Tri-weekly union and American. [volume] (Nashville, Tenn.) 1866-186?, 1866-11-06
VOLUME XXXIII.
rIIE NATIoNAL FINANCEs.

From an abstract of the forthcoming re-
port Of the Secretary Of the Treasury, says
the Boston Commercial Bulioin, it appear
that the national revenue, (for the ilrst time
since the beginning of our civil war; for the
financial year ending June 30, 1860, ex-
ceeded the expenditures by S31, 69l ,S5I 90
During that wear, also, the receipts from In
e. ternal Revenue. increased by SlOO,OOO,OOO,
and from Customs, 1000, 600, as compared
with the preceding. The cash balance in
the Treasury. at the end Of the year, was
Sl30,G69. 8lj, against sos, 3O9 on the 50th
Of June, 1865.
Only six months previous to this footing
up. viz: December 81, 1865, instead Of a sur
plus, there existed a deficiency OF some
! S619OO0, 600; but during that year the ex-
! penses of the War Department were reduced
some $4,000. 600, and of the Navy Depart
! inent. SS0OOOOOO. For the last quarter,
! the disbursements Of the former department
/ dwindled down to Sl3,OOO,OOO, against
! SlG5. coo, 900 for the first quarter.
Thus with the Government expenses
rapidly reduced result for which the
highest credit must be awarded to an honest
| and economical administration-and the
revenue largely augmented, the nation Is
evidently fast approaching satisfactory
solution Of its great financial problem. It's
Treasury receipts, since August, 1864, 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
SlS4, ZOO, 900, leaving "A net balance, on the
1st of October, 1866, Of 2,573, 336,941 6o.
During the last two months this reduction
has gone on at a very rapid pace, being S3I,-
4l6 los for the month of August, and 81
BAG, 22G for the month Of September, 959,-
862, 324 for the two months, or at the rate Of
one million a 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, 600 000) to pay this interest as it stands,
a year ahead, and as the debt becomes alb
sorbcd, large part Of this gold revenue,
which now pours in at the rate Of S2OO,OOO
600 per annum, can be applied to the IL
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 |
sixly-eight to seventy, while three per cent. |
British consols arc 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 percentage
below those of a country whose political |
power and material supremacy, to all hui
man calculations have reached their high
est point? The answer is to beiound in the
political agitation, to which the leaders of
the Radical party are suIjecting this nation.
If Congress, year ago, had adopted the
Presidents restoration policy, the national
credit would have ere this been completely
1t will languish as long as
our domestic quiet is held upon the tenter
hooks of suspense.