The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-11-07
COLUMBIA.
Tuesday Morning. Nov. Z, 1865.
Our Finances.

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divided attention of the next Congress can
not be devoted to the consideration Of the
financial condition of the nation. For
forty years sectional agitation has engaged
the attention of that body, to the exclusion
Of a thousand important questions Of poll
tical economy and finance.
During that long gpcriod-comprisingo one
half of the lifetime of the nation-our na-
tona1 debt was so small, the prosperity of
c.:- people so uncxampled, taxation 30
Sight, and our progress in wealth and popu
lation so marvellous, that the financial con-
dition Of the nation did not require the at
tention of Congress. Now, however, our
situation is very different The Internal
Reuenue Record puts our national debt at
about twcnty-seven hundred millions of
dollars, the yearly interest about one hun
dred and forty millions, and taxes and
revenue from three hundred to three hun
dred and fifty millions. This condition of
affairs demands the serious attention CT
Congress.
There is an earnest and general demand
for speedy return to specie payments, and
widespread alarm at the rapid imitation
of prices, in consequence Of the enormous
redundancy of an irredeemable paper cur
rency. Legislation is undoubtedly re-
quired to stop the drain of gold, which is
daily rendering return to specie basis
more and more difficult. This loss is
most serious and alarming matter. ''Our
commerce with Europe, for freight and
passengers, paying profit of one hundred
millions, is in the hands of foreigners. To
foreign negotiators Of loans and credits,
bankers, bill drawers, insurance companies,
brokers and the like, We pay many millions
yearly. One hundred thousand Americans
visiting and travelling III Europe since the
peace, spend probably one hundred mil
Hons. Our import entries of foreign mer-
chandize, from January 1st to October 22d,
amount to about two hundred millions
III gold valuation, while our exports of do
mestic produce and miscellaneous goods,
including foreign articles re- exported, since
January 1st, 1865, amount at the gold
valuation to about ninety or one hundred
millions. Added to this, we have the ave
rage ratc OF exchange about GO per cent
premium III currency, foreign debt, for na-
sional bonds sent abroad, supposed to be
about six millions, and other bonds of
States and of municipal and other corpo-
nations, perhaps two hundred millions"
To this the very Intelligent financial writer
from whom we have quoted, says that 4
commercial debt of two hundred millions
must be added. Here We have Il frightful
aggregate OF one thousand millions OF
dollars distracted from the country and
dne to foreigners. Allowing for an exag-
geration Of two or three hundred millions in
this estimate of the foreign debt, it is still
coin remains in the country, and to keep
US utterly exhausted indefinitely there
after. st is," remarks a leading financial
paper, "cnough to sustain demand for
gold for export, at premium unhcard Of
anywhere else on the globe-a premium
which has the effect to double the price
OF all articles Of coHsuinption-a premium
conformabie to the rate and course Of cx-
change which would utterly distract and
break any other country whose currency
was made dependent on it, and which, if
continued much longer, will inevitably pro-
duce prostration, decentralization, bank
ruptcy and faction.
We are now completely at the mercy o,
foreigners, buying on credit whatever thcv
choose TO bring us, and spending two mil
Hons week in imports moro than can be
met by our exports, Our coin is being
carried off at pleasure, and we are in a con
dition Of the most abject commercial
sassalasc to England and Europe eve
owe item hundreds of millions Of dollars
more than any nation has coined for itself
in the past eighty years Of its history"
In the meantime, joy Cooke and his sub
sidizcd journals a.. Bohcmians go on
publishing articles full Of Slittcrins gene
ralities, to prove that "a national debt is q