East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1864-01-06
THE NATIONAL FINANCES.


The Importance of the recent dis
cussion in the Senate, on the finances,
can hardly DO overstated, and what is
worthy Of remark and Communication,
il was business debate throughout,
free from set speech making, and con-
fined to questions that are above par
ty and that sooner OF later must COM
mand public attention in as absorbing
degree as even the events of war.
Senator Sherman of Ohio, assuredly
cannot be accused of any leaning to
what an INSCRIPTIONS and thoroughly
rotten set of politicians term Copper
headism." He is in high authority with
Republicans. He is of the commit
toe on Finance in the Senate, and We
think the last position which he occu-
pied in tho House, was its leader, or
Chairman of the Committee on Ways
and Means, and hence, he is convers-
ant with the public business. The
proposition before the Senate, to APP
propriate One HUNDRED AND Thirty
ONE MILLIONS, and to require the pay
ment in three months; when he stated
that it was impossible-these were his
words-to do it. And Mr.. Fessenden
the Chairman of the Senate Commit
on Finance, fully concurred in what
Mr. Sherman had said. Both Sena-
tors, as the debate went on, entered,
in business like way, into such de-
tails as carried the Senate with them.
While they agreed as to tho mega
tive, both expressed sentiments as to
the natianal finances, that all whose
judgement is worth regarding must
hold to be sound and vital to the
country, and as neutrality-suspicious.
at once. What has been done in the
way Of borrowing cannot be, undone
and it must be conceded that it was
perhaps impossible to have gone on in
this gigantic struggle without resort
ing to paper currency mode of bor-
rowing. Wise, weighty and admira-
bio were Senator Sherman's words Of
warning against larger imitation Of
this currency, as he expressed himself
against further issue Of greenbacks,
There is no authority to go beyond
the four hundred millions 'Indeed,"
Mr.. Sherman said, if the Secretary
had the authority it wouldnot be wise
to exercise it, for the simple reason
that larger initiation Of our currency
would tend to raise prices and increase
the expenses Of the war. The e1peyi-
eaee Of the rebels and the crpey,enes Of all
nations shoes that It IS anwise >, INCREASE
NE n ',... .c,a,. etrcadtton or tie national
debt ~ the firm Of circulation" This
expresses the matter precisely. The
nation borrows in every circulating
note it issues. 1t is now borrowing
to pay borrowed money; taxation on
the country is too light when compar-
ed with the enormous outlay of the
Government; and it is the solemn du-
ty Of one and all to look this danger
Gus national symtom fully in the
face and to begin to apply the remedy
which is to act now on sound financial
principles. 1t is to bring up the cur
rent revenue, by taxation, TO meet the
current expenditure; which, of course,
will include the interest on the nation
al debt.
The result reached in this debate is
favorable one, namely: cutting down
a heavy expenditure. But there is
another field for Senators TO work in.
1t is sickening to see the exposures of
wanton squandering of the public
funds by government employees, who,
too often, have been men who never
manifested business capacity or fitness
for the places they occupy. The rev.
Citations in the Circuit Court at New
York in a case involving fees for the
use of Sickles' cutoff, lay bare a mass
Of ignorance and dishonesty in peou-
mary matters involving an immense
expenditure, well nigh unparalleled
in the history of Government imbecil-
ity and corruption; and the relations
are as common as the day of fortunes
made out Of the war by those whose
pathway to the source of supplies was
by service to party. To probe closely
national expenditures, to expose fully
to the world political prohgacy, and to
confine borrowing to the narrowest
possible limits, would seem to be steps
that the honest of all parties would
hail with great qualification. We
have reached q point when action, on
sound financial principles, has become
vital to the safety of the country
Boston Post.