The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-23
The Baak Bill eat the necessity
vigorous Prossc . tien OF the Wa

/
its statesmanlike views and fn us Iuii
citation of the dangers of the crisA'. lnstei
initiating the silly ostrich-which bn. res Us
IN the sand or thrusts 1t into . 1usi
imagines that the hunter cannot see its>
Dody-hs boldly acknowledges the diiAct
| OF the case and meets them like a man.
holds that it is proper for us all to look
difficulties squars in the face" and that
unwise. aye criminal, for us, while incurri
debt of s2,5oO,o0O every day, to deceive
selves as to the real situation" He sa,
hopes for the best, believes that the Union
be ultimately maintained; but, at the
time, he ..cannot shut his eyes to the form,
character of the rebellion nor to the inh,
difficulties of eonquering and subduing 80 /
and intelligent people, ext ending over a
wide extent Of territory"
Mr., Spaalding recognizes the diflc
of moving and supplying large armieL
the difficulty Of keeping open the line OF {
munica zion with the base-a difisuity W
increases in proportion .as>such armies a}vf
into the heart of the encmy's country !
insurrection is entirely different from n
other instructions. Revolts are gpsr
against tho constituted authorities, and by
organized bodies Of the people, which az
the most part easily subdued. Bat in thi /
the rebellion was inaugurased and is nov
tanned ''by the constituted authority of St;
in their capacity of independent soyereig,ti
They rebelled by geographical line, and /
compact, organized body, against the fed
government at Washington. Hence tie
midable character of the rebellion at the {
set, and the vast resources and efforts, and
great length Of time, it will require to suppl
the present State organizations. 1T will
quire large standing loyal army in the oc
patton of each State "Even the armed OF
patton Of part OF one of the revolted Sta
does not make the people in the State loyal
the general government. The hatred Of
people to the rebellious States is decpea
and abiding" Mr. Spaulding maintains t
till the federal taxes can be collected in CIV
Southern State without soldier the REBEL
is not suppressed and this will, undoubtet
be a work of time. There is, therefore,
most urgent necessity for vigorous and s,Ista
ed action.
The debt is accommodating equally whcf
our armies are fighting or idle, and every
lar of it becomes first mortgage upon the
tire property and productive interest of
II nfa Aha 20 loh az
mic, manufacturer, merchant, banker, COM
sion merchant, professional man and ret
capitalist. If the tax is not paid in the sh
of duties upon imports and by internal revel
it is levied by the enhanced prices of Article
consumption and by deprecated currency
The immense army of a million Of men in
field, with its commissariat, supply trains,
bulance corps, suffers, teamsters, hangers
and idlers, over line, of military operati
more than four thousand miles, adds nothing
the wealth of the country by labor, but n
supported by those who do labor and '
have already acquired property. Well, tn
fore, does Mr.. Spaulding exclaim: "Wha
mighty drain is this war upon the prodnc
energies and resources of the country! ]
indeed, an cxhausting as we'll rs bloody W,
The logical conclusion is that such war m
in the nature of things be ruinous if protrat
to any very long period.
Such war requires vast expenditures
most comprehensive financial measures. Am
the latter is the new Banking bill, which is
extension to the whole nation of the primo
Of the excellent system of free banking in
State, which authorizes an association to 4
currency upon depositing a suffice
of State stocks with the Comptroller
secure the redemption Of the notes. The
now adopted by both houses Of Congress
vides uniform currency from So up to 81
for every existing bank and every new b.
which desires it. The conditions are thet
bank must purchase United States bonds
stocks) and deposit them with the United Sc,
Comptroller, a new officer created by the !
Currency will then be issued to tito the amo
of ninety per cent of the stocks deposited
secure its redemption. The whole amour
be issued is limited to three hundred millio
to be distributed to the different States in I
portion to population. Six per cent in+el
will be paid on the bonds, and the banks '
realize six per cent more on the currenc
twelve per cent in all. They need not gm,ml
therefore, at the bill, which is not compulsop,
Its provisions. 1t is a good measure, and ,
greatly aid the government, while it will est
lish what is very desirable for the people
uniform secured currency Of the same valus
every State, if the existing banks viii uni,
sally adopt 1t instead of their own.
But ii must be borne in mind that this hal
ing arrangement will not supply the. admir-
tration with the sinews of war. twill OF
facilitate its financial operations. Tho gove
ncnt must get its bonds sold, and the insev
upon those bonds must be paid, as well rs
interest upon other obligations, and Q FL
must he created for the gradual payment Of
principal; and these payments can,only be
eomplishsd by vigorous taxation; otherw
the bonds and the currency will become eQua
worthless. But the people cannot long b,
such heavy taxation. Hence the war must
short. Mere glory will not pay them if all tn