The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1866-10-27
Estimated surplus. 1881 600 OGO

In other words, if these calculations be
verified, the country will have an excess of
income over expenditure equal to Is per
cent. of its total Indebtedness, and will be
enabled to cancel 50 much of the principal
its debt after paying interest on the whole.
If anything could be more remarkable
than this statement of income and eNpcndi
ture by Il country Just emerged from Il four
years eXhanstng war. it would be the fact
that, in the face of this astounding display
of resources, the obligations of this same
country are offered for sale at discount Of
- per cent. At 20 a. II per cent. Europe
can purchase rs many of our six per cent
bonds as it wants; and at home, the United
States dollar, for the due payment of which
are plcgcd the entire resources of this great
country, with an income more than double
its expenditure, will only purchase seventy
five cents of coin. A merchant who could
show as large an excess of income over en-
pcnditure as the country shows would think
himself outraged if his paper did not sell
rcadil at > a. Il per cent Notwithstanding
that his character were good, and his record
clean. Why is it otherwise with the National
credit?
Something must be allowed for past mis-.
management of the public finances. The
throwing away of thirty odd millions of coin
in May last transferred the control Of the
gold market from the Government to the
Gold Room. and even at this day enables
the INSCRIPTIONS operators of that locality
to corner the market, and force up the pre-
= mium. Yet SO little wisdom do people learn
My experience that even now the Tribune
Mems. from day to day, bounding on Mr..
MS,ulloch to repeat the blunder Of May.
and Sell the reserve upon which rest our only
hopes of resumption of specie payments.
Nor is, the record of Government entirely
,lcan \ large proportion OF the current
!crsl tender notes bear on their back the
covenant that they are exchangeablc for Five
Twenty six per cent. bonds. Many holders
have applied to the Department for such
bonds. They have been told that the De.
partmcnt cannot fulfill its bargain for want
of appropriate legislation. This is quite
sufficient to account for some depreciation
of the public credit. Our securities will
never command the price to which our rev
cnues and our resources entItle them so long
as the slightest faint Of reputation adhercs
to the administration Of the public finances.
For the rest, we must have patience. Oul
vast capacity to bear taxation is comparative
ly new discovery. Only a couple of years
ago, sound and loyal men doubted gravely
whether the people would submit to be taxed
an amount sufficient to meet the interest-to
say nothing OF the principal OF the public
debt. and with the best wishes in the world
for the prosperity Of the nation, dssuaded
their friends from purchasing Five Twente.
at As in gold. Opinion has made a vas
stride since then. Its financial effect follows
though at slower pace. Our sweet friend
of the London Times, who predicted tina
Amsterdam would be ruined by its purchase
OF Five Twenty bonds "a 40, almost recon
mend the investment of British capital in thu
same securities at 20. By-and-by, when thu
true financial status of this country is realiz
ed, they may seem cheap at 80. And as tt
the Gold Room, it, too, may once mor'
realize that riches have wings. Twice o
thrice since its establishment has an uncx