Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-06-02
RInanelal AaaIra la Yaakesasm.

The New York Herald presents the following
gloomy view Of the financial s~iluStion in The so
called United States
1t is estimated that the neW tax bin, which
recently passed the United States House Of Rep
ressntatiges, and Is now before the Senate for
enneuFrsnee, will produce TO the Government
"A snnual revenue amounting to three hundred
and 6hy million Of dollars; We are inclined to
the belief that during the fiscal yeaTs m
inc the LIST day Of July next, not more than two
hundred and fifty millions can, with any safety,
be relied upon from that source. The grounds
upon which We base his uppositiop are, that Il
will require At least twelve months to put the
complicated machinery necessary 10 enforce the
m~ultifsnous provisions Of the law into working
order. and for the collectors to become CONVEX
SAINT with its manifestations II this theory should
proye correct, the total revenue Of the country
during that year. after adding one hundred
millions a the receipts from customs, which is
a very liberal estimate, would not be more than
three hundred and fifty millions.
On the 30fh of June, 1864, the liabilities OF
the Government will be 4. least Si,S52 600 600,
Tor $4,000. 900 more than the Secretary Of the
Treasury estimated they Toad be in his last
annual report to Congress. IT the war con-
tinues through that year, to carry it on, pay the
civil expenses of tas Government, and dis
charge the interest on its indebtedness, viii re-
quirs the expenditure Of 3 thousand millions Of
dollsrs more, Of which $50 millions must be
produced BY new loans and the issus of new
treasury notes. If We add this last sum to the
| debt which viii have accumulated by the lst OF
July next, we will find that the total liabilities
of The country on the 3Osh OF June 1865, Will
be 81, 5I2, COO, 900, the interest on which, after
takiur from it the amount Of treasury notes
which have been issued, viii be upwards Of one
millions of dollars annually sum much
larger than is required to meet the ordinary civil
expenses Of the Government.
By thss time, we are Of opinion, if the rebel
lion be nos vet crushed, il viii be found neces-
sary TO again take up the tax bill and to extend
its provisions, or increase the rates il order that
five to seven hundred millions annually will
flow from il into tbs national treasury. It will
not do to follow the financial policy Of the rebel
| Government to the extent Of Eipirg out our en-
tire -non.iuseyest bearing debt, which now
amounts TO about FIVE hundred millions, and TO
make a fresh issue Of treasury notes. The psO'
pie would prefer an enlarged system Of taxa
| lion, which would reach all classes, 10 sny
/ movement Of that kind. But tie present Con-
gross, before Il closes is existence On the 4th Of
March next, viii End, if our troubles continue,
that the tax bill, as il Is now presented, viii net
produces sufficient revenue to carry Us along.
The nation will not be able to bear q much
/ u1AHA1l u 4N6s AA1A - AANAF ~ ~
upon is before the end Of the nsxt fiscal year.
We are rapidly approaching the huis to our
| credit, and, for the honor snd safety Of the
country, it would be well not TO get too near the
eud, because q sudden breSk-snd, ike the straw
to the canals back, it viii take bat littls to DO
it-would play sad havoc among the elements
that producs the wealth Of the country, and
PROSTATE the nation so low il the estimation OF
foreign Governments, that many years would
slspse before we would be eaAbled 70 resume our
proud and commanding position. The eaptious
opposition to the new tax bill which has been
displayed by some of the C0pperbesd members
Of Congress, has led US 20 take this prospective
vie v Of OR financial s%tfsrsi and s. We have
ever advocated the policy OF placing at lessl halt
of the expenses Of the war On the generation
that iRaugurated it, we viii hail the final passage
| of the tar bill as al earnest Of the intentions OF
the present Congress to make proper provisions
for the future. Il will be, however, but : drop
in the backet, compared wish the rapidly in
cressing magnitude Of cur public debt. But,
littls as it is, II will serve to strengthen the na-
;ional credit, and tend for & tina to cheek&Ae
waning confidence Of the people.