Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1863-03-21
From the N, Y. Independent
The National Resources and Credit.


iully Que Million citizens in It's service anC
pay, mainly in its Military and Naval ser
vice, and its Expenditures henceforh unti
the Rebellion shall he substantially crushed
cannot fall much il at all below Three Mil
lions OF Dollars per day. Building, shield
ing with iron, and repairing vessels Of war
hIlng tieets Of steam boats and sailing craft
Tor he transportation of men and munitions;
buying arms, casting cannon, making up
millions OF cartridges, etc, etc, are con-
stantIy going on, at heavy cost while
the consumption Of horses and wagons, OF
railroad cars, and every vehicle or device
whereby armies are moved or their subsist.
ence supplied, is constant and immense -
| Should the Rebellion hold out year lon.
ger, the public expenditure for that year
Can hardly fall short Of Que Thousand Nil.
lions of Dollars while, so crest is the
present amount of unsettled or at least nn-
paid claims against The Treasury, that 10 is
likely to absorb the current revenue from
taxes /; so that nearly or quite the full
amount ahove.uamed must iu some form be
added to the National Debt
OF course, the capacity of our people to
purchase and absorb Government Securi.
ties is overta&ed, aud they are inevitably
deprecated. -Four years ago, a United
States loan Of Twenty Millions on bonds
drawing six per cent. interest aud having
twenty years TO run, would have been koen-
y competed for and esgerly taken at @
premium ranging from twelve TO twenty
per cent. Now, just such loan, with the
interest payable semannualy in specie,
would barely command par in legal tender
notes which are worth but two.thirds of
their face in specie. l
OfcourSe, there is an element of anxiety,
Of distrust, of discredit, 10 this depression.
The Union mag be torn to fragmenls--the
Rebels may sutjugate the loyal States and
impose their rule aud their pecuniary obi
cations on us--or our National Debt may,
through National rascaily, be repudiated
In times Of peril and calamity, any exrfem-
ity of National collapse aud of public dsas.
ter becomes possible to affrighted souls.
Still, the general confidence in our Ma.
tional future is buoyant and firm Young
nations have a wonderful elasticity aud
power of endurance. There may yet be
great reverses and trials before us, but the
faith of our people in their Institutions and
their destiny is mistaken Besides, if the
Rcpnblic is to go down, who can guess
what will survive it2 If tie promise of
the whole Twenty Millions of loyal Ameri !
cans to pay sum borrowed in their be-
half only to save the Union from over
throw is an unsafe reliance, whose promise
can be trusted If mortgage on the
whole country is no security, what is the
worth of a mortgage on any single farm,
or store, or dwelling? If general conAa
grafton is nt hand, what can our petty in !
surance Offices do for US?
Our Government Securities are depreSs.
ed partly because they are multiplied too
fast for our power of absorption, but partly
also because we lack the habit. as people.
Of investment therein. In Great Britain,
the National Debt is the National Savings
Bank. If any one happens to have few
or many thousands for which be has no
10 risk in business, he invests it in the funds
that is, be buys with it so much as it
will command Of the National Debt, know
ing that he con sell out at any momeHt,
hat the fluctuations in its price are very
limited, and that he will draw meantime
Moderate but certain rate of interest -
Hence, the British Public Debt, though
he largest ever known to the history of
mankind, is carried with ease, at the low.
'st average rate of interest Of any in, the
S.orId. Great Britain owes about Four
Thousand Millions of Dollars. mainly draw.
ng Three per cent. interest, and selling in
he market at five to ten per cent. discount
IN its face-that is, 'Consols.' or evidences
If the Consolidated Public Debt, bearing
hree per cent interest, usually sell a. 90
" 93, seldom rising to 95 or falling to 80. ,
And Inns the interest paid by Great Bri. :
ain is less than 81 per cent. on the cash
'alue of her debt TO day,
Were it the custom here to invest 10 the I
Sationl Debt all sums paid into coart Il |
Ibide the result OF legal proceedings all
ums held for investment at future day /
III moneys belonging to wards in chaneery,
minors under guardianship, etc etc the
laton's credit and financial ability would &
hereby be materially strengthened There /
re probably this day two or three hundred q
Millions of dollars which might better be
bus invested than left where it is Oapi
alists not in business often leave large bal. t
noes in their respective banks, which
night hetter be 10 good part invested in
Government securities. The new act pro
iding for system of banking on those Sc
urites, though as yet bat a step, Ia a step
q the right direction, In dae time, we
hall see banks organized under this act, {
nd issueing notes which every citizen will ,
aOw to be good, and which will circulate Z
RELY and safely in Texas or Minnesota, I
hough issued in New York or New Or. 6
cans, ra ~ nlIgE a|.esHe &
The country now imminently needs cou- l
erted resolve of all loyal men and women q
o strengthen aud invigoraie. The National I
jredit. Whoever can command thous- :
nd dollars or more, Il trust the Secretary t
f the Treasury will soon extend the privi- /
ege to those who have barely hundred } I
hould invest it in some form of Govern. q
lent Securities To-day, one thousand S
ollars in gold will buy fifteen hundred dol. I
ars OF the legal tender or 'green5ack' is
ues of the Treasury, which may be con.
u