Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1864-12-15
National bankruptcy.

The patriotism, loyalty, ability and
genuine conservatism of the New York |
Times are undoubted. Its opinions in
reference TO both civil and military Of
fairs are entitled TO careful consldera-
ton. We are inclined to believe how
ever that It's dump Of hope is not very
largely developed. More than once we
have noticed that 1t has spoken despond-
ingly in reference to matters that have
eventuated most successfully. A noted
instance occurred in the case of Gen.
Sherman. When that general was about
to start on his expedition from Chatta-
nooga, the Times, judging from the past,
expressed apprehensions that he would
make disastrous failure But he did
not. From an able and candid article
on the subject Of the national finances,
which we notice is copied with evident
relish by the opposition papers, we pre-
sent the following extract, which while
it deserves thoughtful attention, need
not weaken the faith and the hopes Ct
any of those who are resolved to "sink
or swim" with their country
We are spending at frightiul rate.
Our taxes are stretched almost to the
extremity The gold Bearing loans will
soon come TO an end from the limit fixed
by the gold returned in duties. New
loans will be placed and readily taken,
but they cannot meet probably one halt
of our daily expenditure. Production
itself-the measure of our wealth--is al
ready feeling the effect of a loss of labor
and has diminished in the most import.
ant cereals about seven per cent, during
the past year, instead of increasing as
we had hoped it would do. 1t is true
that the most remarkable and fortunate
development of our mineral resources
during the last three years, In the pro
| duce OF the mines of Colorado and Ne
vada, and the sudden discovery of pc
troleum in immense quantities, give us
much hope for the future. Still, we are
spending on gigantic scale. There is
a limit even to the power of this nation
in bearing public debt. 1t should al
ways be borne in mind that nationa
bankruptcy is among the things posi-
BILE. OF the crushing of the rebellion
there can be no doubt, but it may be gain
ed through the destruction of the public
credit. Bankruptcy in the free states
would be calamity, of which in all the
material evils of this war, we have never
yet experienced even the semblance.
We are spending about four times oul
income We have but two paths out o
difficulty; to borrow from the future OF
reduce our expenses. We must have
compacter armies reduce our navy
cut off that large number Of private yes
sells under commission, which are forev
er entailing expenses and doing moth
ing draw in useless garrisOns cut of
the thousand now superfuous officers
and those drawing pay and doinS Ii,
service, the various government char
sules to refugees and black freed people
should all be rigidly stricken off;
That the government is cheated 9
great deal by contracts we doubt, for
according to our observation, the con
tractors jobs with the government, ar
not very profitable to the undertakers
But what we fear is, that the govern
ment expenditure is on too large a seal
for our means, and must in some wa
or other, be reduced, or the whole natio
will plunge into the abyss of bank
| ruDtcy,