Year: 1862




larger army than has ever been amassed by
either king, emperor or monarch in the history
Of the world. We have now on the line Of
operations from Virginia to Kansas upwards of
five hundred thousand soldiers, and as soon as
the order for drafting is complied with, which
will place six hundred thousand additional men
in the field we shall have an army numbering
more than million of men. In addition to this
our navy will soon number five hundred vessels
all told, with about fifty thousand men to man
them. Such an exhibition Of military strength
is unparalleled and without precedence. 1t is
true that the great army Of Xcrxes is reputed
to have contained million Of men, which must
bo considered o fabulous number by every per-
son who looks into the facts and takes into con-
sideration tho facilities that he had to feed 80
large force on his long march. To our demo-
cratic government must, then, be given the credit
OF being the first to enroll million of soldiers.
with navy Of corresponding strength. The
gathering Of such an army cannot fail to open
the eyes of the European governments, create
amazement in England and France, and con-
vince their croaking statesmen and editors that
we have the strength and power to put down
the rebellion, and that right speedily, extensive
as it is.


The march of million of soldiers, with their
glistening bayoncts, well trained cannon, and
military tread, is spectacle which even Ma
poleon never witnessed, and before which the
enormous armies enrolled during the French
Revolution sink into insignfcance To clothe,
equip, feed and transport such an army it will
require a vast amount of treasure and cor
responding expenditure of money. Has our
government the financial means necessary to
meet the draft required to make this enormous
army efiectual? Did the last Congress place in
the hands of Secretary Chase the facilities to
respond to this increased expenditure? This
additional six hundred thousand men are all
expected to be in the field within the next six
weeks. What, then, are our resources, and
how is this army to be provided for?


We take it for granted that the first issue OF
one hundred and fifty millions of legal tender
notes has already been absorbed. Ii so, this
will leave in the hands Of Mr.. Chase, available
to pay our soldiers and sailors between this
and the first of next December, the one hun
uiCu Niist iiiillplS VI Altasuiy iVtC5 uubiiO-
rized by Congress in July. 1t is estimated mat
it will need Sbf,0C0,00 to support an army Of
million Of meL 6 month. Thus it will be seen
that the Treasury notes already authorized will
only last about two months. Mr.. Chase has no
other resources except certificates Of indebted
ness which he is authorized to issue to con-
tractors in sums Of one thousand and five thou
sand dollars to an unlimited amount; deposits
on call, OF which he may receive thirty-fve
millions more, and five hundred millions Of six
per cent bonds, FIVE years to run, which he can
not by Law sell under par. With these issues
Of certificates Of credit the payments to con-
tractors can be postponed six, nine and twelve
months; but the soldiers will require their daily
rations and to be promptly paid How is this
to be met.


Our large exports Of produce reveal the fnct
that our resources have increased since the
commencement Of the war; Notwithstanding
the loss of cotton our exports during the year
will probably, reach one hundred and seventy or
one hundred and eighty millions, showing that
England and France are compelled to rely
upon us for the food for their artisans and
laborers. This adds to our wealth and in
creases our resources. The first issue Of legal
tender Treasury notes has also proved bene-
fetal measure to our internal traffic. Owing to
the withdrawal of at least one-half Of the cir
culatiou Of the local banks, these government
notes have been absorbed without becoming
redundant or initiating prices. They have aided
our internal, commerce and assisted in develop
ing the country. The activity Of our exports
and the prosperity Of our internal trade are in
every particular encouraging. All that IS
necessary to meet the increased expenditure
required by the increased army is that the
government may be able to make available the
increased resources OF the country. But un-
fortunately, Congress has not given Secretary
Chase the necessary power. The increa-ea ex-
penditure of the government under this low
order OF things will doubtless Ieprecnl,
government securities and prevent Secretary
Chase disposing of tie five hundred riii sone 81
six per cent bonds at par, as restricted y ,av
and therefore render them unavai t.t.c. Here
is additional evidence Of the folly ali slS,.
sightedness of the last Congress. In
the issue of postage stamps for change
they placed no limit upon the amount
that he might issue, but left 1t entirely to his
discretion; but in an important measure for
raising the funds for prosecuting the war they
tied his hands, and decided that he should not
make a loan except upon such and such terms.
In this dilemma, brought about by the reckless
mode Of doing business by the last Congress,
what is to be done! Our army must be equip
ped and kept in the field until the rebellion is
crushed out. To do this the government must
have means. 1t is well known that Mr. Pitt was
compelled to sell the securities of England
during the French war-at sixty cents on the
dollar. He was obliged to dispose Of them at
that price or abandon the war. II is impossible
To tell to what extent the enormous ex-