Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1864-10-27

distrust of the government securities, and
1 vii! endeavor to show that this distrust
is without reasonable foundation.
| Ths entire public debt. funded and nn-
funded, was on the first of July last, about
81 ,25o 900. The expenses from 1st of Ju-
ly to Deer. 31st, are estimated at about
$325,ooo 900. Making an aggregate of
81, SIS 900 900. In this amount is includ-
ed $4,000 900 of four per cent. bonds, to
! be issued in place of a like amount of old
| currency, funded under the act of Feb'y.
| II, 1864, but a considerable portion OF this
sum sill be turned into the Treasury un-
der tie Tax act, Oh in other words, the
whole sum produced by taxation the pres
ent year, will be applicable to the reduct-
ion vi this aggregate Of 81 ,575 900 ooo-
Let liberal allowance however, be made
for opposite contingencies, and let the
debt on the first of January. 1865, be set
down in round numbers at 81 500 900 600.
Let the war be supposed to continue, and
III its progress add 100000 600 more to
the national debt, making the aggregate
finally, $4,000 900 600. This would en-
tail upon us an annual interest Of $14o,
600 900.
Why should our ability to bear this bur
den be doubted Before this war, it was
alleged (and in my opinion with great
truth) that sum fully as great as this was
annually paid III tribute to the Northern
States. Why should it not be paid with
equal ease to our own government, by
wnom it will be returned to us in the pay
ment of interests
1t may be supposed by some that the
magnitude of the debt, in proportion to
our property, may lead to general insol-
vency and bankruptcy. Let US examine
the grounds OF this possible apprehension.
1t a planter whose property before the war
was worth $1oo 900, sells, during its prog
ress, wheat, corn, ETC., to tae value OF loo
900 and takes gov ern,nent bonds for the
amount, how does hs incur the risk OF be-
ing ruined And what is true Of one cit
izen in this respect, or OF one class, is e.
qually 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 produc-
tions
There is one way, however, in which the
deot may be made oppressive, as the fol-
lowing transaction will show. The gov
ernment paid, on one occasion, 100000
tor certain su pplies and the party who
received this sum, bought with it., from a
foreigner, $4,000 in gold, deliverable i'll
England. With the 100000 thus OBJ
tanned, the foreigner then bought al equal
amount Of government bonds, bearing
per cent. per annum interest.
1t follows that at the end of this war,
for $4,000 thus acquired by the citizen,
the govern nent will owe a debt OF 3oo.-
900.
The citizen will receive, annually,
$1,000 interest the government will pay
annually, $21.ooo. Had he, on the con-
trary, bought the bonds himself, the d 900
annually paid by the government would
have been receive by one Of its own cit
ixens, and the country, as whole, would
have been neither richer nor poorer.
would earnestly impress upon your con-
sideration, that wher traced through all
their various ralni6cations, this is at last
the uniform result OF every case in which
supplies are sold to the government, and
property of any description is bous hit with
the money to the exclusion OF government
securities. a ,ss. asg
Ii should be borne in mind that we have J
now no commercial class in this country
that the banks have limited capital OF
about $50. 900. 900, and beyond this sum,
have no power to purchase government
bonds The greas mass OF our citizens.
then, Of every class, must combine, and