The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-03-07
FINANCIAL.

The Finances Of the country occupy consider
able degree Of attention at present in the Journals
Of the North, and certainly not without cause.
We also could say good deal on this subject, If
there seemed to be shadow Of o probability that
ANYTHING we could utter could in tho least degree
influence the headlong course to ruin and bank
ruptcy, pursued by the last Congress, and which,
no doubt, will be continued by the present. The
old adago about the spigot and the bunghole mover
received such gigantic illustration, Us is the case
now in the financial matters Of the United States
Government Every now and then the Secretary
of the Treasury, OF, it may be, member OF one
Of the Committees OF Finance, or some .TguTat!ve-
ly inclined editor, puts forth scheme, by which
the National Debt {of three Thousand millions, we
believe,) is to be paid within short given period
OF time, or else submits plan by which the debt
is to be consolidated" J" and the amount OF annual
interest considerably lessened when perhaps the
same paper that reports these propositions brings
the news also Of the passage of an Equalization
of Bounty" Act, which adds some four hundred
millions to the debt and these s400, 600 are
voted for with as little misgivings, as though the
mill that grinds out the Greenbacks-Legal Ten
ders, or By what other name the delusive commod-
ty may be called-was endowed with some myste-
rioSs power by virtue of which it could indeed
manufacture money, an actual increase to the na-
tional wealth, and not merely multiply Uncle Sans
I. D. US.
What lis most surprising is that the United
States bonds should, under this reckless system
OF legislation, still maintain their figures in Frank
fort and in London. LII the case of private indi-
vidual, or close corporation even, such course
would be construed to forcbode certain ana early
bankruptcy, and the moment such fact would be
brought home to the cautious heads of the money
kings al instant and tremendous tumble Of secu-
rites would be the inevitable consequence.
Unfortunately for the country, the legislation in
Congress during the past six years has been gov
erned exclusively by considerations Of . sectional
and party character. The war was conducted en-
tirely regardless Of expense; just as when man
goes to law, determined ut all hazards to gain the
suit, i'll the heat of passion and resentment never
stopping to consider whether the end in view is
worth the means expended in the effort to attain
it. The war is closed; but passion and misrule
still reign supreme. The gigantic scale of cxpen-
diture, introduced into every department Of the
Government by the war, is still in course Of pro-
gress. 'sThe heroes Of the war must lie reward
ed" Nowhere in modern times has the world
seen such "rewards." Such system may have
been consonant with the times Of SYLLA or of VII
LIAM of Normandy, just as the recklessness with
which the national monetary obligations arc ac-
cummulated resembles the financial policy Of the
French Revolutionary Government Of the last CEN
Jury, in the widest days OF their misrule; but
neither the rewards" ncr the extravaganza seem
to us consistent with the degree Of enlightenment,
professcd by our legislators; say nothing Of the
many examples offered by history, showing the in
cyitablo consequences of such course.
The question of reconstruction, which more
properly should be entitled the destruction Of the
South, has jaundiced the eyes of Congress and of
their constituents. Every question Of finance, of
tax, revenue, protection, appropriations of all
kinds, etc., was invariably complicated with the
reconstruction incubus; and, as passion will always
carry the day over Judgment, when the two come
into collision the material interests Of the country
have almost in every instance been disregarded,
and tie views of few of the leaders Of the domi-
nant faction been ramlced Gown the throats of the
entire party.
Now, however, that the Matte nal Bankrupt Law
has passed, we suppose Uncle Sam, if hard pressed,
will take the benefit of the Act, make an assign
ment, or so into liquidation.
But cui bono I'VE have allowed ourselves in
sensbly to be drawn into making these reflections.
We beg pardon Of our readers. We know very
well that we are talking to the wind.