Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1864-07-09
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The Nations War and Finances.
BY HORACE GREELEY.

On he eve of momentous events, which NAV
decide the fate of the Republic, the Govern
ment asks the People to lend--not give--it the
means of turning the COW hesitatng, trembling
scale iu favor of Freedom and the Uuion. In,
stead Of begging for money, and letting its
soldiers pay fall into arrears because it is not
forthcoming, the Treasury should be kept full
by the Loyal Millions as an earnest Of their
faith and their resolution. Ii the war lam
guisbes for lack Of means, the People, not
those whom they have temporarily entrusted
with power, must be the losers If the war
should be arrested aud broken down for want
of money to prosecute it further, the People,
not the Administration, must bear the loss and
the shame. Men may be obtained by draft ;
but money-other than that raised by taxes
must be voluntarily supplied, or not obtained
at all. All classes furnish soldiers aud sailors ;
but money can only be adequately provided by
those who have something earned or saved be-
yond their daily needs. But all that is needed
cannot be supplied by men Of large wealth
they are too few aud not rich enough for this
Unless our farmers, mechanics, and merchants
who range all the way from poverty to wealth
shall bear manly part, the Treasury mus
speedily be drained, the drafts of public cred
| ilors protested, and the war brought disas
trous close through The failures of the National
resources. "The sinews of war" were never
more essential than now.
There are those who tboughtlessly, beside
those wso facttiously, grumbe at the expan-
sion of our Circulating Medium, and the con-
sequent exaggeration and perturbation of the
premium on Gold, damaging Trade and causing
enormous ipfations of prices They wonder
,chy the Secretary Of the Treasury don't pre-
cent or counterdct all his--which is just like
xun m AFin rxUhxy los hav IL ka
day after be sows his turnip seed. The infa-
tion of the Currency is the measure of the
Secretarys poverty and virtual defeat. He
would gladly fund half his "greenbacks" to-
morrow, or so many as would enable him to
resume Specie Payment, if he only could. II
the People will but leud him The money, he
would do this forthwith. If he could other.
wise have bOrrOwed-at rates not absolutely
ruinous-money wherewth to carry on the war
and meet the expenses of the Government. he
never would have issued "greenback" dollar.
The Legal Tender Demand Notes of the Uni
ted States are simply forced loan differing
from other such only 10 that it is imposed not
on part, but on the whole of our people. The
volume of his "greenback" issues measures
the difference between the sums which the
Government has needed and those which the
people have been willing to supply. Had
they stood ready to lend it FIVE hundred mil
lions more as needed, the premium on Gold
need never have reached ten per cent
Why is 1t that men will lend money on mort
cages at seven (and even six) per cent, yet
will not lend it to the Government, though it
offers them what is to-day more than ten per
cent Why should every State, City, County,
and Railroad, be able to borrow to-day at q
more favorable rate than the Government oil
the United States Make all due allowance
for that Governments present embarrassments'
outlays, perils, and still it is burning shame
that 81 900 in gold will buy more than $1,000
OF its bonds. payable principal and hve per
cent. interest 10 gold. Were the great body OF
our forehanded citizens either brave or wise,
it would seem that this could not be.
Yet that would be rash conclusion.
The main difficulty is that, as yet, the ma
jority OF our middlng class are not famil
lar with Government Stocks, nor accustomed
to make investments therein. They are
accustomed to loans to their neighbors OF
mortgages; not to lending to their Govern
ment. And the thrifty, provident clas
are but slowly and with difficulty induced
to enter upon untried ways.
Then there is to be considered the pow
erful influence exerted by Copperhesds, o
men in more or less decided sympathy will
the Rebellion. who really wish the Uniol
War broken down and the Governmeu
compelled (in efFect) to cspitulate to JET