A Statement Made In The
House Of Representatives By Mr. Spaulding, A Member Of The Committee
Of Ways And Means, On The 29th Of January Last, May Perhaps Be Taken
As Giving As Trustworthy Information As Any That Can Be Obtained.
I
have changed Mr. Spaulding's figures from dollars into pounds, that
they may be more readily understood by English readers:
-
There was due up to July 1, 1861 18,173,566 pounds.
" added in July and August 5,379,357 "
" borrowed in August 10,000,000 "
" borrowed in October 10,000,000 "
" borrowed in November 10,000,000 "
" amount of Treasury Demand Notes issued 7,800,000 "
- - - - -
61,352,923 "
This was the amount of the debt due up to January 15th, 1862. Mr.
Spaulding then calculates that the sum required to carry on the
government up to July 1st, 1862, will be 68,647,077l. And that a
further sum of 110,000,000l. will be wanted on or before the 1st of
July, 1863. Thus the debt at that latter date would stand as
follows: -
Amount of debt up to January, 1862 61,352,923 pounds.
Added by July 1st, 1862 68,647,077 "
Again added by July 1st, 1803 110,000,000 "
- - - - - -
240,000,000 "
The first of these items may no doubt be taken as accurate. The
second has probably been founded on facts which leave little doubt
as to its substantial truth. The third, which professes to give the
proposed expense of the war for the forthcoming year, viz., from
July 1st, 1862, to June 30th, 1863, must necessarily have been
obtained by a very loose estimate. No one can say what may be the
condition of the country during the next year - whether the war may
then be raging throughout the Southern States, or whether the war
may not have ceased altogether. The North knows little or nothing
of the capacity of the South. How little it knows may be surmised
from the fact that the whole Southern army of Virginia retreated
from their position at Manassas before the Northern generals knew
that they were moving; and that when they were gone no word whatever
was left of their numbers. I do not believe that the Northern
government is even yet able to make any probable conjecture as to
the number of troops which the Southern Confederacy is maintaining;
and if this be so, they can certainly make no trustworthy estimates
as to their own expenses for the ensuing year.
Two hundred and forty millions is, however, the sum named by a
gentleman presumed to be conversant with the matter, as the amount
of debt which may be expected by midsummer, 1863; and if the war be
continued till then, it will probably be found that he has not
exceeded the mark. It is right, however, to state that Mr. Chase in
his estimate does not rate the figures so high. He has given it as
his opinion that the debt will be about one hundred and four
millions in July, 1862, and one hundred and eighty millions in July,
1863.
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