Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-11-04
THE NATIONAL FINANCES.

From an abstract of the forthcoming re-
port Of the Secretary Of the Treasury, says
the Boston Commercial Bulletin, It appears
that the national revenue (for the first time
since the beginning Of our civil war; for the
financial year ending June 30, 1866, ex-
ceeded the expenditures by S37 ,G9l ,857 sc.
During that year, also, the receipts from In
ternal Revenue, increased by 100000, 600,
and from Customs, 100000, 600, as compared
with the preceding. The cash balance in
the Treasury, at the end Of tie year. was
Sl30,6G9, 8l5, against SS5S, 500 on the Both
Of June, 1865.
Only six months previous to this footing
up, viz: December 81, 1865, instead ola sur
plus, there existed a deficiency Of some
S6l9,000,000; but during that year the ex-
penses Of the War Department were reduced
some S750,000,000 and Of the Navy Depart
ment, SS0,000,0OO. For the last quarter,
the disbursements Of the former department
dwindled down to Sl3,0O0,000, against
Sl65,O00 600 for the first quarter.
Thus, with the Government expenses
rapidly Teduced-a result for which the
highest credit must be awarded TO an honest
and economical northumberland the
revenue largely augmented, the nation is
evidently fast approaching a satisfactory
solution of its great financial problem. Its
Treasury receipts, since August, 1865, when
the public debt eliminated, have been con-
siderably ahead Of current expenses, each
month leaving an increased balance to be APP
piled to the payment Of that debt. Since
that date, some fourteen months, its reduc-
ton has amounted, in round numbers to
Sl84,000,000, leaving a net balance, on the
lst Of October, 1866, Of s., 573, 336,94l 6S.
During the last two months this reduction
has gone on at very rapid pace, being S97,
4l6, Jos for the month Of August, and S22,-
SAG, 226 for the month Of September, S59,-
862, 324 for the two months, or at the rate of
one million day. At thisrate the national
debt would be cancelled in seven years, both
principal and interest. There is now more
than gold enough in the Federal Treasury,
1881, 900, 000) to pay this interest," as it stands,
year ahead, and as the debt becomes alb
sorbed, large part Of this gold revenue,
which now pours in at the rate of $500, 000,-
900 per annum, can be applied to the Ii
quotation of the principal.
If these estimates be correct, the war debt
may be said to be in a safe and speedy course
of extinction, provided we can maintain
domestic peace and a condition Of things to
permit the industry Of the country to get
upon prosperous legs again. But in the
London money Market our bonds bearing
six per cent. gold interest are quoted at from
sixty-eight to seventy, while three per cent
British consols are held as high as ninety.
Why is this? Why are the securities of
a people who have shown their perfect capa-
city to handle the immense debt we now
have upon us, rated at so great a percentage
below those of country whose political
power and material supremacy, to all hui
man calculations, have reached their high
est point? The answer is to befound in the
political agitation, to which the leaders of
the Radical party are subjecting this nation.
If Congress, a year ago, had adopted the
Presidents restoration policy, the national
credit would have ere this been completely
re-established. 1t will languish as long as
our domestic quiet is held upon the tenter
hooks of suspense.