Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-12-30
THE TREASURY REPORT.

The elaborate report of Secretary Chase
on the finances. of the country, presents the
condition of the meaetary affairs of the ma
ton in a much more favorable light than the
public have generally Imagined it would. 1t
also gives us an idea of the magnitude of
the work that our government has on Its
hands, and shows how well and easily the
country has borne the financial burthen rem
dered necessary by the events ef' the war
The rebellion plunged US inte one of the
most extensive wars ever engaged in by any
nation; but the effect upon the country is
nothing when compared to that produced
upon England by the wars of Napoleon.
The debt incurred by as gill also be found
to be much more easily removed.
Our national debt at the present time is
put down in round numbers at eleven hun
dred millions of dollars 1t is estimated
that on the lst day OF July, 1864, it will
reach in round numbers about seventeen
hundred millions. If the war should con-
tinue until the Ist of July lS65-which
does not seem possible with any decent man
agement-our debt, according TO present es-
Inmates, viii reach the neighborhood of two
thousand FIVE hundred millions, or little
more than one-half Of the present debt of
England. The debt of the British govern
ment is now over four thousand millions.
III 10 rue lildJ DtelS Il SliIdlICI IdCt vi lti-
terest than ours; but, counting it at the rate
of three and half per cent, she is paying an
annual interest Of upwards ef one hupdred
and forty millions The expenses OF the
English government are 50 great that 1t Is
impossible for her even IN time OF peace to
reduce her debt; but, on the other hand,
the inexorable logic offacts show that IT must
gradually increase. According to Secretary
Chase estimate, our government VIII have
to pay, at the rate of interest which the debt
bears, eighty five millions during the coming
fiscal year Should the war continue until
the lst of July, 1865, and the debt be swol-
len to twenty-five hundred millions, our an
nual interest, even at present rates, will
still be below that paid by England. The
vast resources of this country, Its hidden
treasure and varied wealth, which are from
day to day being developed, viii enable us
to meet all this, and the people viii not feel
the burthen one-half as much as the subjects
of England feel theirs now. 1t will also en-
able us to rapidly reduce our debt when the
war is over
What other nation of the world can pre-
sent such "A record? Here we are engaged
in gigantic civil war We have been at
work nearly three years in crushing out the
rebellion OF an extent and magnitude un-
known to any other nation Ia ancient or mod
ern times, and yet the burthen is hardly felt
by the people We shall soon show to the
world that we can crush out the greatest re-
bellion of the world And when the war
ends, and every State returns TO the family
circle, we will add to the wonders the aston
ishing feat of actually paying off cur enor-
nous debt within the lifetime Of the pres
ent generation, thus furnishing an example
that no other nation can follow. Let the
GROWERS in our midst and the croakers in
Europe put this in their pipes and smoke it.
They will find it an excellent remedy for
their agitated nerves. N. I. Herald