New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-13
ARE WE INsOLVENTs

ARE WE lNSOLvENTe
Our Government owes a great Debt; but the
loval People of the United States stand behind
that Debt, firmly resolved that every penny OF
it shall be paid as it falls due Though we have
not vet fully emerged from the expenses. the
embarrassments, the distractions, OF Civil War;
we have a Revenue more than sufficient to meet
our current Expenses, including the interest on
our Debt. Instead of increasing, we have been
reducing that Debt for several months past.
Congress, instead Of being required to devise
new taxes, like the Italian Parliament, is study
ing how and where it is best to reduce taxation
by Seventy or Eighty Millions per annum;
though we intend to persevere not only in pay
ing the interest promptly but in reducing
the principal Of our National Debt. Our
Currency is steadily approaching, because the
Government is felt to be strong and its Finances
sound and healthy. Every dollar of the National
Debt has appreciated largely in (gold) value
within the last six months-appreciated abroad
rs well as at home. Were it announced III
Europe tomorrow that we have returned to
Specie PAYMENT, we believe our Five-Twenties
would be at par on the exchanges OF London,
Amsterdam, Hamburg and Frankfort, within
twelve months from date.
What we need are craftsmanship and courage.
Nobody is decrying our National Sovency but
a part of our own people and their lawmakers.
1t is burning shame that our Six per Cents
should sell below British Threes anywhere; but
when we virtually tell the world that we are
insolvent, what can we expect but to be taken
at our word?
Give the Secretary Of the Treasury the power
be asks for, and We believe our Currency would
be within ten per cent. of par before he could
redeem one quarter Of our outstanding Green
backs. For, the instant he begins to redeem,
Banks will begin to hoard; and that will take
us toward Resumption with giant strides. As
yet, the banks have no competitors for Green
backs; but let us begin to redeem them, and
they will appreciate rapidly.
Within the next three months, more than One
Hundred Thousand persons will start from the
Missouri for the Gold and Silver mines of the
Rocky Mountains. Each ofthcm will take some
money; thousands will take great deal. And
greenbacks are infinitely preferable to specie for
nearly all these, propided we mako them and
keep them at par with specie as we should. Any
wayfarer through the wild sOltudes of Utah,
Montana and Idaho, would prefer to have
s 900 in such a shape that he can carry it con-
cealed from robbers in the lining Of his coat, or
thesoe of his boot rather than in bullying bag
weighing several pounds, if the two are of equal
value. Hence, greenbacks, though not current
have usually sold for more coin in any of
the Territories than they would bring in Wash
ington City or NewYork. Rejected as Cur
rency, they are yet worth more as commodity
in Boise City or Bannack than where they are
received as money.
Since the lst of July last, we have shipped
from this port to Europe Seventeen Millions OF
Gold and Silver, against over Twenty-Five Mil
lions in the corresponding eight months of the
previous year; while we have received Nineteen
Millions from San Francisco alone, against less
than Twelve Millions during the corresponding
portion Of the year preceding. We judge our re-
ceipts across the Missouri half SO much as those
by the Isthmus; SO that there can be no doubt
that we have positively gained Gold and Silver
during tho last eight months. Who believes
that we cannot do at least as well during the
remaining ten months of this year, True, we
are still importing too many goods-far too
many; but these are on orders that went out
months ago. and not now being reiterated.
Say that we ,ciH resume at the earliest moment,
and few will 20, while many that have already
gone will be countermanded.
Goods are falling; Capital is hesitating;
thousands would put money into new railroads
or new houses if they could only feel that we
were at the lowest round Of prices; but they