New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-09-06
THE NATIONAL FINANCES.


The simple facts that the National Debt was
increased but $295, 900 during the last month,
while the annual interest thereon was reduced
Through the payment Of Certificates of Indebt-
edness) are most cheering. They prove that
the dead-point is passed-that we shall hence
forth advance, however slowly, in the direction
of solyeney and reduction of our heavy public
burdens. We may knoW that our Debt is
larger, but we trust it will never be larger than
on the LIST of September, 1865. ..-
OF course, our Hguidated Debt will be some
what increased. We have yet a good many
soldiers to muster out and pay off, which will
require over Sl0O,OOO,O0O. We have still a
brigade of superfuous Volunteer Generals, who
cling to their pay and rations, their servants,
horses aud forage, as if they could never have
the heart to let 20. We have more diplomats
and more consuls than two such countries ought
to have We have great Indian War all but
launched by public robbers and jobberS in the
North West-ten thousand infantry to be sent
off on the Plains after mounted savages, when
Won might just as well send ten thousand
tortoises hunting crows. We have fearfully
powerful interests fighting against retrench-
ment and reform; yet they must be had, and
they will be.
Meantime, we are doing well. The export
of Specie from this port was but trife over
$40, 900, 900 for the first eight months of this
year, which is at the rate Of SAT, 1000, 900 per
annum for the whole country. Now-to say
nothing of counteryailing imports--we are GER
tainly mining Gold and Silver at the rate Of at
least $50, 100000 per annum, and will soon
double this aggregate. If the Pacific Railroad
were through to-day, we believe the present
product would be doubled the first year and
trebled the next. The child is born who will
see our annual product of Gold and Silver
greater than oil onr Exports for any past year.
~Then what hinders an early resumption OF
Specie Payments rt
We say, Nothing, provided Congress will
promptly second the efforts Of the Secretary OF
the Treasury. He will work heartily to that
end, if they will strengthen his hands. Bat we
cannot have Resumption until good part OF
our Greenbacks are called in and funded; and
this the Secretary has not yet been authorized
to do. He has unexhausted power TO borrow
money to pay off soldiers, but not to redeem
and cancel Greenbacks. Hence all fault-tnding
because he does not contract the Currency
is simply absurd. You might as well
quarrel with the weather.vane because the wind
d u
is easterly. lie can but do what Congress au-
thorizes; and the authority to redeem and re-
tire our Legal Tender has not been given. We
trust it soon may be; vet, unless the People in
sist on it, Congress will falter and procrastnAte,
until we are deep in the engagements OF another
business season, and then it will be urged that
il will not do to unsettle the value of Labor,
&c, till the close of the business year. We
shall have no approach to. Hard Money noxt
Winter and Spring unless the People emphati-
cally demand it. ....
We trust the experiment of long loan at low
interest will be fairly tried next Winter. Offer
TO redeem our Greenbacks in four per cent
bonds. untaxed and untaxable, interest payable
quarterly in coin and principal after one humid
red years, and We believe subscriptions will flow
in. Let no new Legal Tenders be issued, and
those we have will be gradually, steadily alb
sorbed, until the Currency is so contracted that
we can resume without a convulsion.
To resume: The elements of return to
Specie Payments are these t--.
I. The rapid reduction of our Armies to
Peace standard, by mastering out OF all Vol
unteer organizations.
2. Stern, searching Retrcnchment in all de-
partments Of the Federal service.
g. The funding Of most of our present Green
backs in long loan at low interest, or Amerl-
can Consol. 81 M Ir..iI
A. Keep ont of War aud keep hard at work.
Especially, give us the Pacific Railroad com
plete at the earliest possible day, as that wall
rapidly, enormously increase our product Of
Gold and Silver, making markets for every
thing else, and arming as with the means OF
maintaining the soundness OF our Currency
while reducing our Debt. t47.
g. Meantime, let every one live within hif
means and be specially shy Of running into debt.
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