Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1864-09-21
From the Philadelphia Age.1
FINANCIAL PROSPECTS.
AN EARNEST WORD TO CAPITALIST


II there be one portion of our people
who are more interested than any other
in the settlement of our national difficult
ties by an honorable peace oil the basis of
the Constitution, it is the capitalists, great
and small who have invested their sur
plus earnings in public securities.
The general estimate Of the national
debt at this time is four thousand millions.
TO he certainly within the mark, and for
the sake of round numbers, let US call il
three ,houaand five hunred millions. We
can hardly comprehend the magnitude of
this sum without rejecting upon our own
share Of it. One-seventh will haze TO be
paid by the State OF Pennsylvania that 10
to say, five hundred millions, Oh which
the interest at six per cent. will be thirty
millions per annum. Philadelphia is about
one-tiith Of the State in wealth, and near
ly that in population. Her proportion
OF the annual interest would therefore De
about Fix millions of dollars. We are
speaking. be il remembered, of the nat
ional obligations alone, apart from the
State debt, which has been enormously in
creased since the war; and apart also from
the city county, borough, township, and
bluNA iDNAl NNDsS HAAlGtl nave Uftll sNblitu
into dlsproportonate bulk 10y the bouu-
ties to soldiers and by other causes.
There is nothing which commercial
people have SO much reason TO dread as
reputation. A voluntary breach of faith
with public creditors is an in Infamous crime;
and the necessity which makes State or
nation unable to meet its debts is one of
the most grlevous misfortunes which re-
suit from bad government. The nation
al debt, therefore, enormous as it is, will
never be repudiated with coneent OF the
people, il they can help it. Blu, the Ques-
tnn we prepouud TO our capitalists is /:
Whether we have not gone as far as reas-
enable regard for safety will allow. Can
we increase the public debt much more
without reaching the fatal point ofnation-
al bsnkruptcyl
When Mr. Lincoln was here at the fair,
he declared in effect that the war must
60 on for three years more. All the ut
terances OF the Administration party. Of
fetal and unofficial, teach us that they
are uncornpromisingl opposed to peace
and the old Union. They will prosecute
the war until the Southern States are
thoroughly subjaeated, and then proong
1t further TO keep them su6ju gated. They
will not yield 10 them their acknowledged
Constitutional rights to control their do
mest!c affairs in their own way The result
must be that if Lincoln is reelected, the war
viii 90 on for an indefinite time. or course,
no sane man expects that he and the
incapables that surround him will close it
by subjugating the South during this gen.
Grafton. Their pledge nov TO end it in
tn rec years is as certain to be ials.fed as
, their promise of lSOl TO finish it in sixty
days.
Let US suppose, then, that the war will
continue for three year. to come. What
will be the am Ount of debt at the end o
that period lie who undertakes 10 an
swer this question must keep in mind tha
the war, though high priced luxury al
: the beginning, has been getting dearer anC
deArer nj | the time. The depreciation o
Government paper has trebed the pric,
OF nearly every thing except the flesh anC
S blood Of the people. Nor have we any
. my Will be more practiced in the futur,
than IN the past. The shoddy thieve,
will not quit stealing. On the contrary
4 the long impunily they have enjoyed. and
e the encouragement they from high
{ officials, will make them more rapacio1s
than ever Of course, it may also be ex
pected that such generals us Pope and
' Banks. and Mllroy and Hunter will con.
tinue (beirg good Abolilionists) to carry
: over vast quantities ofproyisions, wagons
| horses, ammunition aud stores, TO be taker
? and consumed by the enemy. 1t is smost
! moderate estimate TO say that our aegre
gate debt when three years more of war
, have been added TO it, will amount to ter
e thons and millions at the very least. What
. will be the value Of Government bonds
then?
2 1t must be recollected that onr securi.
= ties have already sunk in the market 10
something like fifty cents on the. dollar
a pond OF the United States, which. tbre.
years ago, was bought and paid for at il,
par value in gold, may now be sod AT mar
or little more if the holder will agree TO
; take other Government paper for it. which
Is equally deprecated but if he wants
= real money hemust stand ashave Of about
, sixty per cent. In foreign markets the
stock IN our debt meets no sale: the fsw
= transfers made Of it have been az prices
varying from forty to forty-nine per cent.
1t is lamentable to think that even the
. Confederate loan sells in England and
France at nearly double the price of ours.
: Abroad we seem to be already regarded as
an insovent nation.
If we have been brought to this sad
pass by three years of war, what shall we
; look for after three years more similar mis-
management ls there any chance for
US if Lincoln is re-eected2 No; in that
event "our final hope is fiat despair"
The ohly relief we can expect is in the
restoration of "the Union as it was" and
peace on that basis. That would resusc-
tate our credit, and bring US back our COM
mercial character. Ifany of our readers
doubt it, let them remember that only
short time ago the London papers told us
that Federal bords rose three per cent.
merely because the word peace occurred
IN the dispatches from America.
ANOTHER DsAFT.-Gov. Curtin has Il.
sued his proclamation calling for fifteen
regiments, one thousand men each. of vol