The national Republican., 1867-11-04
OUR FINANCIAL SITUATION.

Nht uhNiOUtl utpNt OCChbluutu Dy tue WhFt u
now about two thousand eight hundred and
fifty million dollars. During the excitement In.
eident to the conflict In which we were engaged
to save the Union such was tho patriotism Of
our people that We did not hesitate to send our
sons to the field nor refuse to pour out our money
and to incur large debt to maintain tho Union
of these States, b'lieving MS the great mass Of
the people did, that the immense sacrifice of
'nen and money would DO more than compen-
sated in united and perpetual confeds -atiou Of
States in which the people should rule. Daring
all the time the war was being waged business
was good and prOdts large, go that our people
did not feel the pressure Of taxation as they feel
1t now; and besides, II was not then patriotic
to complain, and croaksrs and fault.G nders were
therefore few. This is over now, and the war
Is closed, and taxes must be imposed to meet
the current expenses Of the Government, provide
for tho interest upon the national debt, pay
bounties, pen'i rs, &c. That those burdens
should occasion murmurs is not strange nor
unexpected. The people now will gcrutinIe the
public expenditures Of the Government aud
modes rssorted to to raiss the necessary funds
as they mover did before; therefore all public
officials whose duty it is to provide ways and
means and to disburSs public moneys will be
held to rigid accountability. This being the
case it will notbe out of place or time for US to
look for brief moment to the financial situation.
Many people in our own country who do not
reflect upon this subject as they should, and
who are wont to suspect the masses, and all the
aIherCnts Of uonarchical governments in Europe
are fond Of predicting that democracy will not
submit to the necessary burdens incident to the
onerous taxation which must be resorted to to
provide the sinsws Of a government that is
Obliged to carry such an enormous debt. They
tell US that population must come-that It Is
inevitable. All we have to say Is that We re.
Puiiate reputation, and We arc confident that a
glance OF the condition Of our national finances
at this time, will satisfy the most unbelieving
that democracy wiH patiently bear tghqt the
pe0pfs ""aey a monarchy pOnH rebel again,t.
ho" Was 1t with England when she was carrying
on her wars with the older NAPOLEON She
Issued her bonds at an average Of 90 per cent.
ana that too in currency depreoiated 20 per
cent Had We been reduced to such s,raights,
our debt to day, instead OF being So $50 600 600,
would have boen, like hers, 81, 900, 900, 900. We
have been able to raise more on gold than she
did, for she realized on gold but 30 cents on the
dollar
We can congratulate our'elves that at the
ond Of the third year after the close Of the
war our interest bearing debt will only be about
one half Of that Of Great Britain, so We may
confidently look forward to tho time when /,
shall be cEtipgui,kel
We may expect to sec the interest on our nn.
tonal debt reduced to FIVE, and not unlikely to
iour per cont If we pursue the wise and Judi.
c'ous policy nauguraed by Secretary McCuL.
LccH Take another fact, which is significant.
Almost Immediately on the close Of our rrea,
struggle, We proceeded to raise a sufficient rev.
e0ue to meet the then existing emergency, and
the amount realized was Eve hundred and ten
million dollars. Can history furnish a parallel
at all comparable to this7 Would Great Britain.
Russia, Austria or France under like circum.
stances, dare attempt such a thing Never, Yet,
there are people At home and abroad who will
insist upon believing or If not believing, assert.
ing, that our people will repudlate. The alrnos,
universal acceptance Of such burden does not
look much like reputation.
Let us see what we have done Is about twn
years time. We have reduced the interest on
our debt twenty-five million, the principal three
hundred million, and our taxes about one hun.
dred million. With such financial prospects as
these before US, and with an able brain and
steady hand At tho helm as We have, ought we
in country like VuTs, to despair Of the Republic
or to be alarmed by its honest debts Take
another fact. At tho close Of the war We owed
nearly seventeen hundred million, at high rates
of interest on demand or short paper, aud we
have paid, or funded, one half of this amount
Ht si1 per cent, and We can pay or renew tho
remaining portion at our option. So it will be
sOcn that We can easlr coutrol the eight hun.
dred and sixty million lhug remains of the out.
standing debt It may no; be aniss that We
SHOULD state just what constitutes thlJ uufuGdei
laht There are three hundred and s!1ty-ons
uiiion ia Gr5cnbacks, and twenty niue million
tpllav 10 huctipnal NOES which draw no il. .
terest. These are payable ut the pleasure Of
the Government. Then there are four hundred
and seventy million Of seyen.thirties and com
pound interest nOtes which can be continued
without difficulty by tho Secretary of tho Treas.
ury, and there are also fifteen million Of interest.
o'nhhg notes payable ia gold, and these nre
represented by gold in tho Treasury.
But we ara extending this article to too great
'eng'h, and must close. We assure our readers,
however, that we have not done with the subject
'n' thaIl continue our remnrlq, from time to
"'n', Tor the simple purpose Of showing that
our financial u uatton is souuI qnl hopeful, and
that The Gh'sL Of repudiation IL u miserable scare
AMoHG the clerks who have been dismissed
from service in the Pay Master Generals Office
are the following, all soldiers via: Messrg Bun.
BANK, WEAVER, PALMER, DopGE, FERpy. Jouy.
son, KLOTz, and MCNAMARA.
CHARLES DICKENS will give his FIRST reading in
Boston on December 0, The Christmas Carol.
and Dardsll VS. Pickwick are the selections for
the occasion.