Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1862-11-19
National Finances.


Messrs. Samuel Hallett & Co., for tn
steamer, Oct. %, 1862, is on the Ndtioha
Finances 1t contains facts of very grea
Importance at this crisis, and the tigure
can be relied on as correct;
In anticipation of the annual report O
the Treasury soon to be made, we art
enable to lay before our readers, approx
mately, the condition of the national f.
nances up to near the close of the present
month. We may not give the exact fig.
ures in every case, but our statements will
be found to be very nearly accurate. The
aggregate Indebtedness of the Department
will foot up as folioWs; "a :
Debt contracted prior to July, '6l Is 900 OOl
Bonds bearing 3 10 Feent. interest l32 OOOO0
bonds bearing T5g o per cent. interest
Certificates Of findebtedness;. SSSi9S
Deposits which the Sub Treasury.
and payable on neail-.................. 65.OOOO OOO
Sustom House enOtes--.....---.-.-...-..... 240O0OO
The Five-tWenty year bOnds-....-...... 1851 100
Total Indebtedness Ss;5s 81 l0O
The statement, We believe, is approxi-
mately correct, taking the figures as they
stood on the I'D instant, and making the
liabilities ofGovernment considerably less
than the current estimates. 1t should
relieve all apprehension as to any embar-
rassmept to be caused by our public debt.
The interest on the total amount at 6 per
cent. is only S39, ,2l4, ,266. But only S44O,-
5Il, 100 draw interest, reducing the charge
upon the Treasury from this quarter 10
S26, ,O14, ,266. To meet this charge we
have revenue from customs. which will
probably equal S90,000,000 the present
year, and the revenues from the extraor-
dinary sources recently provided.
These sources were designed to realize
fully 5000, 0,O00,00 annually We learned
that so far 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 |
money demonstrates the ability of Gov
ernment to borrow to any required |
amount. As previously argued by us, the |
nation finds no difficulty in sustaining the |
burdens of the war, as it possesses in
abundance what ever is necessary for its
DrosecutiOn-men, food and materials
munitions of all kinds. So long as the
people viii dispose of these for the obliga-
ions of Government, no financial embar-
need be feared,
In the present financial condition of the
nation, consequently, all is we'll. The
people have not lost jot of their conf
Ience notwithstanding the failures in the
military operations of the Government.
hey feel that want of success has been
lue to incompetency in those who have
lirected affairs, not to any weakness of
he cause, or in the means of its mainte-
apce and support, confidence is unaba- |
ed that the right man in the right place ,
yill at last appear. More than a year {
go it was felt on all hands that military ,
lccesses were essential to the negotiation I
T loans. They have not come in the de- |
rec predicted or expected; yet it would S
e far easier for the Government to bor- :
DIV to day than it was year ago. We s
sfer to this to show that it is always un- i
Ife to underestimate the financial I
rength of the people. g
On the contrary, the war will demon t
rate a strength on the part of the nation 4
r transcending whatever was claimed for d
by our most ardent advocates. The (
athral resources of this country are so 4
lst, that no limit can be placed upon its C
under the stimulus of q r
eat necessity, or demand, especially so l.
ng as the war is not urged upon North s
n soil, With our financial strength un- o
'ated, all other things will come in due o
me. The experiences, under similar F
of all nations addicted to
eace, has been similar to our own. But
le work of preparation is going on, while
ilitary talent Is being developed, so that ia
e are really making vastly greater pro- a
ess than is generally supposed. In the
eantime, We are consolidating our polit-
al unity, gaining in confidence and in c.
.perience, which cannot fail in the end,
conduct to complete success. 'c'