Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1864-01-23
from the Philadelphia Age.l
Ftnances,

- 1870 - INV AhAs RDnnNlAhHt - ANEr
publican member Of Congress, are really in
the confidence Of the Government, who are
permitted to share with Mr.. Chase the infor-
nation and the benefits Of his position, have
a just fear that the financial condition of the
government is not in that prosperous state
which the rose-colored optimists Of their par
" allege. The fact begins TO defy conceal
ment and disguise. Mr.. Spaulding alleges
that the United States Of America, for the
hrst time since its existence under the present
form Of government, 10 Bankrupt.
The debt Of the United States, which bears
interest payable in coin at present, consists in
round numbers, Of the following. $500, 00O,-
600 Of what are called ivetwenties, bearing
six per cent, requiring for the annual pay
ment Of their interest about $40, 600, 600
$l60, 000, 600 at seven and threetenths per
cent. requiring about SI2, 600, 900 a year for
their interest $780, 00, 600 Of twenty year
loan, payable in 1881, and about 800, 000,-
900 Of which was the debt Of the country on
the unfortunate fourth of March, 1861 both
sums at six per cent and requiring $1,000
900 yearly for their interest. We thus see
that the yearly amount of specie which il is
necessary for Mr.. Chase to raise to pay the
interest on that portion Of our present indeht-
edness, which is specie bearing, without ma
king any provision whatever for its future ex-
tinguishment, is about $50, 000, 900. There is
but one source from which the Government
procures specie this is the Custom House.
There is no other mode by which gold can
get into The United States Treasury than by
duties on importations. To create this yearly
revenue of $50, 900 900, at the resent tariff,
would require importations to the amount of
1900 900 900 counting in gold, or at present
rates, about 1920, 900, 900 of greenbacks. But
before the war, with all the teeming industry
of the North, and the extravagant opulence
Of the South, asking for foreign goods, we
took OF other nations but about $500, 600, 900.
After the commencement of this war this
amount fell off to Sl50,000, 900 but afterwards
rose again to 5000, 000, 900. Now deprived of
so far towards paying our foreign indebted
ness, we are obliged to fall back on our grain
crops as the staple wherewith to exchange for
foreign commodities. 1t 80 unfortunately
happens for us now, that the European grain
crop OF the past summer has been so bounti.
ful as to preclude the necessity of their taking
of US this year, as much as they generally
need. With our market for our grain thus
cut of, whatever we purchase abroad must be
mainly paid for in gold and silver. And we
are thuslnot only deprived Of the means of
producing the $50, 000, 900 so needful for Mr..
Chase, but the mere importations we make,
the more we disable ourselves, by reason of
the necessity which eompels us TO ship gold
to pay for them, from furnishing him with
the money. 1t thus is evident that our pres
emit position is, that the very importations
which are the only means that furnish money
with which to pay interest to the Treasury,
are the very methods by which that money is
prevented from getting there.
But this is not the worst Of our troubles,
The Government is now in need Of money.
And this need places Mr.. Chase in this d.
lemma, He has authority TO issue 5000, O0O,-
900 more OF bonds. But even surprising
these to be all taken, where is he to obtain the
$36, 600, 900, annually, necessary to pay the
interest on them2 II the importations will
barely raise $50, 700, 600, how ia it possible
that they can produce $50, 900, 00O2 If Mr..
Chase takes the other horn Of the dilemma
and refuses TO issue the Bonds, but issues moro
currency, the difficulty is the same in fact,
but assumes another and a far worse shape,
viz: a depreciation of the currency, which
would, by at first stimulating importatienS, end
in draining the country of its gold; thus effec-
tuslly prohibiting both importations and pay
ment Of interest. Neither can a change be
made in the Tsrif-for the same, and add.
tional political reasons, affect this method of
increasing the yearly produce of gold for the
Government,
The fact is, and this at a future time wa
shall show by the statistics, that the country,
deprived Of its Southern staples, cannot bear
an importation of 5000, 600, 900. And, as ev-
cry day of war destroys some of its wealth, and
its means Of making wealth, its inability to
purchase foreign goods will, instead of dimin-
ishing, increase in a geometrical ratio proper
toned TO the destruction Of its material Thus,
by destroying the gold currency of the coun-
try, and leaving us no other method of sup
plying the Treasury with specie than the cus-
toms, Mr.. Chase has effectually brought us to
the end of our tether. ~ e Z
The result is already seen-the reputation
Of the specie redemption of the principle of
the seven-thirties, and the instigation to
Pennsylvania to dishoLor herself, for the sake
Of an example, are the beginning Of the end.
II must be observed that the bOnds of which
we have been speaking, are only that part of
the public debt, tho interest of which, is paya-
BILE in coin. There is besides this according
to Mr. Chase about 5000, OO0, 900, the interest
Of which is payable in paper. This would
make the total present funded debt about ST.
400, 900, 900, requiring a yearly revenue to
pay the interest on it Of over $89, 900, 900. OF
the problem of providing for the payment of
these sums, we shall have something to cav
in a future article. At present, that TO which
We would call attention, is the gold bearing
debt only, and the extreme difficulty with
which We can meet even that.
r.