Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1862-04-11
The Yankee Finances.

The world may we'll stand amazed at the
.t,nandm, extent of the debt contracted
and to be contracted by the Yankees IN the vain
ef:,rt 20 suhiugate the South. Nothing to com
aare with it ~as ever before known. One year
<,t war has sweled the public debt OF the Unit
o., States from rs millions to T5O millions
IN, philsd.Iohia Ledger of the 7th ult. quotes
Mr Fe.sevden. Chairman of the Senate FL
,,uucs Cousai.tee at fixing it at that sum at the
exnirstion of ta~ fiscal year IN June next Inc
I,ady.r and Fessendca ars among the most
-,.lcnaut cf our enenles,a and VI is oetlved that
;n putting the debt at 75o nll14of-S taey nave
stamped tar short of the truth
'tha annual interest is aire ady fnore than
s4s 0Oo 900. The ordinary sApeU@ea Of the
a,v.rnrent will be about $7O,0O0,o00 more /;
and Mr.. Fessenden counts up other charges, q.
,art from the war, which will require in all
not less than 165 900 900 year, to be met by
~raxaticn direct and indirect. Such is the fact
staring the Yankees in the face as things exist
,x Rut xuppose another ear of war, and q.
no,her $3.50 900 600 added to the debt. AS to
+, this the Ledger presents the following views
olo,pay enough for Lincondom m but just in the
same decrse encourage ging for us. 1t shows that
they cannot carry such a war much longer,
aud chat we have only to stand our grouno
maufullv to break down our enenies-break
thsu down financially as thsy already are NOR
all,. It i. remarkable that the tax bill is not
vet PASSED. though urged with great pertinscity
by Wai street, which wants security. The 4sn
kse Congress is evidently afraid to pass it, for
thew have reason to believe that the people
will not su bmit to it. They will be ruin ed
with it and ruined without 1t.
The following are the closing remarks Of the
Ledger: .
Eve take into account the losses to be en-
tailed by the issue efGoverEment paper mon
ey. and the increased cost of everything the
Government has to buy this sum ($l65, ,00O,'
! ooo) will be rnuch larger. A steady depreca,
ton of currency, which is very sure to attene
its increase; can scarcely fail to send coin out
the country, and the greater the depreciation
the more rapidly it will go. The most formi
dabla problem for our rulers TO deal with is
how to raise $165 100000 per annum. Bor.
rowing has it's limit. and is always reached
sooner by resort to knitting than in any
other way. When it is proposed to raise S165
100000 by taxation in one form and other,
we know lust where we stand One hundred
and sixty five Millions Of dollars are a concrete
substance (provided they be not paper dollars
which may he handled by the four rules OF a
ri:hmatic, distri buted by the census tables, ,ano
apportioned to States, counties and individuals
The sum to be raised ard paid into the Y. >
Treasury by New York every year will b.
By Ohio sl2,s67, 791, by Indiana, s. 7,430, It's
4 by Illinois so,4l4,641, and the other States
in the same cheerful ratio. =" - @sa@ u
These are enormous sums, and by no pro
cess that can be devised, can they be collects
II without being felt. In some quarters the a
tempt to collect it will fall little short OF conn