Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-02-01
The Government Finances.


Referring to the Teport OF the Committee of
WAYS and Means for the relief of the United
States Treasury, and the utter inadequacy OF the
measure proposed 10 meet the financial necessi-
ties of the Government, which the discussion in
the House has already exhibited, the New York
Journal Of Commerce makes the following forci-
BILE comments upon the present condition of the
public finances:
The entire amount of the issue of demand
notes authorized by the bill is one hundred aud
fifty million dollars including the fifty millions
now under contract and nearly completed. More
than the whole OF this is due to contractors who
need immediate payment, both for the sake of
their own necessities and the credit OF the Urea
sury 1t is great mistake to argue that be
cause those who furnish army and navy supplies
make "A profit on their contract. therefore they
may be kept out of their pay indefinitely. The
very way TO induce honest. reliable men to take
hold OF this work and DO it cheaply, is to make
their payment prompt and certain. To deter
payment is not simply 20 lessen the profits Of
those who desire to grow rich out of the Recessi-
ties of the country; II IL far more likely to i'm
peril the public credit. and drive the hard work
ing. pains taking contractor out of the business,
leaving it altogether in the hands of the reckless
and unprlnepied.
is not the chief reason tor Dependency. The en-
tire failure OF great majority of our public men
At Washington. both IA and OF Congress to
comprehend the necessities OF the case is doing
more ID dishcarten the people than all other eau
ses combined Mr. Sp-,ulding argued that an
''early and successful advance of the army is
needed t. sustain the financial credit of the coun-
try" and in the same breath tells US that on the
LIST of July next the public debt will be six hun
dred millions, and that il we should go into the
streets To borrow, we could not obtain enough TO
carry on the war for ninety daysl IL these asser
tons be true. 1t neels something than a
successful advance OF the army to sustain
the credit OF the Treasury; and the attempt
TO force paper currency upon the people by lie
gal enactment will not meet the dfieulty.
The case calls for intelligence ana courage on
the part OF our legislators. and they need not
seek to hide their DEFICIENCIES behind the army.
The latter can not hight their battles Tor them.
and the utmost bravery in the field will not atone
for the want OF a manly Independence in Con
gress.
Ii twelve hundred million dollars are needed
MP 10 july lc6j, Is stated Oy this member OF the
Committee there are abundant resources il the
country. and ample power in the hands of Con
gress 70 call them forth But howery phrases ana
honied words viii not DO not doit, and lis Is vain
70 deceive ourselves as TO the result Of this sort
of lesefdemaiu II the people cannot lend mon
ey enough by one method they cannot by anotl
Ct; ami disguise il rs We may the issue of lie
maud notes As a legal tender is forced loan
These two words ought never 20 together. Tax
alton J. = forced contributions, and here the exer
else OF the compelling poweris legitimate: a loan
implies the free consent of the lender and should
never te attempted under con,train,
We are not simply arguing against the issue of
n pa per currency. We have opposed those issues
upon principle and now believe them to be OF
iniScbie,ous tendency: but if here were the
slightest chance that they could be used 70 the
extent needed 10 effect the desired relief We
wauld never utter another word against them
There j no hope OF that, however. and those
who are Speeding their tme in debate over these
piltrs issues are wasting precious moments which
cannot be recalled. Ii Congress were to author
lie IN unlimited issue % demand notes q day
and tie people would take them Willingly the
necessity would not be met for they could not
be made fast enough to meet half the pressing
daily wants o: tie Government, 10 say nothing
OF the haulrel millions now over due; and they
would not be funded into the stock 50 that they
could be resisted
The moment that the attempt at force Is re
no, 81 from the loan. the tIo principles will work
IN beautiful harmony. But the idea OF straisht
oUt aud out taxation. 70 any considerable extent,
seems not "a be entertained BY MAJORITY IN Con-
Gress luerecs taxation J. the utmost to which
t..ey an bring tier courage, and even this prom
i>es 70 he % SAaFR OF - yigor ti.sI the figures
na.ea Ia lac estimate wl bear Ro prOg0Gt iOl 10
tie realized sosslL bey would ike TO increase
tic rev efue ron custams, bnt this can not be
Goue without eucourt- ng imports, and il i there
fore abantionei They viii have stamp tax
because thebarssen OF thatwsA De horne by people
R trade, who are supposed 60 be liberal They
wall sxnewsI. pess n.anslly tut MAKE - many
exceptions. thst It VAL amount TO bat lite: ana
the remainder they will Try 10 skim from the taste
for luxures The latter should certainly not be
exempt; but the swelling words over tins species
OF exefc 81 have no foundation in truth
Gold watches. diamond breast pans. Fifth Az
clue e0tc6es aud 0rowa stone fronts Cannot fur
nish the entire supply; and II they could this
would lax the poor more IN proportion than the
rich There Is great deal Of silly casuistry
u'on this snbiec'. Diminish the use OF carriages