The Xenia sentinel. [volume] (Xenia [Ohio]) 1863-186?, 1864-06-21

hurtful imitation of prices. Gov. Chase Is
trying hard to reduce its rolums by a
moderate, yet steldy withdraw Of Legal
Tenders or Greenbaeks' from circulation.
But lie finds that, as he contracts, cert IN
# the State Banks expand, so that noth-
ing is gained By his efforts We ferreRt-
ly hope that the recent and pending acts
of Congress affecting Banks and then
taxation will remedy this evil.
For some weeks. clamor has been
kept up against the Seeretary's policy in
that he has endeavored to float 6v5 per
cent loan, when the eagilery insist that
six per cent is the key to all the boards in
the country. Without abandoning his
five per cent loan, Gov. Chase now in
vites proposals for six per cent having
seventeen years to run, the interest paya
bic semi-annually in coin BIDS are to be
received until the Is inst, when the loan
will be awarded to the highest bidders.
The rates of premium viii probaly range
above six and below twelve per cent.
Bids for small sums viii be awarded to the
highest bidders. The rates of premium
will probably range above six and below
twelve per cent. Bids for small sums will
be welcomed and treated precisely as are
those which prOfer tens Of thousands,
hundreds, or even 500, at command, to
make a bid for a slice of this loan. 1t is
needed to pay our soldiers now heroically
fighting, and to furnish the ways and mems
for vigorous prosecution Of the war.
Patriots! subscribe each and all of you,
if only as an insurance that your courage
are iu no wise exhausted We want to
hear and to proclaim, not merely that the
Loan is abundantiy taken, but that the
number Of bidders is beyond all previous
precedent.
Uuionists The War visib'y draws to
a close. We indulge IN no Idle exultstion
we vaunt no assured suecess-but, since
the Rebels have called out their last man,
tits clear that their bloodhouuds can hunt
them up but very few more; while the ex-
posures and heardshipsof first steampaign
must toll fearfully on the green. boys aud
old men whom they have recently press
ed into the service. AS Grant and Sher-
man are fighting, something must slon
give way. The war is clJsing; the Pub
lie Debt is less than two thousand mil
lions; the taxes aronow being largely en-
HANGED and, even if we should fail to
beat the Rebels, we shall at all events pay
our debt Give your country a lift by
bidding for some POrtiOn Of the new
Loan
CRITICAL CONDITION OF THE REBEL FINAN-
CEs.
From the Richmond Sentinel, June6.
A question of extreme importance, on
which Congress has not yet acted, is that
of the currency and taxes It has been
represent63in Congress by the Secretary
of the Treasury that the taxes levied fJr
the current gear by the existing tax law
viii afford no aid in paying for the cur
rent e& penditure of the Government. Tney
will 90 mainly to the reduction of this cir
culation, and if that is to be kept at low
AMI healthfnl maximum, other means of
supporting the Government must be prOvi-
ded The sale Of bonds, the issue of GER
tifeates of indebte lness, aud more taxes,
are the only resources.
The sale of bonds has been prevented
thus far by the condition of the country.
To rely upon such sale to any great extent,
is at best to throw the Government at the
feet of the capitalists and place its credit
at their mercy.
The use of certificates Of indebtedness
has not been proved for by any adequate
measures. The taxes have not been. rais-
ed as was wisely recommended by the Sec
retary Treasury. On the contrary, the
pending propositions will essentially reduce
them The inequalities in the present
law are to be rcmeded, not by leyelIng up,
but unfortunately, by leveling down. The
resulting elimination Of taxes must be
very considerable, and such as will seri-
ously felt. We thiok the recommendation
of the Secretary to increase the taxes, IN
fnitely better suited to the necessities Of
the country than the proposition to reduce
them, which seems to be in favor.
In truth. we feel-very apprehensive of
the result, if Congress shall fail to main
tain the present revenues, and to add to
them by increasing, according ly to an equit-
able standard, the taxes on those classes
which are favored by the present law.
WeshalI be compelled either to take the
property and service ofthe people without
compensation, or to ruin our circulation
aglin by excessive issues, or to sell our
bonds to the extortioners for a song, and
bury cur Government under mountain
Of debt and hopeless bankruptcy. VIII
Congress, from any anxiety to adjourn, or
any timidity as to taxation, abandon US to
such fate2 We hope not.
There is another measure recommended
by the Secretary of the Treasury, and
which we can conceive is Of the UTMOST
Importance, but which has not, we believe
engaged the consideration Of Congress.
We refer to the proposition tt reduce the
expenditures of the Government to the sPe-
Gle standard, and as a consequence Of this
the paying of interest on obligation issued
on this basis, in specie or its equivalent.
This is a move in the right direction.
We always have held it to be a mis-
take to be selections about a low rate Of
interest rather than low principal, IN re-
ferenoo to our public debt A debt Of a
thousand millions at four per cent. is far
more to be avoided than debt Of five
hundred millions at eight per cent; for
though annual interest IS the same, pay
day brings a difference of one half We
think it is our late Legislation we have
looked too much at low interest, and too
little at the reduction of cur ultimate l.
abilities. Mr., Memminge, proposes a bold,
but, we think, a salutary reform in this
direction. He proposes that we hercaf-
ter make our debts, just as We must ulti-
mately pay them on the specie basis.
The purchase OfspeeiO to pay the interest,
will make the latter a very heavy per
cent; but the debt created will b. so very
much small as to effect probably a saving
in the interest even during the exigencies
Of the war.
DR.. Breckenridge.