Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-06-02
THE NATIONAL FINANCES.

Some time since we reprinted from the
New York Journal Of Commerce, an article
arraigning the Treasury Department Of the
Government, for making for public inspec-
ton and consideration, imperfect and incon-
sistent statements from time to time, Of its
financial operations. Figures were taken
from the Department reports, monthly, quar-
terly and annually, compared and criticised
asnot only unsatisfactory but wholly inconsis-
tent and irreconcilable. What amount of
justice or accuracy the article contained, we
did not have the means of knowing, but
gave it as coming from Journal of
responsibility, and authority with many
on questions of finance.
The National Tutelligeneer, of last Tuesday,
gives US a statement of Mr.. s. D. Colby,
Register Of the Treasury, Of the receipts and
expenditures during the last quarter of the
present year. From the statement we gath
er the following:
Receipts from customs, public lands, direct
tax, internal revenue, and from miscellane-
Gus sources S124, 939 O49,7O. Receipts from
the sale of bonds, certificates of indebted
ness, certificates Of gold coin deposits, and
other minor loans, SIP, 4O5, 595, l5-making
the total receipts from all sources, S237, 344,-
6l4,85. The expenditures during the same
period were, for current items, exclusive of
interest on the public debt, S9O,748, 5000;
and for redemption of the public debt, Sl72,-
Oi9, 3G3,16.
From this it appears that, regardless Of
the interest on the public debt, we have Dor
roweG one hundred and twelve millions and
paid one hundred and seventy-two millions,
thus reducing the national liabilities sixty
millions within three months. But it APP
pears by the same statement that in doing
this, we have been compelled to use about
seventy-five millions more than our current
receipts from all sources, thus showing an
actual increase of Indebtedness of five mil
lions per month, or sixty millions per
year. This, too, is exclusive of the current in
terest on the public debt, which is very con-
siderable If this interest be added, we have
large annual increase Of the national obi
cations; and instead of paying of, we are
getting deeper in debt.
1t may be possible that there are inaccu-
races in the publication to which we refer.
As printed, the statement quoted, showing
the receipts and expenditures Of the United
States for the quarter ending March 81,
1866, inclusive" made officially by the Reg
lister Of the Treasury, is well calculated to
excite profound interest, if not positive
alarm, in the minds of the American people
1t is palpably certain that if the debt We
now owe, instead of being decreased is, day
by day, augmented, that the burdens of tax
alton must become every year still greater
In heated periods of war, when the national
passion and pride are excited, and when the
Government credit is removed from the
standard of gold, and other temporary and
conventional values are placed upon its obi
cations, there must be departures from
the ordinary rules of financial econamy
Much more SO, when these obligations
become the circulating medium of The
country, and endowed, by law, witt
the additional force of a legal tender il
private transactions. The consequent infa
ton of currency, will render it comparative
ly easy to pay the limited amount soon ma
turing. But now that these abnormal con
ditions are substantially removed, and the
public debt is returning, surely, thougl
slowly, to the absolute standard of gold, tn,
tax which was, under such circumstances
easy Of payment, becomes not merely oner
Gus, but really oppressive. If the peopl,
are assured, at the same time, that thes'
taxes must be vastly increased, or the coun
try go deeper and deeper in the quicllsand
of debt, they may well exclaim, what hop,
is there for future prosperity and comfort?
May we not hope that the inaccuracies t.
which the journal Of Commerce called atten
ton, if they really exist, as well as thu
above figures, may turn out in favor Of th'
tax-ridden people?