The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-10-29
OUR FINANCES

OUR FINANCES.
We published in our issue of yesterday the
circular Of Mr.. j. p. BENJAMIN, Rebel Secre-
taIy Of State, on the subject Of our national
finances. The document is one of great in
terest. 1t not only shows the Rebel views of
our money system, but also exhibits the des-
perate state to which the Rebellion is reduced,
when a belligerent power, endeavoring to
procure a recognition of its nationality, il
compelled to base its claims upon the financial
condition of the Power from which it Is at
tempting to get free, and deduce an argument
IN favor of foreign Intervention from the
danger Of an investment in the loans of its
enemies, it furnishes convincing proof that
Its case is desperate.
After an elaborate calculation as to what |
wiz be the United States debt two hundred
and twelve days from now (although, why two
hundred and twelve days are selected we can
not imagine), he proves that the annual inte-
rest on our debt will amount to twelve mill
Hons more than that of Great Britain, or, in
his own words-"So that the United States
viii, In four years Of war, expiring on the 1st
OF May next, bave incurred debt of which
the annual charge will be equal to that accu-
Inulated in Great Britain in two centuries"
In all his calculations Mr.. BENJAMIN has
strictly adhered to the truth; but while we
And no fault with his facts, we do protest
against his inferences drawn theretrom.
Because England cannot pay her debt,
therefore we cannot ever pay ours. This is
Mr.. BENJAMIN's inference, and against this
we protest.
We have several reasons for dissenting from
his deductions.
First. That while England cGnnot pay her
debt our faUOred land, 1oiM resources ten
times as great, and q population ten times as
enterprising, and territory ten times as
large, Is not only able, but Is lctling, TO pay
any amount lDhich may be necessary
Cannot Pennsylvania, with her oil, her coal
s4os t ssIs1 IOI 20, pay hor share
of the sum due by the nationP
Cannot New York, with her commerce and
her enterprise, pay hers-cannot every State
furnish its share to ill up the common purse
But there is another thing that we could
hardly expect Mr.. BENJAMIN to mention, and
that is that whenithe time arrives TO pay our
debts we will have the Sunny South" to aid
US In their liquidation. Her cotton and her
rice, and her sugar and tobacco, with which
her debt is to be paid, will go towards the pay
ment Of ours, and we will see the estate oI
Mr.. BENJAMIN knocked down by the Govern
ment auctioneer, and the proceeds of the work
of his one hundred and twelve negroes 60 into
the United States Treasury.
Secondly. England's debt is the buIloarb o
the throne. Were it not for it, the British Gov
ernment would have been ere now overturned
by revolution, and zoe wW nuke our debt The
b1slsoark of our Government, unH zoe hac
recovered from the 6aRettL reaction Of oui
esil times.
When the Rebellion has been crushed, anC
peace once more returns to our land, there
will follow for time a state Of disintegratioI
and distraction, which is always incident upoI
any great excitement. Until this be overpast
il is Of the utmost Importance that something
be in existence which will act as a cement Il
hold our people within bounds.
This viii be done by the national debt Gu
citizens are themselves interested in it, Tn
widow with her hundred, and the banker will
his thouands, are alike personally concerned
In its liquidation. Hence they will do all II
their power to aid in the accomplishment o
such result. Each will restrain the other ant
quiet be secured. After the nation has recov
cred its equilibrium, the debt will be paid OF
by degrees. But allowing Mr.. BENJAMIN,
argument that it would not be paid of, i
would still be an excellent Investment.
Every Englishman of Intelligence know
that her national debt will never be paid, an,
yet all are eager to invest in it. They are sur
of their annual interest, and do no, care 10
their capital so long as their interest /
promptly paid. And Mr.. BEEJAaIlS say
wi at is done in England will be done her.
hence the subscribers to our loan need no
be terrified Mr.. BENJAMIN judges tro-
what he would do under the circumstance
and what both he and Mr.. DAVIS have don
viz, repudiated.
We should rather think that European sui
seribers to the Southern loan would b
alarmed; If Mr.. BENJAMIN thinks 1t natura
for the North to repudiate, will he not thin
IL natural for the South to do likewise?
The American people may in factNderiv
great satisfaction from the document in que'
tion. 1t bears upon its face the stamp Of de.
peraton. The circular concludes with a
energetic appeal to European bankers to ayoi
meddling in a Northern loan, and is eXpre5se
in these words:-
"If the capitalists Of Europe withhold fur.he
" supplies, the resources OF the United States ar
20 lar exhausted as to render the restoration d
peace certain at no distant day. IL Is in tn
q power OF the same capitalists, by furnishing th
iht ans Tor the qualification of the insane passion
:, o hs North, 10 plunge the borrowers into ire
uleVaple pankrnptcy, aud to render certain tn
. loss OF all their owninvestments past as well a
future" F''' - "''i :"
The words are fairly prayer to avoid tb
loan, but it win have no effect and even If /
should, the Northern patriotic banlxers vii
supply any deficiency demanded without n
aid OF foreign capitalists.
F-Ths skaters IN Troy. New York. have alrsas