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.
As to the first amount, with reference to which a tolerably
accurate calculation may probably be made, I am
Inclined to prefer
the estimate as given by the member of the committee; and as to the
other, which hardly, as I think, admits of any calculation, his
calculation is at any rate as good as that made in the Treasury.
But it is the immediate want of funds, and not the prospective debt
of the country, which is now doing the damage. In this opinion Mr.
Chase will probably agree with me; but readers on this side of the
water will receive what I say with a smile. Such a state of affairs
is certainly one that has not uncommonly been reached by financiers;
it has also often been experienced by gentlemen in the management of
their private affairs. It has been common in Ireland, and in London
has created the wealth of the pawnbrokers. In the States at the
present time the government is very much in this condition. The
prospective wealth of the country is almost unbounded, but there is
great difficulty in persuading any pawnbroker to advance money on
the pledge. In February last Mr. Chase was driven to obtain the
sanction of the legislature for paying the national creditors by
bills drawn at twelve months' date, and bearing 6 per cent.
interest.
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