Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1864-03-12
SATURDAY MORNING, MARCH y, 1861
The National Finances.

N0tlOnal ulldHccS' anu Hl""s 'S"'" ~" W.
pressed that ruin is now threatening the coun-
try in the shape of debt that will soon be
beyond our ability to pay, unless the war is
speedily closed; ard the horrors Of general
bankruptcy are appealed to by Copperheals
as an inducement for concluding peace ON
any terms the South may dictate. WeWo-
nose to show by facts and figures that there is
no Just cause to applehend even temporary
financial embarrassment, should the war con-
tinuc for eighteen months longer lndted' 1t
is undoubtedly true that the Nation is strong
er to-day than it was when the war began
While we arc discussing one and half NH
lions per day, gold is steadily accommodating
in the country and in ;hc United States Treas
ury. 1t is stated that at the present rate OF
inc, ease, there will be surplus of specie in
the Treasury on the first of July next, of over
S7O,0O0OOO, exclusive Of paying all demands
for interest and the expenses of the foreign
service, which have to be paid in coin.
The production of our gold and silver mines
are largely in excess of the exports of specie
and it is confidently predicted that their pro-
duct will be more than doubled the present
wear. What is most remarkable of all is, that
our exports are larger now than they were
two years ago, and it is conceded that the
business of the country is greatly on the in
crease.
The public debt, including all the Treasury
notes now in circulation land which do not
draw INTEREST," amounted on the 30th of june
1868, to S1,O9S, 1881 1871. On the 30th of
June next, it will amount 10 81 ,G34, 1907
O42, and if the war continues, with the pres
ent ratio Of expenditures. TO the 30,h OF june
1865. the amount of indebtedness will have
amounted to the enormous sum of S2,231 $780,
100, the interest upon which will require
Ss5,3s7 GIG per annum. This might excite
alarm, were it not for the fact that we have a
certain yearly income Of over 100000
to pay the interest and support the Govern
ment, which would leave a large amount to be
applied to the payment of the principal.
If the war should be ended on the 3Oth of
June, 1865, as it certainly will he, the en-
penditures will stand as follows: For the
civil expenses of the Government, s39'ooo,-
600; for the army and navy, estimating them
at double what they were before the war,
$50, 100000 for interest on the public debt
Treasury notes not drawing INTEREST," $780,
OOO,0o0,-making total Of expenditures OF
S1SO,OOO.OOO. Deduct this from the income
Of S2O0, 100000, and we have 100000, 900
for sinking fund, which would liqudate the
entire debt with the interest at six per cent,
in less than fifty years, at the present rate OF
taxation and revenue from imports. on The
supposition that neither the business Of the
country nor its imports would be increased.
But no one expects the country to remain sta
tionary after the Union is restored, but OH
the contrary, that it will increase in popula-
ton and wealth more rapidly than it ever has
before, probably doubling both before tho end
Of the first decade, and thus reduce the bur-
dens Of taxation to about one-half. No good
patriot complains of the present rate of taxa
ton, for HI feels that h. is receiving an ample
equivalent in the establishment of our glori.
GUS Republic upon foundation from which
it can never be moved by any power foreign
or domestic.
We have taken our figures from the very
able report Of the Secretary Of the Treasury,
and we believe they are entirely reliable.
They show most conclusively that we have
no cause for distressing the financial ability
of the Government to continue the war until
every rebel shall be compelled to ground arms
and return to loyalty without reservation or
condition.
It is principle Of our nature to value bene-
fits in proportion to their cost; and when this
Government shall have cost us half million
Of lives and billions Of treasure, it will be IT,
garded of more value than all the world beside.
II Those who delight to point out the
weaknesses Of Others. generally do not think
that they are exposing their own.
u The difference between barber and a
horse jockey is that one shaves with razor
and the other with racer.
~ lie who talks most about himself is
generally the least talked about by others.