The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1863-01-23

Ger dI1eDsslon IN Congress and IN tue
|oading joOrnals is the bill reported in
,ho House'of Representatives from the
eonmittse Of Ways aud Means, Of which
Nj. Stevens Of Pennsylvania, is Chair.
man, aud Mr., Spauldipg, Of The Buffalo
district, New York. Is chief spokesman
TIE bin was reported by the committee
via bn, one dissenting voice, and isen.
titled "a bill TO provide ways and means
for tbs support Of the GOverument."--I
Its principal features are that IL author,
isea the Secretary Of the Treasury to.
borrow nlne hundred million dollars and
to insure therefor twenty year bonds,
bearing sis per cent. interest, payable
semi.annually in coin; il also provides
for the issue Of three hundred million
dollars Of United States notes, bearing
S All per cent interest, payable semis
annually ii coin, and likewise for the is.
sue Of 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 cir
culation as currency.
The bill, together with substitute
=" $
offered BY Mr.. Stevens, was under dis
cussion in the House on the 18th inst.
in committee Of the Whole. Mr.. Spanl-
ding, on that occasion, made speech
iRxhich be exhibited facts and figures
as to the colossal expenses of the war
aud the terrible strain the national cred
It IL suffering, in way calculated TO
awaken the attention of every thought
fol man. As Mr.. Spaulding Glands
high with the majority in Congress, his
statements cannot of course be interpret
ed as eEincing hostility to the Admins
stfattplsD So, "a in.rf'r,
MI. Spaulding draws gloomy pic.
tnrs Of the condition of our national T.
nances. He begins by saying that the
immediate requirements of the Treasury
are not less than one hundred millions
dollars. Said he:
Before you can pass this bill through
both Houses, have it approved by the
President, and get bonds and notes en-.
graved, printed and issued, at least $780,
100000 more will be required. Tie
pressing demands upon the Treasury.
between this aud TIE first OF next month,
for the pay of soldiers and other credi.
tors may be put down at $3.50 1000, ,0O0."
Speaking of the prospect that opened
before the committee during the first six
months of the war, Mr.. Spaulding said
"they could not shut their eyes to the
vastness of the volume of debt that was
open before them" ut was very soon
apparent" he continued, "that our ma
tional debt would, at an early day, reach
two thousand millioia, equal to half the
debt of Great Britain" &-. Spauldiug
might have Justly added, as the World
remarks, that the pressure of our debt
will not be half equal, but fully eqgAl to
that of England, inasmpch Os the rate
of interest on ours is twice as figh.-
But Mr.. Spaulding thus shows the press.
Jug necessity for funds xithw which to pay
sidiers, who cannot be expected to serve
1. itiyhe Scanty pittance of their wages
look ARA:
anv s,n,!10w that the liquidated and
.,.,..2! is already large, and that
u.'iauSirge accrued Indebtedness,
As the dos'o be paid at an early day,
the Union, isy adequate means in the
atious. assis ay it. There is a large
oe o,bs, s,s 3 the soldiers that musY6e
...a-.,,o. irlIest moment possible. -
s j now ou the field of battle
elngs. I'D in front of the enemy, en-.
tional gl the pcris and hardShips of
sare ,iauy of whom have not received
I. Z, pcy for months, ought not to be
% any longer. They can hardly be
yKpected 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. It ia an imperative necessity that
the means for paying the army and navy
should not be delayed any longer"
Here follows a statement which no
man should pass over lightly or without
reflection. 1t shows that the anticipa.
ted result spoken Of above, in which oul
national debt will equal in amount hall
that Of Great Britain, will be reached
by the end of the fiscal year for which
1t is the duty OF Congress at this session
to provide, that is, by the s0th Of June,
1864:
"The time has arrived when our fnan.
ces must engage the earnest and united
attention Of all loyal Representatives. -
We we're in great peril last year, but
our dangers are now twofold what they
were then. 1t was very difficult last
year to provide the money to meet the
large appropriations made for the sup.
port Of the army and navy. 1t will be
still more difhcult to meet the enlarged
requirements of The current and next is.
cal year. The army bill alone appro-
pirates over $s3l, 100000 which added