Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1863-01-17
Our National Finanoes---Speech of Mr.
Spaulding. ~

cussion In Congress and In the leading Journais
ID thebIll reported IN tbe House Of Representa-
tives from the committee OF Ways and Means,
of which Mr.. STEVENS, Of Pennsylvania, is
Chairman, and Mr.. SPAuLDING, of the Buffalo
district, New York. Is chief spuk The
bill was reported by the commiItee yith but
one dissenting voice, aud is entitled "a bill to
provide ways and means for the support Of the
Government Its principal FEATURES are that
| u authorizes the Secretary Of the Treasury to
borrow nine hundred milll5n dollars and to In
sure therefor twenty year bonds, bearing elk
per cent. intersu.. payable semi-snnually in
coin; It also provides for the issue Of three
hundred million dollars Of United States notes.
bearing s 471s per cent. interest, payable semi.
annually In coin, and likewise for the issue ot
three hundred million dollars of legal tender
notes, not bearing interest. Besides, the bill
imposes tax or duty upon the bills or notes Of
banks in circulation as currency. .g.
The bill, together With q substitute offered
Il BY Mr.. SETyENs, was under discussion in the
House Oh the 18th Inst In committee OF the
Whole. Mr.. sPAuLDrko, on that occasion, made
q speech In which he exhibited facts and figures
az to the colossal expenses Of the war and the
terrible strain the national credit is suffering,
| In q way calculated to awaken the attention OF
every thoughtful man. As Mr.. SPAuLDiNo
stands high with the majority in Congress, hs
statements cannot Of course be interpreted 40
eyincing hostility to the Administration.
Mr.. sPAULDING draws gloomy picture of the
condition OF our national finances. He bssins
| BY saying tha. the immediate requirements OF
the Treasury are not less than one hundred
million dollars. Said he:
Before you can pass this bill through both
Houses, have 1t approved by the President, and
get bonds and notes engraved, printed and is
sued, at least $50 00O. 600 more willbe required.
| The pressing demands upon the Treasury, be-
tween this and the ffst Of Dtx. month Tor the
pay of eolders and other creditors may De put
down at $3.50, 600 600.
Speaking Of the prospect that opened before
The committee during the frst six months OF
the war, Mr. sPAuLDDe uaid "ihey could not
shut their eyes TO the vaetoesn OF the volume
Of debt that was open before them IL vas
very coon apparent" be eondaped. "that our
national debt would, at au earl. day, reach
tNo lboufaud millions, EQUAL TO half he debt OF
Great Biiain Mf. sPAULDlEo might have
iustly added, as the World remarks, that the
pressure Of our debt will not be half equal but
fuily equal to that Of England iuasmuch as The
rate of interest on oars Is twice as high. Bot
Nc, SpAULDISo thus shows the pressing pecessi-
ty for funds with which to pay fo'ditrs, who
cannot be expected to serve while the sc,nsy
pittsnoe Of their wages is withheld:
We know that the liqa!dated snd funded debt
Ia already large, and that there is a large 40
crusd Indebtedness, which ought to be paid at
an early isy, but without any adequate means
| In the Treasury 10 pay IL. There ia large
amount due to the soldiers that muet be paid at
the earliest moment possible. The soldiers
| now on the field Of battle or enoamped In front
of the enemy, enduring all the peTls and hard
ships of war, many Of whom have not received
thei, pay for months, ought not to be put off
any longer. They Can hardly be expected TO
perform their duties with alacrity unless they
are promptly paid, especially when they know,
as many Of them do, that their families at home
are suffering for the want Of the means Of life.
Il lie an imperative necessity that the means for
paying the army and navy should rot be delay.
ed aa5 longer. z 7ff
Here follows statement which no man
should pass over lightly or without serious re-
aection. It shows that the anticipated result
spoksn of above. In which orT national deb.
will equal In amour. half that of Crest Britain,
will be reached by lhe end Of the fiscal year
for which II is the duty Of Congress- at this ses
eion to provide, that is, by tie 3OEh Of Jnpe,
1864:
The time has arrived shen our finances mus.
engage the earnest and united attention Of all
loyal REPRESENTATIVES. We we're in great peril
iast year, but ou. dangers are now tvoiold
what they were then. Itwss very difficult last
year to provide the money TO meet the large
appropriations made for The support of the army
and navy. II will be ssill more difRcnlt to meet
the enlarged requirements Of the current and
next fiscal year. The army bill alone apprcpfi.
tmates Of ell the other expenditures for the
fiscal year ending June 80, 1864, amour. to the
enormous sum of 81, ,095, ,431 ,l63 Sc, to which
must be added the amount still required for sp-
p-oprietions and deficiency Of the year ending
June 80, 1863, and which according to the re.
port Of the Secretary OF the Treasury. amount
ed on the let Of December las: TO the sum Of
1851 %, ,l3l So, making the whole aggregate
required to meet. appropriations during the next
sightnen months, 81, ,6tO, ,634. .sl5 Is. aes,s
FraDiyiding this enormous sum which the Gos-
eminent must raise within the next eighteen
months among the twenty milhons Of people
on whom the burden will fall, gives over eighty
two dollars TO each individual. Bot assuming
what is doubtless too low On estimate that only
one person out of five owns property or earns
wages, tas share of each individual In the rex.
penses of the National Government for the next
eighteen months will be four hundred snd ten
dollars. or about twenty three dollars per month.
How many of our property.owners and produc
ers could meet such an amour. over and sboye
their. necessary individual and family expensss7
No. one in ten, We spprehend ~,
Bot Il may be said that Government does not
ask the payment Of that smouat, only that II
be loaned Bat that really amounts to the same
thing. II obtained by borrowing, psymsnt
mus, be ultimately made. together ~ ith the
interest, unless we suffer the 'dlsgrace Of repn,
diatIon, which some,imes:appear TO be no. far
off Bat enough on this dissgreeahls theme
II 4. Il IL a A..k :