The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-07-24
Our National Finances---What ~ TO be
Done Next?

Done Next?
The Philadelphia Ledger says: 1--WE
have reason TO know that a meeting or
interview between the President of the
United States and certain prominent
tinanciers and business men of the
large cities is about to take place at the
White House. The purpose is to de-
wise the best means 10 meet the require
meuts of the treasury, on some fixed
policy of finance. one of the subjects
for discussion and enlightenment is the
present revenue policy, which is uni
vcrsullyconceded TO bevery imperfect. y
Il is clear that the Government must
take some early measures for prOVld-
ing for its future expenditures. only
abont $50. UUO.OOO of the Seyen-Thlrty
loan remains unSOld after which the
treasury has no resources beyond Ger
tihcates of Indebtedness. Five months
must elapse before further loans can be
authorized by Congress, during which
period the demands on the treasury
will be but little below those of the
most costly period OF the war. Oral
narilY, the payments OF the Govern
ment are four months m arrears oil IFS
expenditures so that, for the next two
months, the payments must be lor the
discharge of debts incurred from about
the middle of March 10 the middle OF
Maya period during which the eN-
expenditures had not been appre-
ciahlv reduced, and must, therefore,
have been at the rate of about SlOO,WO.-
900 per month. For the three months
succeeding, the expenses OF the Govern
ment will probably be less by one-third
giving total for that period OF about
S2pO. OOO, OOO; which. on the average, may
he expected TO fall due from the middle
. of September to the middle of Deem
her. Besides this, about SluO,OOu,uOO of
Certificates of Indebtedness will mature
within the next ten weeks. Thus, the
expenditures 20 be provided for up Ia
the middle of December, will, aggrc-
gate near SOO,OUO,OOO. Toward this
large amount of Indebtedness, there
may be- anticipated from internal reVe-
nue. saw 500. uuO, 900; from customs about
SlOWDuOu; from the unsold portion Ol
the Seven-thirty loan, S30,OOO,Wn; and
from miscellaneous sources perhaps
so. 900 making an aggregate oil
S2lO.UOU.uUU. Thus there remains about
S24O. 100000 unprOvided for. The So
crctarv has no means of meeting thi,
large deficiency beyond the issue OF
Onc-vear Certificates OF Indebtedness
unless hc should avail himself of an
umportant provision in the act OF
March, 1853. known as the S6OO,OOO,O,
loan act. That act provided as follows
"AnV Treasury notes or other Obhga
uonS bearing interest, issued under any
act of Congress may, al the discretion
of the Secretary of the Treasury, anC
with the consent of the holder, be con-
verified into any description of bonds
authorized hv this act; and no bonds
So authorized shall Doe considered a par
of the amount of S6OO. 100000 herembe
fore authorized
Now this authorizes the issue Of bonds
or Treasury notes in such form as the
Secretary ofthe Treasury may prescribe
either gold or currency interest. II
follows, therefore, that the Secretary
may offer 90 take up the SlOO,UOO,OOO
more or less, of Certificates of lndebt
eduess, 10y converting them into bonds
of any class. that may prove as desira
BILE 10 holders as cash. This would en-
able the Secretary 10 meet about SlOO
10000 OF the liabilities; and, for IN,
reSt-a balauce OF about $4,000, 900
that could De provided for by Certit
Gates, without any Inconvenience TO th'
money market or any more loss L
creditors than has been ordinarily con
nccted with Certificates, say two or three
per cent, upon their accounts. More
over. 10y adopting this course the out
standing Certificates are converted int
permanent loan and only $4,000,
600 Of the five months disbursement
are thrown over 10 next year Tor per
maucnt settlement instead ot So, 90,
900 which would be So postponed, If tn,
Secretary should not avail himself o
the convertibility privilege, and should
meet the deficiency wholly by Certih
cafes