Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-23


Ii surely cannot be deemed unreasonable
TO expect that for the current fiscal yeaf we
should have something like an approxirna-
tion to the scale Of expenditures which
obtained before the war, excepting in those
items of expense which must be regarded
as inevitable results of the war. Yet we
find the report Of the Secretary of the
Treasury gives for the six heads of expendi-
tnre, above enumerated, an aggregate of
S2l9, 1869, 1913 as the estimated disburse.
ments for 1867, or $l56,710,926 more than
in 1860. 1t is true that of this amount
S64,000,0O0 is apPortioned for the payment
| Of bounties; but it is also true that it IL
through appropriations of this very char
acter, based upon no actual claim on the
government, and really in the nature of a
political gratuity, that the public expendi-
lures are being 50 GENEROUSLY increased.
Nor is this extravaganza in appropria
tions peculiar alone 70 Congress. The
State l. Legislatures show like recklessness
Of expenditures. Here, also, the immense
sums raised In support Of the war have de-
moralized every idea of economy, and
large sums of money are voted with
| spendthrift heedlessness. Ii may be safely
estimated that the States, exclusive of the
Southern States, have increased their
| debts during the war nearly $500, 900, 600
| while the city, town and county debts have
been increased TO still greater extent, the
] consequent local taxation being most inju.
rions to the interests of property holders
| Yet, in spite Of this immense accumulation
of debt we find our State and city govern
ments proposing undertakings which will
still further augment their obligations.
In our own Legislature il is gravely pro-
| posed to increase the canal debt of the
State S10,000000, and In the Senate a bill
has actually been passed TO athird reading
and that almost unanimously, granting aid
| to the extent of $4,000 per mile 10 any road
| in the State that shall construct and com.
| plete twenty miles of road during the year
| the Legislature of Maine has lust passed
an act which authorizes any town to take
stock in any railroad in the States and
these are but chance specimens of the pre-
vaiiing recklessness of legislation respect
ing the increase Of corporate obligations
The last five years have been period o
unequal extravagance in the management
Of private associations. In 1864 abou
fly new companies were started in thil
city alone, and, in many instances, for OBJ
jects purely chimerical. Philadelphia
Boston and other large cities also had thei
mania for new enterprises. In too many
cases the object Of the organization Of thesl
companies had been gained when the pro
moters had disposed Of a certain amount o
stock, or had secured pay for few ceres o
land at fabulous prices, and now the cert
hcates issued by the million sre a littl,
better than so much waste paper. Nor hav,
ol:r railroads generally shown $ conserya a
tive regard for their debts. Some hay
undertaken great works Of construction il
a period Of imitation and have consequent
ly had 10 issue stocks or bonds TO doubl
the amount that would have been requires
in ordinary times.
We think il is high time that some checl
we're imposed upon this recklessness in &C
oumulating debts. A large portion OF on
FedHal, State and local war debts wer
contracted in a currency worth from lift
TO sixty cents on the dollar, and most {
them will have 10 be liquidaied in gold G
its equivalent. So far as respects debt
contracted for war purposes, this vas 3
inevitable misfortune; but In the case Q
enterprises undertaken now, or appropris
tions made for unnecessary objects, no e1
cuse can be given. Unless we are prepare
10 be stigmatized as q nation OF bankrupt
We must suspend this accumulation (
debts, and by system OF rigid econom
in every branch Of expenditure prepare f
the day Of liquidation.