The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-02-03
The National Finances.

u6WSpdpcis, ii suCH fIduti bSiC bet PfN''S~
notice the following extract from the New
York Independent, carefully weigh the state
ments, and finding them true see if he cannot
realize that gold is not now standard OF val
ues in the country:
What are the facts in relation to our So
called deprecated currency? Will 1t not buy
bread at tair prices? Certainly. Are not the
necessaries of lite, as whole, as much within
the reach of the poor as during any one of the
past twenty years? All things considered,
this is undoubtedly true. There never was a
time probably, when old and young, male and
female, all over the free States, were more
prosperous and comfortable than now. Every
human being who has strength to labor, can
find profitable employment either at home, or
In the service of his country. hundred dol
lars of paper currency will to-day purchase
better horse or yoke of oxen, than could have
been bought with the same amount of gold
before the war; The same is true OF many
other things. Secretary Chase in his report
says:
Wheat, quoted at 81 3s to 81 As per bushel
on the LIST of November, 1861, was quoted at
81 as to 81 50 on the LIST Of November, 1862.
Prime mess pork, on the LIST of November, 1861, ,
was quoted at SIS TO SIS so per barrel, and on
the lst of November, 1862. at Sl2 SO to Sl3.-
Corn sold on the LIST of November, 1861, at so to
So cents per bushel, and ON the LIST of November,
1862, at II to 10 cents. A comparison between
the prices of hay, beef, and some other staples
of domestic produce at the two dates, exhibits
similar conditions of actual depression in price
or moderate rise.
We affirm that, thus far, we have no reason
whatever TO complain of extraordinary en-
barrassments or suffering. There have been
none. Men have lost their property in conse-
quence of the rebellion. So did thousands
and tens OF thousands in the crisis of 57 and
Of 81, when we were at peace. No extraordi-
nary disturbance in our political affairs can
ever take place without more or less pecuniary
loss in all business circles. That is inevitable.
The North have demonstrated to the world
that there Is money enough and men enough
to crush the rebellion. All that is necessary
Is to have more union, more determination,
more Napoleonic courage. One word to Ma
ior-Generais: attention the whole! We must
have Utct0ries now in order to open money
vaults. We must have rictories in order TO
reinspire our capitalists. We must have ric-
tories TO give the Government credit with
the people. and adequate TO the emergency.
We must have rictories if we would save this
God-Eivored nation from the hand of an in
fernal conspirator, and from financial destruc-
ton.
Most true: we do need victories. But
while waiting for them there is another useful
lesson to learn. Having seen that in spite of
the reckless assertions of irresponsible writers
no actual distress occasioned by the state of
the currency does as yet exist, the question
still arises, Can the country carry this enor-
nous load of debt? This is a historical ques-
ton. We might well trembe, If our present
experience were unprecedented. Is it so?
Mr.. Charles j. Stille, in a pamphlet, which
processes on its title page to teach "How a
Free People conduct Long War;" traces the
history of the English Peninsuar war, the en-
thusiasm and unanimity of its beginning, the
disappointment and gloom of its progress, the
development OF a virulent and insane party or
opposition, and the glorious conclusion which
overwhelmed them. We quote that part of
this instructive parallel, which treats OF the
financial difficulties of long war. They are
not insepurable: that is the lesson of history
We pass now to the consideration of anoth-
er class OF difficulties inherent in the prosecu-
ton OF every war, and generally OF lar greater
magnitude than any other--those connected
with the RAISING OF the vast sums of money re-
CURED for the support OF military operations.
In this important matter, il we mistake not,
there are some striking points of resemblance
between the English experience during the
war, and our present situation. 1t is the fash
ion among many who seek TO excite the pub
lie alarm on this subject from unworthy, and
sometimes, IL may be feared, from treason
able motives, to represent the enormous out
lay OF the nations wealth which is poured out
TO save the nations life, rs wholly unparalleled
IN history. Yet it may be asserted without
any fear of contradiction, that England, with
population then little more than halt of that
which now inhabits our loyal States, with re-
sources Infinitely less in proportion at that
time than her own, her manufacturing indus
try, so far as external outlet was concerned.
wholly crippled by the operation of the French
continental system and her own Orders in
Council, expended, during every year of the
Peninsuar war, as large an annual sum as has
been required here each year TO create and
keep up the gigantic force now in arms to put
down the rebellion. During the five years that
the war lasted, her average annual eXpendi-
ture exceeded ninety millions of pounds ster-
ling, or four hundred and fifty millions of dol
lars, which is about the sum which is demand
ed OF us. No one, of course, pretends TO say
that this rate of expenditure is not appalling,
yet it concerns us TO know that it is not I'M
precedented, and that these vast amounts have
been raised from national resources far inieri-
or to our own 1t should not be forgotten, al
SO, that they represent the money price of Eng
lands independence, and if ours is secured by
far greater outlay, we certainly are not dis
posed to quarrel with the wisdom of the in
vestment. The question is how were these
immense sums raised in England? The mar
who would have predicted, at the commence
ment of the war with France, that the Eng
fish national debt would at its close exceed
one thousand millions of pounds sterling, and
that the country would be able to bear such a
burden, would have been regarded as vision
airy as wild as he who in this country, two
years ago, might have ioretold the present
..f 4.