Our national finances are involved in extreme peril. Our public debtexceeds $720,000,000, and is estimated by the Secretary of the Treasury,on the 1st of July next, at $1,122,297,403, and on the 1st of July,1864, at $1,744,685,586. When we reflect that this is nearly one halfthe debt of England, and bearing almost double the rate of interest, itis clear that we are approaching a fatal catastrophe. Nor is this themost alarming symptom. Gold now commands a premium of thirty-two percent., as compared with legal tender treasury notes, and, with largelyaugmented issues, must rise much higher, with a correspondent increaseof our debt and expenditures. Indeed, should the war continue, and therebe no other alternative than additional treasury notes, they will,before the close of the next fiscal year, fail to command forty cents onthe dollar in gold, and our debt exceed several billions of dollars.This would result from an immense redundancy and depreciation ofcurrency, and from the alarm created here and in Europe, as to themaintenance of the Union, and the ultimate solvency of the Government.Indeed, our enemies, at home and abroad, the rebels, and their allies inthe North and in Europe, already announce impending national bankruptcyand repudiation, and there are many devoted patriots who fear such acatastrophe.
That the danger is imminent, is a truth which must not be disguised.Here lies the great pe