The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-01-25

v
place nation which has suddenly assumed . hos
tile attitude upon war footing, or to give quick
movements to armies, or TO provide for
any emergencies which may arise; and
for these latter purposes particularly the
credit of country at war should al
ways be kept in sound condition; but IL has
been clearly established that the expenses Of
protracted struggle must in the main be borne by
the generation upon which the misfortune falls, in
order to avoid the accumulation of o debt which
might require the assistance Of virtual reputation
to discharge. History shows us that in the long
contest in which England was engaged with the
French republic Great Britain paid four-fifths of
the expenses OF that war by the revenue obtained
from internal taxes and by strictly adherng to that
system she was enabled to maintain her faith to
the extent at least Of an acknowledgment of her
obligations and to preserve her credit to the end.
In less than three years of war the United States
has burthened itself with debt nearly half as large
as England accumulated during series of desperate
struggles on the continent lasting more than
twenty years; and our debt is increasing at the
rate OF eight or nine hundred millions annually.
The yearly interest on our debt "a it now stands
Is in the neighborhood of fifty.fve millions of
dollars, and before the close of the present
year, if the rebellion is not crushed, Mr.. Chase
will add to our obligations an amount sufficiently
large to require the raising of over ninety
millions of dollars annually to discharge the
interest. The expenses Of the war commencing
with the opening Of the coming spring, owing to
the increased means for carrying it on which are
now being added, and the large number Of add-
tional men which is being raised, coupled with the
enhanced price of everything necessary to equip
and support an army, will be run up to two and
half millions day for the remaining part of the
present year To meet these large expenses we
have the above estimate Of the amount which will
probably be derived from internal duties and the
receipts from customs and miscellaneous sources
which. taking the Secretary's own figures, will
yield only the following aggregate
From internal revenue sl4S, 900
from CUSTOMS 7OOOO,0OO
.o,..
hscehaneous sources b,ooo,ooO
Total. $224 500, 900
- Thus it will be seen that we have revenue Of
but two hundred and twenty-four million FIVE hun
dred thousand dollars to meet expenses which will
amount to over nine hundred millions before the
close Of the year. The excess must, of course be
obtained by additional loans, which will swell our
indebtedness to nearly twenty -four hundred mil
lions Of dollars before the LIST of January next
These calculations are based upon the superstition
that the war will continue; and much better
would it have been for the country to-
day If the idea had never entered the
heads Of our officials in Washington, at the COM
mencement Of our troubles, that the rebellion
could be subdued in ninety days. If they had
then made their arrangements for protracted
war, and shaped their financial policy with a
view to such an emergency. our debt would
not have attained the alarming proportions
that it now presents, and there would be less
anxiety manifested in regard to the probable
chances of the country's sustaining its credit.
We have reasoned and advised Mr.. Chase time
and again, to abandon the borrowing system, and
to come squarely down on taxation as our only
salvation. There is no other policy that will
carry US safely Though and give satisfaction to
the present as well as to after generations. We
have bountiu resources which are fully capable of
paying every dollar of the expenses and the Secrs
tary, putting aside all fears of the consequences
and totally regardless Of any political favors
which might be withheld from him, should demand
from Congress power to call upon the wealth of
the country to sustain 1t and to aid il in its en-
deavors to destroy those who seek to blot out our
nationality By such movement he would re-
store the financial status Of the nation, sustain
confidence. avert bankruptcy, reinvigorate credit,
and raise our monetary condition once more to
the standard of coin.
The whole number Of national banks which were
organized on the 18th Of January was two hun.
dred and eight, having an aggregate capital of
s32, 234, 200, divided among the States as fol.