The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1864-11-09

I
sums of what are termed indefinite appr
priation.l
Extra Session of 1861 5 265, 5,l5S,3
Mise, House doc. No. 25)
Regular Session of lS6l-3 S94, ,e04, 8
Misc. House doc. No. 9l.)
Regular Session of 1923 037, l20, a
Regular Session Of 1864 100000
The computation for the ses-
sion of 1864 isnot quite made
up, but it is estimated by the
clerk engaged upon it, that the
appropriations are $500, ,0O0,-
900 as above.
The estimates for apPropria-
tions by Congress at the conf
ing session for the next fiscal
year, are now being made at
the Department. As the war
is certainly to continue anoth-
or year-because Of Richmond
should be taken, Lees army
would retreat Southward-the
appropriations may be set down
at the same as last year. 100000
There is a certain class of ex-
penditmes under the law which
are not appropriatedfor at each
session of Congress. They are
mainly for interest on the pub
lie debt, and for expense Of col
lccting the revenue For the
fiscal years 1862 and 1868 they
were $751; ,322; $50, ,120,-
400 Of this sum was for the
payment Of treasury notes
see letter Of the Register of the
Treasury in Executive Docu-
mGnt. For the fiscal years
1868 4, $g0,039, GGS-see Ex-
ecutive Document For the fs-
cal year estimated-$l30,-
900, 600. The interest on tho
public debt will be over $780,,
COO, 600. The aggregate, then,
Of appropriations under per-
nlanent law is S4S, ,9Oo,0 o
The grand aggregate Of APP
preparations, permanent under
law, and definite ones at ses-
sions Of Congress since the war
began, including those which
will be made at the next ses-
sion, upon the suppositionthat
the war will continue another
year is 4,1Sl, ,4o4,7
Under the law of the United
States, the Government is re- .
sponsible for damages done to -..
private property by the militia
ry, and Judging from the vast -.'
amounts that have been paid
on that head in snail ,UurS, and
also for claims under contracts,
and for seizures of personal
property for military purposes,
the sum for which the Govern .,.
ment will be liable, cannot be
a cent under = - 100000 o
Add the small figure of $780,
600, 900 under the head OF in
definite appropriations, and
the aggregate will exceed the
receipts from internal revenues
and the tariff from the begin ...
ming of the war to the end of '"'
the next fiscal pear There will
| remain then, at that time, az
national debt, the permanent
and definite appropriations for
five sessions the neXtincluded)
| the following vast sum 4,l8l ,4&4, 5
Suppose the war to be substantially ov
in another year, with no immediate dang
of foreign war, and nothing left to do f
| the army and navy except to clean out que
rillas, keep the south in subsection, and p;
Gel ont the lands Of the white people amo
the negroes that have cultivated them. ~
army cannot be reduced to less than hu
dred regiments of all arms, nor can the 7
Wy be so materially diminished as that t
annual appropriation therefor, and for pc
sionS, Notifications, diplomatic purposes, a
internal improvements, &C., will be less TIL
$3.50, ,000,0
Add interest on what the national de
will be after another year OF war, suppos
the moneys appropriated to be all spel
| (6 per cent on 81, l8l, ,4S3, 1872, deductir
say $400, 900, 600 on which no interest run
and we shall have yearly interest to pay
just 1925 100000.
In other words, the yearly appropriate
can not be less than $475, 600, 900.
How is that to be provided for? The a
swer is in nearly double the present rate
taxation; for, bypresent calculations at t
Bureau of Internal Revenue for the conf
report OF the Secretary of the Treasury, b
fraction above $500, ,0O0 900 is anticipat
from internal receipts this year. Nor do t
estimated repeipts on tariff account exec
$40, 100000 Su that when the war is oy
in large way, and the products of agric,
ture shall be reduced in value by reason
the limited demand on army accounts and
reason of the return of the mass OF the $
diers to tilling the soil, the taxes on natic
al account ito say nothing Of those of Stat,
counties and towns,) will be nearly doul
what they now are.
Indeed, they will probably be quite dc
bic, because we are now receiving &C
enough under the present tariff to pay t
interest on that part of the national dc
which is already funded. According to n
Fessenden's statement of the 30th ult.,
terest was then running upon 81 500, 900, O
of funded national debt The interest
that amount in gold is $99, 100000. As t
tariff will not Ton account Of the practice
greater economy by the people, yield abo
S70,0O0000 this fiscal year, there rem;
S2O, 600 of gold to be bought yearly
currency to make up the payment Of int
est on funded debt as it stood on the 80
of September, 1864. This will take $4
000, 600 in greenbacks at the present rate
gold. As the funded debt increases
creased amount of gold will be required
|
debt was about S7O,000,000 in Septemt
.ultimo. At that rate per month for t
next nine months of the fiscal year $63
000, 900 will be added to the funded bebt
! it existed on the 30th ult. Gold must
bought with greenbacks topay interest on Il
additional $500, 900, 900, which interest "
at present prices of gold, take the sum
s75, 100000 of currency.
| In brief, on whatever of the funded de
exceeds the sum Of 81, 200, 200, 900, &c
must be bought to pay the interest. In Il
way the people must pay twelve per cent.
government money. 1t is clear that tn
! cannot stand this strain in finance, for Gre
Britain. which is by far the richest power
earth, pays but three per cent. on her +
tional debt, and her yearly expenditure
interest is but $lj0,000,000.
With this condition of our finances a
its concomitant burden of augmenting tax
| ton, are the people ready to sustain t
present policy of the Administration?
not the policy of General Sherman, to &C
fer with the rebel authorities, with VII