The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1862-01-03
Tho National Finances,

There seems to be very much force in, and yer,
good reason for, the severe criticism upon tn
course OF Congress, for its delay in settling upo,
some certain financial policy, that is now in
dulged in quite freely BY the metropolitan pres,
This Governmt mt has but one trouble, not only
IN fighting The rebellion, but in standing in arms
against all assailants who now in its hour Of
sore trial are cunning in seeking occasions for a
quarrel with US, and that trouble is want of
money. AS long as it has money, or a credit
which is not forced, it can bave arms and men
enough to defend its flag and maintain its au-
'horl'y, While no worsc thing could happen to
the country for its success at home, or its repu-
tat'on and position abroad, than to find its paper
at large and ruinous discount in the money
market This is the greatest problem of the
war, and one that is every day growing more
apparent both at home and abroad, and Con-
sress ought to give its immediate attention to
It, The Government cannot always borrow
money, unless it makes some adequate provision
Tor meeting some of lis obligations, except at a
ruinous shave. Neither is it right to burden
our los'crity with the whole expense of this
war There is wealth, there are resources
enough in the country to ppy portion of the
expenses OF the war as we 20 along. The tax.
alton would be felt, to be sure, and we might
prefer to borrow and so discount bills on nos.
terltY on almost any terms, but i. would
SO better Tor u.s. and better for ,busc who
may come after us to settle some of tbo hill.
s'ow We shall be compelled in any event to
AeaVe enough for tho next generation to nav. if
We tax ourselves to the extent of our abjli,v
n tax OF 100 cents On the dollar, on the basic
OF taxation IN Vermont, would not raise ono
Fnndred millions of dollars In the loyal States
and this would not pay the expenses of the Gov
eIhhicht at present rates for fifty days No tar
1T that could be Invented would ra;.o ,nor0
chan another one hundred millions of dollar,
ana IN these times not that. But the nres.
co' generation will have in some way to pa,
more than one-third Of the cost of thi, war
either IN direct contributions to the revenues Of
'Ae country or in the indirect way of d den,..
ciat'on Of and loss on Government ,ecur;,i.s.
ano IN the one case it would be nea,y EQUALLY
'orne by the whole people, while in III. o,hor
Tie holders OF the Government evidence, If
1eo' would be the main sufferers. Som.
ought to be devised by Congrers to 70.
ieVc The Government from this df;cultv ond
0 bring into the Treasury, not as return for
4
OF debt but us IN absolute confirm.
''D 10 the expenses Of tbs war, at least tw.
''u'eo millions CT dollars annually. And
housh the taxes and the imposts that would
"'se 'l's amount would be unusual and felt to
o'''a''some, there is no doubt that. owe, J
'l'ile Inc war lasts, the Country would be bettor
financially than by running the credit Of ,lo
'"'0n oy borrowing more than is absolutolv \
7ceSSary' We should not put off till to.mor. 0
Nv ", what we car do to day. ii
Lie moned men Of the c;t;c. "
''s'''en' has thus far SO largely depended for n
'"fPiy 'oS the Immediate wants of the Treas W
~ nave re nliy Lad this matter under vorv n
ave cohsideration, and have in various vavs u
Congress to ADEPT some system V
az WI! improve and strengthen the credit Of OF
'e Nation. Conspicuous among these is a LOT. NJ
written by MIR. James Gallatin of New york g.
III known in financial circles to Senator Ee. o. o.
'asn' in which Mr.. G. says: nj
;, Inc measures which Government sso,,. FRI
,nt uler to adopt are, in my humble Judo. no
,at, as follows, viz: ''' Jug ur
the issue of Government utilization. .
all as SO, $40 ard $40, to contractnrs ,n "1 WI
supplies, bearing a moderate rate of ;nteros. ur
y ABOUT three per cent? until funded. to bs Sc
aoed IN twenty years (say seven rer cont Re
c<, when presented at the Treasury in sum. Gu
slOo or over, in even hundreds. &c. to
Z. The issue Of Government stock. on , nor 10,
a OF which interest and principal sbonl6 ho an
yab!e in Europe, to be sold in tho martot Th
Oh the best terms that can DO obtained E,r H., Ly
yaole here, as well as that payable in En- die
&c. i'N ~ "u- liy
5. The drawing direct upon the bank. c,r in
,ceeGs OF Government loans taken bv them
t. The increase of direct taxation narticn,.r. op
en- luxuriess, such as pianos, carriage. $40 pu
zen would iali lightly on the poorcr classcs lar
preference to high duties on impors tho Ia,' 'hi
being already in some cases. almost nr ro ,a.
ry' and II further increased would oh,r r.ro- tod
lin to smuggling wa P''- mo