The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1864-07-27
Cur Finances.


We do not unite with most of our cotem-.
poraries in imposing the whole burden OF
our nonetafy dist.ess on the shoulders Of
Mr.. Chsse. To his blnnders, indeed, may
be ascribed The financial difficulties, 10
which the administration of the Treasury 10
involved, but he was driven often into tho
adoption Of hasiy and unwise expedients TO
procure funds in order to meet the exravs-
CANT and importuua,c demands of The two
war secretaries.
These gentlemen have shown themselves
10 be the type Of :wo youngsters reared in
poverty and suddenly elevated to the pos
session of immense fortunes. Experiences
proves that the result OF snch transition is,
that the new heirs suddenly plunge into
every variety OF magnificent exiravagant
and vicious indulgence, oyerresching an
nuslly the amount OF their income Till bank
rupicy overakes them.
So it he. been With Messrs. Stanton and
Welles MIR. Chase was bat the steward 10
supply the spendihrifis with the means re-
quired by their exorbitant expenditures
To effec, this jeci he exered every
schsme his ingenuity could devise TO raise
the funds daily required BY their importu-
nate demands. We doubt whether the Sec-
retary Of the Treasury had he possessed
| greater fnancialtvisdom than he possess
ed, could have succeeded in supplying the
req QUESTIONS of bis colleagues, and, saved us
from ihe crisis towards which We are d1ift-
ing.
The ruis.of their 'condnci' seemsIto., have
spend-spend--no matter whether on
useful o5iects, or no,-no matter how much
of the lrnds We dispense may be stolen by
contractors or speculators-s sill spend. 10
fact il is auihort!vsiy stated, that il the
thefts were deducted, our debt would be d.
minished al leas, one third. But the two
Secretaries did not bring into their caIculs
iions. the necessity OF the object on which
The money was squaDdered, nor its equita-
bic valse MIR Welles for instance has sup
| piled Us on the most 4 sextravagant terms,
with navy six times ss large as We would
want s-any time, and certainly wholly un-
called for in coniending against people
having bu, three ships-and now but one->
aud FIVE or SIX ports to be oockaded aad
these ships procured al an enormity Of
! price, unprec edented in the annals OF orr
| country And still hs continues ship build
ing a, rate, which compelled the Treas
sury to hurry its printing, TO meet the expen'
ses of tie building lunacy OF Mr. Wei.es.
IL is time for him to reform and restrain
hi. outlays within the bouuds OF prudence.
The Treasury can no louger meet his de-
mands. II has stretched its credit 10 tho
very point of explosion and We fear IL
will explode in spite of the ski u OF The new
engineer, unless his assistants are restrain.
ed in their activity OF firing up.
We have foreshadowing of the catss-
trophe in the misfortune that has befaleu
| New York That State has refused to pay
her foreign creditors their just dues in coin.
| This evidently is a swiudle, or in polite
| terms repudiaion. The Governor in order
TO save he credit of the State, proposed
| thai. the amoun, of Interest on the Stats
| debt due in foreign countries should DO
! raised by private subscription, The subseri-
bers to epeLd for repayment on the equit-
| able action Of the Legislature al lie nex'
session. This scheme failed. land New Yor
refuses 20 NEE, her jnst obligations.
| New York. the richest State in The Union,
enjoying ample means, and not numbered
with debt with an interest beyond her
ability 10 pay, thus boldly perpeuates re-.
4
| pudiatiou, what must We anticipate from
! the Fecera Treasury which mus, necesssr-
! lily supply the reckless exiravagances, 30
garing both in the army and navy! II
has come to its last dollar and its credit is
! exhausted. II mayeconiinue lis printing
operations tu, this device, while it fsfn-
i.hes but little aid TO the government will
bu, add 10 The weight which is crushing the
people into desituiion. The secretaries
ssem powetiess OF unwilling TO restrain tbs
ex,ravagancss or theiis of thither subordi-
mates and We have but one hope OF safety
from reputation, ,.sud that is in the cessa-
lion of he Constitutional Union.