Arkansas true Democrat., 1862-09-17
The Debts of tho two covernments.

We are indebted to MT. E. M. Bruce, for copy of the Presidents message and accompanying docu-
 ents We turned, with some interest, to the report of the secretary of the treasury to see what would be the indebtedness of the Confedcracy compared with that of the rump union
 The whole expenditures of the government from its commencement to the first of August, were S34, o72 95S 5,subect to areduction of about five millions of deposit certificates which have been redeemed. The receipts from customs, up to that time, were sl437 ,899 96; from the tax, SIo,589,9lo 7C; from miscellaneous sources, ,Sl, ,974,7s9 68.
 The total amount of debt, including that which is funded, call deposits and tfeasury notes and bonds is, in round numbers three hundred and twenty five
 millions. The estimates of expenses up to the lst of January are two hundred millions more. This large is predicated upon the high prices now ruling in the South and the mantainance Of army of 750,- 900 men. If by of ports being opened, or in creased manufactures goods and provisionscan be had cheaper these figures will be proportionably reduced. Atthc highest calculation the debt of the Confederacy will not exceed on the lst of January, S500O000OO, or half billion. The debt of the Lincoln govern ment is now times greater and by the first Of January will be four billions, or eight times greater than ours. Admitting their population to be double ours still the proportion of debt to each person is four times greater
 If we look at the capabtiesef the two sections to pay their respective debts we will that the Con- federacy has greatly the advantage One statement will give an idea of vast 1k9urces It is, that an ordinary cotton crop at % vfts pound, would pay the whole debt Property at the North, aside from buildings, is fictitious being made up, in part, of stocks and fuctuating interests, while that of the South consisting of real etate negroes, horses and cattle is fixed and permanent To illustrate this: a New York merchant may be worth half million in bank stocks, ships, mines etc. In times of disaster, when banks break, ships sink, mines fail, he is ruined and no one benefited. The estimate of his wealth is unstable. But planter, with his land, negroes and stock, always has certain, definite value and if the land property passes from him, it remains in the country.
 If the war should close by the first of January the proportion of the public debt to each person in the Southern Conederacy, will be but little than it was to the people of the United States at the close the first revolutionary Again the character ot our debt is such that it be easily paid. The cot ton loan, which s included in our figures, will be paid when the cotton is sold. We should also con- sder that we shall have something to show for this money in the shape of half million stand of arms, an organized army, the beginning of navy, and an established government maintained for nearly two years. It appears that we have successfully defended ourselves against the invaders at expense of one eighth of thers and at the time, every article we bought in the shape of supplies munition, medi- cnes and clothing, ob aimed ashgh prices while Lincoln had the cheapest markets in the world to buy in.
 The resources of the South even with 8 less popu- ation are equal to those of the North and the debt they have to meet is eight times greater than