-
count of the reactionary movements of
the so-called Democratic party, nor of
its threats to throw ADVERTISEMENTS in
the way of the progress of our arms, be-
canse we assume that there is virtue
enough left in the American people to
put down and punish all such treasona-
BILE endeavoa.
The stake for which the Government
contends, is worthy of the enormous out
lay of blood and bteasure which is the
inevitable necessity of war; This rebel
lion surmounted, and the Republic as
sumes its well earned place at the head
of all the nations of the earth An united
and free people, having under their con-
troll the better part of a hemisphere, gov
erned by just and equal laws, superior
in resources for attack and defence, in
wealth, in patriotic zeal, to all nations
now in existence or that have gone be-
fore, we shall be at once the judge and
disposer of kinga and Kingdoms, and the
arbiter Of the worlds fate. Who, for the
realization of such prophecy, will re-
greet the sacrifice Of to day?