The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-09
...... $4,000, 955, 0T7

BY this statement Il appears that with $50 49, 92A
In the Treasury there were acquisitions waiting for
greatly dscredifng the governmenu to the amount
OF STA 54s; that there were 1913 OF tenn
porary loan certificates liable TO be presented in
from ten to thirty days notice, and $l7 10000 Of
certificates OF Indebtedness which had been issued
to contractors, for want OF money to pay the requsi
lions in their favor, and which were maturing daily
At the same time the Efforts TO negotiate securities
were not being attended with the usual success,
while the expenses OF the war were not less than
$4,000 600 per day. The vouchers issued TO contrac
tors Tor the necessary supplies OF the army and
navy-payable, one-half In certificates Of Indebted
ness and the other half In money-were being sod
at discount Of from ten TO twenty per cent, indI
eating by their depreciation how low the credit
OF the government and how uncertain was the time
the fall OF Richmond and the surrender OF the
army OF Virginia under General Lee (Which virtually
closed the war; had not the effect or relieving the
Treasury. ON the contrary, its embarassments
were Increased thereby, inasmuch a. II seemed -
leave the government without excuse for not paying
Its debts at the same time that popular appeals for
SUBSCRIPTIONS to the public loans were Invested OF
much OF their strength. As long as the government
patriotism OF the people could DC successfully APP
peaed to for the purpose OF raising money and sus-
tairing the public credit, without which the war
could not be vigorously prosecuted. When hostili-
ties ceased ami tho safety and unity OF the govern
ment were assured, self interest became again the
controlling power It will be remembered that twas
then generally supposed that the country was
M a. ,y smPped WIN p se San ,as nGre
hension that financial disaster would speedily
follow the termination OF the war. me great
ness OF the emergency gavo the Secretary no
time TO try experiments for borrowing ON
new security Of long time and lower interest and
removed from his mind all doubts or hesitation IN
regard To the course to be pursued II was esti-
mated that at least 800 0000p should be raised In
addition 20 the revenue receipts, FOR the payment OF
the acquisitions already drawn aud those that must
soor foliow-preparItory 10 the disDanunent OF the
greG Union ariny--and Of other demands upon the
Treasury. The anxious inquiries the1 were, NY
wh1 means can this large amount OF money be
rassdS and not what Will be the cost OF raising 10.
li0a can The soldiers be paid and the army be dis
banded, 30 that the extraordinary expenses OF the
War Department may DO stoppedf and not what
rataof interest shall he paid for the money. These
wen the inquiries pressed upon tho secretary He
answered them by calling TO his All the well-trled
agctt who had been employed by ms Immediate
predecessors, and by Offer M the seven aud three
tcnuls notes.-the most popular loan ever offered 10
the peoplc-in every city and village. and by se-
curing the advocacy Of INC press. throughout the
len9h and breadth OF the land. IN less than four
mou from the lime the work OF Obtaining sub
scrittions was actively commences the treasury
wastn a condition W meet every demand upon 1t.
BIZ while the Treasury was tnus relieved the
chancter OF tile debt wac by means satisfactory
ON PC LIST day Of september It consisted Of the FOL