Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-02
THE FINANCIAL SITUATION,

penses of the Coming Year TO Ex-
ceed $3.50, O,0OO--A Deficit Of
Over SlOO, 100000 Expected.
The financial situation of the country is
one well calculated to appal the stoutest
heart that loves the country. The National
Debt of thousands of millions of dollars
that hangs over the people of the Repub-
liza debt that r,quires more money to
pay the half-yearly interest than does the
debt of any other Republic, Kingdom
Principality, or Empire on earth-is fast
Increasing, In consequence of the mad and
patricidal acts of the Radical leaders in
Congress, and although the taxes of the
people, wrung from them by the tax col
lectors, -is great beyond comparison, yet
they are more than sufficient, if the
halt made up body calling itself the
Congress of the United States would
dismiss its large army in the South, and
send it West to protect the frontiers from
the tomahawk and scalping knife of the
savage foe, and dismiss the Freedmen's Blu.
reau, and refuse any longer to support the
lazy negroes of the South in idleness, to
pay for voting the Radical ticket. Yet this
will not be done. Country, with Radical.
ism, is snothing-holding the offices is every
thing. Great vast, increased and IT,
creasing as is this debt, the men who hold
| the bonds OF the Government are now in
the political field, clamoring for gold tor
the bonds which they purchased in depre-
ciated greenbacks, and the party that op-
poses the Democracy yelp in full chorus
at the bidding of these bondholders, for q
reputation of the fair contract, which
promised them paper for paper, in order
that the debt of the nation may be increas-
ed by paying the untaxed bondholder in
coin. ir
To show that we are not alarmed with
out cause, at the gloomy situation of the
National Finances, we publish the follow
ing, from the Ne,o York Journal of Com
naerce, the leading independent commercial
journal of the country. 1t is worthy the
closest attention of every man, irrespec-
tive of party, who has the least interest in
the prosperity OF the country. Ifthis state
of things is to continue much longer, there
is no necessity of discussing the kind OF
money in which the $50 bonds are to be
paid, for with two years more of Radical
rule reputation is inevitable: ? s,# $3.50
"THE CURRENT YEAR.
"A few days ago we called attention to the
fact that while the partisan orators on
either side were disputing as to which could
promise most OF relief to tax payers, the
Treasury aods in imminent danger of bank
ruptcy. In TACT we do not see how it
90, - 10 fI.ac ~ =.
the Departments, unaided by an early and
thorough reform in legislation, TO avoid the
breakers now lying directly before US.
The authorized expenses for the current
fiscal year, including remains of old ap-
preparations which have not lapsed, erceed
Jiue hundred and fifty millions. We think a
very moderate estimate of the sum actually
called for will be considerably in excess of
four hundred millions, and we do not see
how it can fall below four hundred and
fifty millions. We understand that the es-
Inmates of experts at the Treasury Depart
ment carry it up to four hundred and sew
enty-five millions, but we wish to be within
safe limit. We ecannot figure the receipts
under existing laws as high as three hum
dred and fifty millions. We do not think
safe estimate will give them more
than three hundred and twenty five mill
lions. The Treasury experts place them at
three hundred and twenty zone millions.
Here zoe mast hnUe q deficit in the current year,
as zoe shoaoed the other day. of OVER ONE HUN
DRED MILLION DOLLARS, and it is more likely
TO be ONE HUNDRED AND FORTY MILLIONS
than q less amount. \ The Secre-
tary has authority under the act of 1866 to
bofrOao upon the issue of bonds, and a retn-
position of the heduy tares removed by Con-
gress for soliticul effect, will once more bring
the balance on the right side. But there is
no poetry in the situation, and we intend 1t
shall not be our fault if the people do not
understand it. Hurrahing for party will
not fill the Treasury. Promises of imme
diate relief to burdened taxpayers are all for
buncombe, and cannot be kept. The toheel
Is setting heavily in the rut Of debt, aud only
sturdy shoulders can give it an onward mo-
tion."
The Ne,o York Herald, the grand organ
of New York, in speaking of the increase of
the public debt, says:
!" We see this extraordinary anomaly in
the condition of the country, that while the
crops are most abundant and general pros
perity prevails, the debt is being increased
and The Treasury approaching bankruptcy.
This lamentable state OF things with re-
gard to the national finances is to be at
tributed entirely to the ignorance and reck.
less extravaganza of Congress on the one
hand and to the utter incapacigy and mis-
management of Mr.. McCulloch on the
other. Surely it is time there was change
both in the character of our national legis-
iators and the administration OF the Treas
ury Department" @
These extracts, the one from the ablest and
most influential mercantile journal on the
continent, the other from the Herald, whose
and influence in the United
States is equal to that of the London Times
in England, shows that the Bankruptcy of
the Treasury is near and imminent, unless,
indeed, it is arrested by a change of rulers.
To elect Gen. GRANT is to give Radicalism
a wider range, more extended field for
outrage and wrong. His election will be
taken as deciding the question that the
bonds of the Republic are TO be paid in
gold. Two years of such outrage, at such
fearful cost, as we have had, with increas-
ed debt and increased taxation, will put it
out of the power of the Government to
pay anything. The pledged faith OF the
Government to redeem either Bonds or
Greenbacks, will impose the necessity
which induced our fathers to repudiate the
Continental money of the Revolution, and
that done, bankruptcy and ruin of both
the people and the Government follow as
certain as that night succeeds day.
The election of SEYMOUR and BLAIR. and
the returning of Democratic majority to
the House of Representatives, by holding
the Senate, with its unrepresented States
and the carpet-baggers who misrepresent
other States of the South, in position
harmless for further evil, will save the Re-
public, and we are honest in our convic-
ton that no other probable event can do it,
Victory In within our Grasp.
All that is necessary to secure Demo-
cratic victory at the State election, Is tor
every Democrat to make a special commit.