Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1865-09-29
Financial Power of the Countr y

The ability which England displaye
in carrying on her vast continental wa
/. made her the envy of other nations
the old world. And her great veal
has alone enabled her TO maintain ht
position before the bankrupt treasure
of Europe. Accustomed so long to III
contemplation of her own pre- emineuC
in this respect, our own venture in thi
line was viewed at first with unconceale
0, satisfaction, then with awakened doub
e and finally with profound surprise. Th
war has demonstrated to the world hoy
= absolutely independent of its aid we cal
be. A correspondent of h e Chicago
Tribune, writing from Washington, give
some interesting statements in regard t.
the cost of tue war. The public debt
which in 1861 was S90,S67,S28, has in
creased on the lst of July 1865, to $2,,
I757,253.272. Various reasons operated
during the war to prevent full disclos
Iure of each months or years indebted
ness. In the first place, it was never pos.
sible 10 ascertain the exact amount, and
at some periods of the contest, the exhib
it would have frightened some friends
and given undue advantage TO some enc
mics of the government. 1t is now said
that the Secretary of the treasury esti-
mates that before final balance can be
struck the debt will have reached the sum
of three billions. The additional amount
is expected to arise from the appropria-
ton for the Pacific railroad, unsettled
government war accounts, and the as
sumption of the war debts Of the several
loyal States, if Congress adopts that pol
icy. Subtracting the ordinary peace ex-
penditures, and also the anti-war debt
of the government, the cost of subdung
the rebellion is ascertained 10 be $3.50.
100000. Mr.. Chase and Mr.. Fessenden
were both too low in their estimates Of
expenses. The dsbanding of our armies
while effecting an eventual reduction in
expenditures, for the time being greatly
increased them, as the bounlies thus be>
came due TO the men and three months
pay to officers. The total expenditure
Of the Navy Department was $5,650-
100000. withstanding this immense
sum we are told that See. McCulloch
is confident that the receipts ofthe treas
ury will soon be sufficient TO meet all cur
rent demands. When the disbanding Of
the army began, 100000 men were on
the pay rolls. About $4,000 have been
mustered out and paid of, The army
will be reduced to $4,000 effective men.
In the Navy only one'tenth of the vessels
n active service will be retained. While !
great reductions are thus made in every
branch of the war service, a small increase
nay be looked for in the postal expendi-
lures for the South. Allowing, however,
The most liberal estimates, the writer pla
ces the demand for the immediate future
as follows
For the War Department, $l00,000,000
For the Navy Department, 100000
For interest on the Public debt, los, 000,0 900
For the civil service, Pensions and
Indians, 6l,OOO,Ooo
Making total of $94l, 100000
But against this large requirement is
the probable income Sfrom the internal
revenue and the customs of $500, 900
which, judging from actual receipts with
ordinary prosperity, is not an unreasona-
BILE sum to expect. This amount will
not only defray the current expenses, but
leave a surplus of $50, 900, 600 for sink
ing fund. Such facts as our experience
has demonstrated during the war find no
parallel in the past financial history of
the world, and they foreshadow not only
the power, but the disposition of the PEG
pie not only to meet the interest Of their
debt, but TO pay the principal.-Roston
Journal.