Maryland free press., 1863-01-16
desperate Cordition of FiuarcieI
AEaire.

b1J"We learn FROM speech delivered in
the lower House Of Congress On Monday last,
by Mr.. Spauldng, of New York, that tho f.
nanccs Of the nation are in dcploraLle condi-
ton. One hundred millions Of dollars are
required Immediately fr tie prymcnt Of SOL
cticrs, to whom the Government is in arrears
for six months pay and an additional fifty
millions will be required within thcncxt heeR-
q days. For all this there appears to be no
remedy but that of flooding tic country with
another batch of irrcdccmable paper currency
now depreciated forty per cont. and Likely to
further largely dorrecatc the more there is
thrown upon the market. OF the five hun-
drcd millions Of six per cent bonds the Sec
rotary was authorized to sell, only ac-r'y $pc
millions could be disposed Of; the balance can
only be placed at what they will bring isi thc
market.
Er Sparkling said: '1he whole amount
Of gold an'l silver in all the bank of the lyocal
States did not, on the 1st of January, exceed
e!ghty-3even millions. Even if the Secretary
OF the Treasuary could procure olery dollar Of
this, it would not be enough to pay fifty cents on
dollar the liability of the government. 1t was
therefore perfectly plain thatcycn this compar-
@tivcly small sum Of one hundred and Fifty
millions cannot be raii in c.in 1t was 10
fault of either the Secretary Oh Congress. Tie
coin cannot be obtained. It was simply an
impossibility There WAS no plan to get it
According to the old maxim, if We cannot do
a NC would VIC should do as we can The
Secretary has paid out two hundred and
fifty millions in legal tender notes. Al
though the Secretary has authority to sell
five hundred millions Of six per cent. bonds,
he has only sold twenty-five miIiiqnt1C,rI irg
the remainder to lac disposed of Il the market
price. The reason Why +1cc> >hk,nds hate not
been sold was because there was no rcdundan-
cy--of currency. Our soldiers in the field
should be paid. They cannot Ire expected to
perform their duty cheerfully while they know
their families are almost starving for the means
of living. Imperative necessity requires that
payment to them should be 10 longer delayed.
if the Secretary cannot raiac money on The
bonds, then other authority should be given
him to meet The liabilities Our rerils arr
two-fold compared to those of last year
lie thcn examined into the financial con-
diton, showing that eleven hundred and sew
entoen millions were required for the current
service. EGc argued to show that the money
required could not be obtained by Loan and
hence the necessity of passing the bill rcpor.
ted from the Committee Of Ways and Mean,
now under consideration. The only hope .
ultimate success in any financial schemo va
in military success; as from the southern dec
larations the war must go on. The rebels mus
be whipped before they would compromise o
surrender. The war would continue for many
years unless more discrimination was exhibitc,
on the part of the people Of the Northcr
States. We had not been more successful hc
onueo we needed more determination, disci
plne AMI Unity Of action. We must first o
oil crush the rebel forces before VIC can hop
for peace. If we cannot achieve victories ovc
the rebel armies all is lost because the south
crn confederacy depends on fore" to s''stai
it. No compromise can be made.