The Alleghanian. [volume] (Ebensburg, Pa.) 1859-1865, 1862-11-13
National Finances.


Messrs Samuel Hallett & Co, for the steam
er, Oct 20, 1862, is on the National
Finances. 1t contains facts of great i'm
portance at this crisis, and the figures can
be relied upon as correct =
In anticipation of the anual report of
the Treasury soon to be made, we are
enabled to lay before our readers, approx
imately, the condition of the national
finances up to near the close of the pres
ent month. We may not give the exact
figures in every case, but our statement
will be found to be very nearly accurate
The public debt of the United States
may be divided into .hree casses-that
contracted prior to the loan of $3.50, ,000,-
600, granted in July, 1861: the loan of
that date, and those authorized by Con-
gress at its last session.
The amount of debts of the first class
will, probably, reach about Sis 100000.
OF the second class, the $3.50, 100000
loan, S150, ,000,0 is made up Of the
3-10ths, o. which about S132 100000
have been issued S50O00, 600 6 fP cents
due in 1881, and 100000 of the de-
mand notes, which were made receivable
for dues at the Custom House. About one
half Of these are already cancelled and are
being retired at the rate of $500, 900 daily.
Their places, however, are supplied by
what are termed ..neto issue" of demand
notes.
Since the passage Of the Act of July,
1861, the Government has relied chiefly
upon its demand notes /; upon the deposits
made with several Of the Sub Treasurers.
and by issue of certificates Of Indebtedness.
OF the latter, about S66 900, 600 have been
issued. The Department is now paying
them out at the rate of $500, 900 daily
Of the class OF bonds known as the
5-20s, SIS, ,57I 100 have been issued The
exact amount Of deposites with the Sub
Treasurers on call. is about sos ,O00, 900.
The aggregate Indebtedness of the De
partment, consequently will foot up as
follows -
Debt contracted prior to July,
1861, $ls, ,ooo, 900
Bonds bearing $40 u cent in
terest, 1882, 200, 900
Bonds bearing C. q cent. interest,
payable in 1885,, 10000, 900
Certificates of Indebtedness, $4,000, 600
Deposits with the Sub-Treasury,
and payable on call, $1,000, 600
Treasury Notes. new issue, 10000 900
Custom House notes, 24,000,0 600
The Fiye-twenty year bonds, 1S,5T.l0o
Total indebtedness, 3,57I 100
The statement, we believe is approxin-
ately correct, taking the figures as they
stood or the 22d instant, and making the
liabilities OF Government considerably less
than the current estimates. 1t should
relieve all apprehension as to any embar-
rassment to be caused by our public debt
The interest on the total amount at six
per cent is only $50 9,2I4,2 ,266 But only
$449 81 100 draw interest reducing the
charge upon the Treasury from this quar-
we have the revenue from customs, which
Will probably equal $50 COO, goo, the pres
ent year, and the revenue from the extra
ordinary sources recently provided.
These sources were designed to realize
fully S200,000, 900 annually. We learned
that SO tar they promise to prove produc-
tive far beyond the estimate. There can be
no doubt of their realizing an immense
sum, and forming a secure basis, not only
for the payment of interest accruing on the
public debt, but for its rapid extinguisll-
ment, upon the close of the war. The
abundance Of money demonstrates the
ability of Government to borrow to any
required amount. As previously argued
by us, the nation finds no difficulty In
sustaining the burden of the war, as it
possesses in abundance whatever is neees-
sary for its prosecution-m food and
materials and munitions of all kinds SO
long the people will dispose Of these for
ha of
cia embarrassment need be feared
In the present financial condition of the
nation, consequently, all is well. The
people have not LOST Il jot of their confidence,
Notwithstanding the failures in the militia
ry operations Of the Government. They
feel that want of success has been due 10
incompetency in those who have directed
affairs, not to any weakness of the cause,
or in the means of its maintaiuancesand
support. Confidence is unabated that
the right men in the right place will at
last appear. More than wear ago it was
felt on all hands that military successes
were essential to the negotiation Of loans.
They have not come in the degree predic
ted or expected yet it would be far easier
for the Government to borrow today than
it was year ago We refer to this to
show that it is always unsafe to underesti-
mate the financial strength of the people
On the contrary, the war will demon
strate srength on the part of the nation
far transcending whatever was claimed
Tor it by its most ardent advocates. The
natural resources of this country are so
vast, that no limit can be placed upon its
productiveness under the stimulus of
great necessity, or demand, especially so