The Union. [volume] (Georgetown, Del.) 1863-1866, 1864-01-01
The tive Finance Renor1s

ent war commenced. Hence, the debt which
has accumulated since the rebellion brok,
out is about 81, ops, 100000.
The debt of the "Confederacy," on thu
Both of SepteNber last, as stated by Mr.
Menminger, was, exclusive of foreign
loans," S994,363 1879. How much thest
foreign loans amount to is not stated
Whether great or small, we fancy holders
; after reading Memminger's Report, will be
ready to sell out without exacting premiums
from the purchasers.
The debt, then, of the two Governments
stands, nominally, at pretty much the same
figures
The receipts of the Federal Treasury dur.
! ,l7g the last fiscal year were S9O1 1875 ,674
Mo, minger gives his receipts for only the
min. m, 7ths preceding September 80. Es-
timatino tb,a remaining quarter at the same
ratio his sum !. tai would be $500, O3O,524.
But there is a s,.'iking and most impor-
tant difference in tho sources whence the
receipts of the two treasl' ''es howed' For
examples. The Federal Treasury obtained
S69,O59,642 from customs, payable IN com
or its equivalents, and $50, !'25,SSo from
internal revenue and from direct taxes IN
Guiding in. this latter item certain L. au-
vances made by States, the precise amotlHt
of which has not yet been adjusted at the
Treasury Department.
On the other hand, tie Confederate Golfers
estimating, for the reasons stated, for one
quarter) have received during the last fiscal
year, only $I,246,397 from customs, paid,
doubtless, IN its deprecated paper and but
81, $685. l7 from taxes.
From these two sources, our Government
has received within fraction of $l20, 000,0
while the insurgent Secretary has obtained
only S6,75o,000. And he is compelled to
admit that, though there has been tax law
on the statute book Of his Congress, its
provisions have been set at defiance by the
States and the people, while the blockade
has pretty effectually dried up all those gold
en- streams which might otherwise have
gladdened his eyes in the shape of duties on
imports.
On the other hand Mr.. Chase feels assur-
ed that the receipts from customs and inter-
nal revenue will, during the current fiscal
year, reach, say from customs S72, 500, 900,
and from internal revenue $7S,000,0 900, being
SAB, 100000 more than was received from
these two sources the last year.
The Federal Treasury obtained from the
sale of bonds and the issue of Certificates of
Indebtedness during the year ending June
Both, $465, 0S3, 232 Memminger (estima-
ting for one quarter) was able to farce off in
the shape of bonds and certificates, during
his last fiscal year, S251 ,OS7, 100. Our Gov
eminent issued in United States notes during
the year, 1911, 454,07s, while Memminger
set afoat of his treasury notes $500, 1884, no.
The contrasts and comparisons suggested
by these two classes OF figures are full of
meaning. The Rebel Seer etcry could not
persuade his co-conspirators to invest in his
bogus bonds beyond what they were compell-
ed to do in order to get pay for such OF their
goods and chattels as the Government seized,
though they bore interest at 8 per cent. per
annum while the people on this side of the
Potomac and the Ohio, having confidence in
the stability of their institutions, purchased
the Five-Twenties, bearing per cent.
interest, by hundreds of millions, as a per-
manent Investment for themselves and their
children. But, during the same period, the
Confederate fnancier crowded off s2ll, OOO,-
OOO more of treasury notes than our Govern
ment issued, merely because, though he
could not persuade his constituents to buy
bonds, he could compel his creditors to take
notes.
In the last fiscal year our expenditures
were STA, ,995, while those of the insur-
gents were $500, 49l, 4l2-our War Depart
ment required $500, 293, 6O0-their's, $685.
9S4, 1876.
Judging from the figures he gives us, Mr..
Chase estimates that, should the war contin-
ne to be prosecuted with its present gigantic
proportions, it will require, in addition to
those sure reliances, sach as receipts from
customs, internal revenue, and kindred
sources, that Congress provide $736, ,S41
to carry the Government triumphantly on to
the opening of the year 1865. This is a
large sum. But, scan the other side of the
picture. Mr.. Memminger admits that, to
carry his Government to the threshold of
the year 1865 will, under his present system
offnance, require 81, 427 ,44S,77S, 'phich,"
he says with emphasis Congress is formal
~ called upon TO provide."
We take for our starting point heprices of
gold. In Washington, 81 50in 'Greenbacks'
will procure 81 in gold, and margin between
them is diminishing. In Richmond, SIS in
'Grey backs" is required for gold dollar,
and the margin between them is widening.
In word, our paper currency is, in the CAPT
tails of the two belligerents, worth full ten
times as much as theirs.
To carry us toward to january, 1865, no
novel system of finance, scarcely any new
legislation, is necessary. Mr.. Chase informs
us the deposits for temporary loans with the
Treasurer and his Assistants, will give him