Arkansas true Democrat., 1862-02-27
Federal Finance.

Federal House of Representatives, (says the Richmond Dispatch, of the 14th inst, on the bill which has subsequently passed, authorizing the issue of one hundred and fifty millions of Treasury notes, payable on demand, and of five hundred millions of Federal bonds, containing, also, provision requiring the notes of the Gov ernment to be receivable in payment of all pub lie and private debts as a legal tender. Mir. Spaudng of New York, representing the dlStrct ot Mir. Seward, and leader of the House, sand Tn the debate, We all agree that taxation must in Varlous forms be imposed to the amount of at least one hundred and fifty millions of dol lars, on which to rest the credit of these notes ana bonds. In the second place, we agree that hereafter the war must be carried on principally upon the credit of the Government, and that pa. per, Ill the form of notes and bonds, must be is- sued to an amount equal to our expenditures, deduchng the amount of current revenue not absorbed in paying interest and ordinary ex. penses of Government"
 MT. Stevens, the chief financial oracle of the House, spoke in more detail, and substantially as follows "This bill is a n easura of necessity, not choice It provides means, in the two forms of paper authorized, of six hundred and fifty millions of dollars The late Administra- tion left debt of SlO0,0OO,000. Congress, at its extra session, authorizeS an additional loan of $250,0OO,O0O, which has been all taken ex- eept fifty millions. The banks before they had paid all of the portion of this loan which they had taken, broke down under the load, and sus- pended specie pawn [. The last of their pay ments was made yes ,erday, and on the same | oay the banks have refused to receive the Trea- sury notes, which must sink to depreciated mon | ey. The remaining fifty millions the Secretary of the Treasury has been unable to negotiate- There is now floating debt, audited and unau- dited of one hundred and thirty millions. The daily expenses ofthe Government are now about two millions. To carry on till the next meet~ ing of Congress will take six hundred millions more, making about seven hundred millions to be provided for. But as this Congress must provide for appropriations to July, 1863, seven months more must be added to these expenses. That would require four hundred and twenty millions, which, added to the amount before es> timated, makes eleven hundred millions If the first seven hundred millions is forced on the market, have no doubt that theabonds would sell as low sixty per cent, as in the last year; and even then, 1t would be found impossible to find payment in coin. But large part must be accepted in the depreciated notes of non. specie-paying banks If the minimum discount that any reasonable man could fix, say twenty five per cent, the loss on eleven hundred mil lions to be sold would be two hundred and sev- enty.fye millions. It would therefore require at least bonds to the amount of thirteen hundred aod fifty millions to produce sufficient currency to carry us to the end Of the next fiscal On.L 'bo- ,1. Er.r I'll to be tolerated"
 This is the language of an Administration man, prominent Pennsyvanian, hot advo- cate of the war. It is their own statement of their own case by the oracles of Yankee senti- ment They confess that 1t will require the is- sue of thirteen hundred and fifty millions of dol
 lars to pay the present aoating debt of the Fed. eral Government and to carry on the war to July of next year. The aggregate Federal debt will thus be- taking in the old debt, and the two summer sixteen hundred and fifty millions of dollars
 This amount results from estimating expenses at two millions a day but tits well known that 
 probabilities are, therefore, that, instead of the lst of July, 1863, finding them with debt of sixteen hundred and fifty millions, it will find them with at least two thousand millions, falling as a charge of one hundred and twenty millions annually to the account of taxation.
 The bill now just passed imposes tax of one hundred and fifty millions, and makes every man who has debt due hin or property to sell to receive payment in Government notes, which Stevens thinks must go down to sixty cents in the dollar. It remains to be seen what effect these measures will have upon the pocket nerve of the Yankees. We now see why their leaders arc so anxious for early victories. They want to exhilerate and tickle the people while they rob them.
 | Does the South want to take hand in pay ing this big debt, and subjugating herself to this heavy taxation? If so, she has but to fold her arms and submit to subjugation. If her pride did not rouse her to resistance. her inter- ests do. Submission would not only be degra- dation, it would be utter and everlasting ruin.
 FASTING AND PRAYER.-In obedience to the l TN Il