Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1864-07-28
NORTHERN NEWS.
THE SINKING FINANCES OF THE NORTH


THE SINKING FINANCES OF THE NORTH
The enormous accumulation OF debt In
CURED ,,v war Is beglnaias to arouse
SERIOUS aste4.4on at t.ie North. a writer
in one OF nc Now YorA p, ,crs makes an
elaborate re,1e,s i t,:c i4,:.ncos Cf, the
" asniag on GpveI-llnsut, ii which, at er
proving it b. fgues hs says:
The annual raie OF eX Xpenditure is now
at least one bIiiion dollars per annuin.
There are sagacious and we'll informed
men who Insls. Iilal it Is not less .han tour
millions q Gay. OF present reduction oI
expenditure there Is 10 possible prospect.
The taxation which Mr.. Chase llSok - as
esseri,ial TO insure Success to tiie nnances
Of the Government Is uot less tliau i've
huuufed millions of dollars d year-iias
is, five hundred mlilions Of liked, pefna-
nent revenue are necessary, even II there
b. military success. Otherwise, "ail
c.eaa . - y III fail" 1t requires military
s,,.-0ss : W, % make five. hundred null
ions rt taxation sufficient to carry on the
Government That, too, he II noted, viii
be for d peace establishments. " .lar
would be needed for a continued Mar
tablIshneul it SUCCESS shall not come Ill
time, and SO completely As 10 Close up the
ar aud stop the expenditure. Mr.. Chase
does not profess to compute tor 1t Is
plainly in lis thoughts that unless lhe war
be thus finished The present year the Gov
ernment s bankrupt.
The IA4cago Times is equally frank,
and says, IL. the course Il IA article OH the
sme subject:
When the new tax and tariff bills take
effect, the people Will realize the cost OF
the war.
Despite enormous taxes and duties, the
expenses OF the Government will CONT inua
to exceed the recei pts byJtw" mi lioiis per
diem. The public credit cannot long en-
dure such strain without prospect OF
relief The financial SITUATION, the enor-
NOUS tax aud deprecated currency, the
awful magnitude OF AN accommodating dsbt,
aud the innnence of All explosion more
destructive than any conalry has ever
known, are oringla:g people to their senses.
San nilsenry, OF Dolewate, made ram
pant speech" IN the Senate, on the 27lh,
which the Times reporter describes rs
worse than anything heard i'll the Senate
since Toombs left.
There was Fremont and Cochran
ratification meeting in New York on the
27til, at which the chief speaker was Ores
tes A. Brownson.
The columns of the Tines, news adver-
tisements, show spasnodlc eitor's IN re-
cruiting. Large bonniies are promised,
and some OF the churches have game spec
tally into the. business. The Times oppo-
ses the repeal of the COMMUNICATION law
very naturally, as its editors ard managers
and trleEds make more by strict con-
scription with substitution.
The New York Tribune is taking the
Democratic mem bers OF Congress to task
because they do not show signs Of joy at
what is called Grants success.
A negro has been arrested in Baltimore
for hurrahing for jeff. Davis and denounc-
my Lincoln. 80
A resoluti on bas passed the Yankee
House authorizing Mr.. Lincolnto give the
British Government notice Of q wish 10
put sn enu 70 the treaty # 1871, respect>
ing the nayai forces OF the two Govern
ments in the. great lakes Of the NORTH
Under he recent trss.sj, the ailkess are
allowed to put but one armed Vessel on
the lakes. The treaty can at any time be
.abrogated by six months previous notice
being given by either party.