New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-15
OUR NATIONAL FINANCES.
BY ROBERT j. WALKER
From The Contaren,qi Mon,slv, for February.

July 1864 at q. IA 685, $685. When we reflect that
,hi roory one.balf the debt OF England, and bear
ING almost double the rate of interest ii Is clear that
we are approaching fatal catastrophe. Nor is this
the most alarming symptom. Gold now commands
a premium Of thirty-two per cent, as compared with
leca.tender treasury notes, aud, with largely aug
uepted issues, must rise much higher, with cor
respondent increase OF our debt aud expenditures
Indeed. should the war continue, and there be no
other alternative than additional treasury notes, they
will before the close Of tue next fiscal year, fail to
command forty cents on the dollar in gold and our
debt exceed several billions of dollars. This would
result from an immense redundancy and depreciation
of currency and from the alarm created here and IN
Europe as to tho maintenance of the Union, and the
ultimate solvcncy Of the Government. Indeed, our
ereues at home and abroad the Rebels, and their
allies In the North aud in Europe already announce
impending national bankruptcy and repuda'ion ana
there are many devoted patriots who fear sueh ca
tastrophe. So,
That the danger is imminent is truth which
must not be disguised. Here lies the great peril oil
1he Government 1t is not the Rebel armies lnat
can ever overthrow the Union, II is the alarming
increase of the public debt aud expenditures, aud
the stil more appalling depreciation OF Gle national
currency, that most iDpeiil the great Republic.
And il the Union indeed TO fall T! Are we 10 be
L
each warning against the other, the sport Of foreign
olcarchs the scorn of humanity, the beirayers of
The liberty of our country and OF mankind Gan
we vet save the Republic 7 This is fearful and
momentous question, but 1t mus, De ans"eIep, anu
answered NOW. lnacton is syncope. Delay Ia
death. The life Of the Republic Is ebbnS FAST and
the approaching Ides Of March may toll the funeral
words, IL Is TOO late
What then must be done TO avert the dread catas'
.rophei Action immed date and energetic action, in
she ield and in Congress Winter is the best season
for "a campaign in the South On-on-on with the
banner OF the Republic, by land and sea, and with
ali the re-enorcements, from the Ohio aud Potomac
20 the Gulf, Ga also, with the necessary measures
~ Congress 10 save finances from ruin, arrest
the depreciation OF national currency, and restore
the public credit. We upon the verge OF ruin.
We are hanging over the gulf OF an irredeomaoe
paper system, and its spectral shade, reputation, IS
seen dimly in the dark abyss The present Congress
may save us; but what OF the neAt Would they,
If they conld Who can answer Can they, II they
would 7 No no! 1t will then be too late. Never
did any representative assembly encounter so fearful
responsibility the present Congress. Zach
member must vote if the fate of the Union and o:
humanity depended upon his action. lie must rise
above the passing clouds Of passion and prejudice, OF
State, local. selfish nert SITS, into the screen. and
holy atmosphere, illumined blythe light OF TRUTH ana
warned by the love OF his country and o! manklnd.
His only inquiry must be, What viii save the ma
ton 7 The allegiance 10 the Union is paramount,
its maintenance "the supreme law, the IeT 6gHm,
Of highest obligation, and he who, abandoning this
principle, follows in preference any real or supposed
State policy, is Sscessionst in action and traitor
70 bis country and mankind Should tie cataslro-
pbe happen, DO such paltry motives Will save bun
from disgrace and in,smyi and, II he be snatched
from oblivion his only ep:taNh Will be: Here lies
DESTROYER of the American Union. He did not de-
VtIoy 1t BY bullets, but by votes lie did not march
against il with armed battalionsi but sentinel he
slept on the post OF duty, snd-his country fell.
What, then, can Congress dot They can CONSIDER
81, Hyeav. at I'M ~
by any other measure, until there shall have been
acton complete aud decisive. Bat two months more
remain of the session. Not another day nor houi
must be lost. All admit that something must pt
done, and done quickly.
What then ia the remedy for our deprecated anC
depreciating national currency The Secretary O.
the Treasury anticipated the disaster and proposed
aremedy in 1861. gave his bank plan then NY
earnest and immediate support Well would il
have been for our country if 1t had then
been adopted and gold would rot now command a
premium of thirty-two per cent. After years
experience and elaboration, the Secretary reera'es
his former recommendation, with words Of solemn
mDort, aud arguments OF great force. His is the
chief responsibility. To hin is mainly intrus ed the
custody Of the public credit. His is now the duty
Of saving Ms from national bankruptcy. AT such
tiu.e l would differ from him on such question
poy on the elearest CONVICTIONS and .hen only upon
the condition that had better plan a substitute
ard that mine could become law now, and be Car
ried now into practical execution. II all this coulC
tary, az AL admit that delay or in1ction IS death
II my words be TOO bold or eafnes, let them be
attributed " my profound conviction that the Amer
;oen Union 10 III extreme peril and its downfall in.
wolves tue iGal catastrophe Of our country ami Of
our race. Let no I1an talk of q separation OF the
Union in any contingency. Let speak Of
peace or compromise with armed treason let none
tbink Of constructing separate naiODalIties out OF
the broken and bleeding fragments of O dismem-
hered Union. No; lar better that our wrecked and
blasted earth should swing from it's orbit, dim
hgrate into It's original atoms, and s place
forever vacant in tie universe than that we should
ecrsive Wi such memories OF departed glory, and
kuoh burning sense OF unuiterable lnfamy aud
degradation. Fallen--falen-lallen from the
highest pinnaeles 10 The lowest depth, 10 rise 10
more forever! What American would wish to live
ESc encounter such destiny And why fallen
From a ca,se more dalnoing than our fate. Fallen
Let lhs truth be told history would record, be.
caGs- faction stronger than patriotism and the
des-2SrsJe sous Of noble sires extiuguished the
worlds Last bore, by bagely suIreuderuI the Amer.
ic4n vi 20 tie iouI coali ion Of slavery ana tIea
SOD. This Rebellion lie the most sInpendons crime
IN tie annals 81 our Yace, and its projectors and
co.G utofs al home OF abroad, individual or dynas-
Tic are doomed 90 immortal iliaHy. With its DE-.
m 1lae VassioDs, its satanic ambition oerecreting
the telaains Of tie slslu, making goblets Oi
Their skgs AID t.iakes " taeIf bCaes, thIs revolt
i. heLOyrs2h o. DshOmey, and Uevlldom ia
gJ<ueo'yred moe viydiy Than by Dane Or Milton.
The plan oi tee Secretary i clear simple cOfapre.
teCsye, prle;issi, Gad effective. IL l. the plan u
49, uni!c, c.cciaiic1, furnished BY the FEDERAL
Government 70 bait.Ing assCcI4 Iol5s CTysuizsd b
CoIgrss', rscu.ing prompt re1erly ti0n by Ire
CslWsit VI the cane AMOUNT Il L. \. 81 per cent
stoOH In We FEDERAL cusoty, TIE pfin0pa, AID H.
forest 81 tile stock being payable ia god his
Y.S9, Wibn me, IS necessity, goo ICi CtOsGs. !,
f. the plan OF the Secretary, and N. u1e al .,
saclci0re supported W IRON 10 vanity y, author.
slp ,. Nay, mere, II required 10 Overcome st,, Z,