Weekly national intelligencer., 1864-03-17
NATIONAL INTELLIGENCER.
a FINANCIAL PERILs.

coping with the difficulties, actua ana threateneu,
of The financial situation. We have particularly
sispalized, as indicating source of danger which
cali, for remedy the disparity which exists be-
tween the amount Of our current expendl-
tpres which is raised by loans and the amount
which is derived from contemporary taxation,
as compared with the policy of Great Britain
during the period when her annual expendi
lures reached their greatest height though still
falling much below our own. We have previously
stated that the nearest approach to our enormous
annual expenditures which has ever been witness
ed ia the history Of the world was made by Great
Britain in the year 1885, the last year of the great
struggle with Napoleon, when the expenditures
reached the sum Of ELI 100000 sterling, about
G3s,0O0,0 900 of which was raised by loans In
our own case the disbursements of the fiscal year
for 1868 were STA 709 $685. of which $500, ,2666 6o2
were provided for by the issue of paper money OF
loans. The estimates of the current fiscal year
amount to s749, 73l $50, of which S5SS, ,163, AGO
are to be raised by loans. Assuming the pound
sterling to be equivalent to five dollars OF the Uni
ted States currency it will be seen that more than
three-ffths of the whole expenditure of Great Bri
tain in 1915 were raised by coniemporaneous tax
alton and less than two-ffths by loans, while we
raised in 1868 little more than one-sxth Of our
whole expenditure by taxation, and relied upon
loans for nearly fvesixths of the remainder The
estimated proportion is slightly better for 1864, but
still indicates disparity which cannot be long
continued without destroying the public credit, and
II. nf taya in arde
to bring remedy to this source of weakness in
our system.
We need not add that the Secretary of the Trea-
sury has frequently enforced on Congress the duty
of making provision under this mead, while insist
inc upon more strict observance of economy in
the conduct of the war and in all the operations of
the Government at this crisis. 1t is matter Of
profound regret, and, we may add, of deep solicit
tude on the part Of all thinking men that his sug-
gestions under each head, and especially with re-
gard to the latter, are SO little needed by either
the Legislative or Executive Departments Of the
Government Mr. Chase has thus far succeeded
10 well In meeting the liabilities created equally
by the necessary aud unnecessary expenditures OF
the Administration that his earnest inyocstons in
favor of economy seem to be neutrallzed by The
fertility of resource which he has shown in rising
to the height Of any and every demand made upon
the National Treasury. This, it must be conced-
ed, is hard penalty to pay for the administrative
skill displayed in the conduct of his Department.
without the success of which all other Departments
of the Government would have been cut in the
very sinews of their strength. But it is obvious
that there is limit to this capacity of the Secre
tary Of the Treasury to preserve the financial situ
a., ION from the evils which bsset it unles, there be
an Al at:empt to forify it from without by increas-
ed taxation, and from within BY less extravagant
and wastefu and 2urpcseles' conduct of the war
More than month ago an honorable member OF
the House Of Representatives from the state OF
New York, Mr. F. CLARK, suggested the expedien-
cy of increasing the duties on foreign imports upon
articles Of luxury cf class, as far practicable,
not manufactured or produced in this country 30
as to produce a revenue Of Sl2O, 900, 900 per an
nun also, the expediency of increasing the in.
ternsl revenue tax upon articles OF luxury, ard
upon such articles Of domestic manufactures as
come in competition with foreign articles upon
which the import duties advanced so as 10
produce an annual revenue Of 523O, ,OOO, ,OUO. But
thus far the attention Of Congress seems to have
been diverted from this inquiry, which, in the
Judgment of all prudent men, - ot the first neces
ity to a vigorous administration Of TIE Govern
ment and TO the preservation Of the public credit
"a Merchant Of New York" in the hope of
procuring some SPEEDY and efficient action this
subject, has, we observe, called the attention Of
Congress to the following facts:
the rate o. thousand millions year. bicb, in round
numbers IL three millions oi dollars every day
The whole IT revenue rrespectve Of l6ans) to
meet THE enormous expenditure firstly, the duties
imports, amounting 70 about seventy millions; and,
cnndly the internal revenue, producing about eighty
millions--toqether, hundred aud FIFTY millions This
leaves ght hundred aud fifty millions unproyided for
To depend upon borrowing this iinmebse sum ls simply
to decide UPON the ruin 81 the credit ." the Government
(already stretched tc the utmost limits Of pruderce and
TO brig about ver dtsut day Dstioba bankruptcy
Prompt and decisive the part Of Cen
gres to raise large part oi the aOuot by taxation
alone the credit ~ thu Government aud euture the
puttug down Oi the rebellion.
few simple forms If taxation would produce very
large sum- without iullctug any spprecable burden on
the people. The following are recommended:
" let tax 0 oue-hslf per cent upon all transactions
in securities, stocks bonds real estate rchande gold
and silver und in fact wherever there sale u property
Of any description This tax would produce at least two
hundred millions year, without causing lOss OF i'm
porlaRce TO any The transactions Uf the city New
York alone shown At the Clearing House hsye
for the past six months sItysiK millions o. dollars
day allowing that oneba Of his amount il oa account Of
bctual purchsses tie tax Of ehsf Of one per cent
would produce fifty millions Of dollars year Jtis surely
reasonable 10 expect that If cty were 10 produce