The Carolina Spartan. [volume] (Spartanburg, S.C.) 1852-1896, 1864-10-20


about, 81 ,Z5U, ,U0O, 600,
The ex penses from lst July
to 3lst December are csti.
mated =. about, 1926, 100000.
- go
Making an aggregate of, el,5T5, 600, 900.
In this amcant is included $3.50 ,O0O, 900
Of 4 per cent bonds, to be issued in place
OF a like amount of old currency, funded
under the sc' of Eth February, 1864 but
= considerable portion of this sum will be
! returned into the Treasury under, the tar
! act-or, in other wuris, the whole sum pro.
duced by the taxation of the present year,
will be applicable to the reduction Of this
aggregate OF 81 $4,000, 900. Let lib
: eral allowance, however, be made for oppo.
site contingencies, and let the debt on tho
LIST Of January, 1865, be set down in round
numbers at 81 ,5- 0,000,00O. Let tho war
be supposed to continue, and its progress
: TO add $500, 100000 more to the pationsl
debt, making, an aggregate finally S2,O0O,-
OOU,OOO. This would entail upon as an
annual interest OF SAC. .000, 900.
Why should our ability to bear thi bur.
then be doubtedl Before this xar, it was
alleged (and in my opinion with great
truth) that sum FULLY IS great as this
was annually paid in tribute to the North
ern States. Why should it not be paid
with equal ease tc our own Go,crnmeni.
! by whom it will be returned tu us in the
payment .Oi interest?
! Ii may be supposed by some that the
magnitude Of the debt in proportion to our
property, may lead to general insolvency
aud h,,,,t IL
grounds Of thus possible apprehension. u
~ Nlanter whose property before the war
WIS worth 100000, cell during its pro-
grcss, wheat, corn, etc, to the value Of
100000, aud take Goveronment bonds
tor the amount how does il incur the risk
of being ruined? And what is true OF one
cit'zen In this respect, or of one class, is
equally true OF the whole community.
The alarm must arise from inattention
to the Important consideration that we are
selling to the Government, year BY year,
only the surplus OF our annual productions.
There is one way, however, in which
the deot may be made oppressive. M the
following transact ION will show. The Gov.
ernment paid on one occa.ion $500 900 for
certain supplies and the party who re-
| ~S''SN sp'S 'u'h cpusht WIN ", itOiu
aud for the payment of whom the public
debt Is created, most EASILY and naturally
learn, how much letter they are served,
when your moderation in restraining tho
public expenditures, confines within more
prudent limits the mortgage upon your es
tates; and with how much g.eater safety
they may themselves become the purchas--
crs Ola esoc rp''r'EaE0r, tbanTpermi< them
to pass into the hands of Foreigners
The whole question, complicated rs il
may n: first appear, is perfectly simple and
lies in a nut shelf. Congress has ordered
the following expenditures to I've made, viz:
For pay OF the army. s75,000,O0O
For ciotbing, shoes, material, trans
.port;ition, dc. l25 ZOO. .OGO
For provisions for the army, 100000 900
$50 100000
eignere $4,000 in gold, deliverable in
England. With the S3uO,UUO thus OBJ
tanned. the foreigner then bought AL eaua!
amount OF Government bonds, bearing
per ceut. per annum interest
IL follows that at the end uf the war, for
Slo,OOU thus acquired by t citizen, the
Government will owe debt OF S3uO 900.
The citizen will receive annually 81 .050
Interest; the Government will pay ANIMAL
ly 81 900 Had he on the contrary
bought the bonds him elf, the s2l 900 AN,
nu 'ly paid by the Government would
bave been received by one uf i = own cili
zens, and the country. a. whole, ~ouid
have been neither richer nor poorer. !
would earnestly impress upon your c.,nsid-
n,nfs l,a,, N -
various qualifications, this Is at last the un
iiorm result oil every cas- in which sup
piles are sold TO The Cover nment, aud prop
crty of any description is bought with the
money, to the exclusion of Governments Sc.
curitics
1t should be borne in mind that we have
now no commercial class IN this country
That the banks have but limited capital
oi about S6O,O00,OUU, and beyond this
sum have no power to purchase Govern
ment bonds. Th great mass oi our citi
zens then, of every class, must combine
aud take Governn,ent securities, end moth
ing else, IN exchange for Treasury notes
OF The publicde5t must ntallibiy 20 abroad
There is rip siuyleeiass of our own citizens.
who have tislpower to purchase aud hold
si,o0J,OOO Of bonds. The qu, s;ion then
Is between public debt be,ng taken BY our
entire polui4tion OF an ella ses, or by for
eisners, Insshe manner, and ON the terms
already indicated Juiging from rrescn
ndicatlonss thore will te TO d,i6cuty in
h"d'ng purchasers for. our bouds rmope
those shoare sending iIen abroad There
can DE no escape from the ultimate pay
nent OF the debt; il held 10y foreigners,
we could not evsde it il We would; ifheld
b. our own people, we would net il w
cou'd; and under no circumstances, |
trust, would suggestion, SO disionUablc,
tie gravely entertained.
In the consideration Of this question.
therefore, such an apprehension Us this