The Sun.
London, England, 1864-10-01 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

TimEs.—ln one particular, at least, our Minis-
ters and legislators may enjoy the lovely holydays
of this autumn with a light heart and a clear con•
science. Whatever they have done, or have left
undone, or have got to do, they will have no
trouble about money matters. The income of the
country is more than answering their wants, and
surpassing even the most sanguine expectations.
The Revenue Returns up to September 30 again
display the remarkable prosperity which has now
become so constant as almost to cease to surprise us.
There is an increase in the Revenue of the quar-
ter as compared with the same quarter last year of
no less than £380,985. This has taken place, it is
to be observed, in spite of the considerable reduc

tions which have been made in the Customs and
Income Tax. Having regard to these reductions
we thought ourselves well off last quarter with a
decrease of £216,000. We have good reason there-
fore for congratulation when in p ace of a similar
result we have an increase half as large again as
this sum. The reductions we refer to have,of course,
been felt in their particular departments. There
is a decrease in the Customs of £248,000, and in
the Property Tax of £84,000. "The Taxes" also
show a decrease of £B,OOO. There is a decrease,
therefore, on the whole quarter of £340,000. But
the whole of this decrease is more than balanced by
the increase in one other head of revenue alone.
The Excise, owing principally to the excellent bar-
ley harvest of last year, and the consequent in-
creased revenue upon malt and spirits, shows an
increase of £430,060. The Poet-office furnishes the
remarkable increase of £l4O. The stamps and mis-
cellaneous revenues furnish nearly all the remainder
of the increase. The returns are still more satisfac•
tory when we consider them in reference to the
half-year and the year., Thus the half-year, with
an actual decrease to the amount of considerably
more than a million, yet displays an increase on the
whole of £164,981. This result is again principally
due to the prosperous condition of the Excise duties,
which shows an increase amounting to £889,000.
We notice that the half-year's decrease in Customs
is £659,000, which is much more than double the
decrease for the past quarter. We might conjec-
ture therefore that the increased consumption which
nearly always follow a reduction of duty has begun
to take effect. In tact, the Board of Trade returns
up to the 31st August show increased entries for
home consumption of tea, tobacco, cocoa, rum,
brandy, and wine ; and the additional returns to
the revenue upon these articles must have gone to
counterbalance the remissions in the last Budget.
Nor are these comparisons less remarkable for the
whole year. It appears that reductions of taxation
were made amounting to no less than £3,252,000.
Yet in spite of this actual loss, the net decrease on
the year is but the insignificant sum of £120,438.
The loss of two millions in the property tax was
just balanced by the increase in the Excise; but
the lora of more than a million upon the Customs
was nearly met by the growth of the minor branches
of the revenue. If the next quarter, as we
may hope, exhibits anything of the same elasticity
as its predecessors, we may see the year end with a
positive increase instead of the heavy decrease which
was estimated, It may be further added to these
satisfactory considerations that the present is the
dullest quarter of the four, the Revenue, for example,
both in this and the corresponding quarter of last
year reaching only 14,000,000 instead of the
18,000,000 which is its figure in the other quarters.
So that the increase is greater in proportion than it
would be in another quarter, It would be hard to
receive better evidence of prosperity than is furnished
by these returns. There does not appear to be one
single branch of our national resource which is
suffering the least depression. The decreases we
record are simply a voluntary sacrifice of revenue.
In every instance, except where we refuse to allow
it, our income expands. Indeed, there would seem
to be but one source of revenue which will not ulti.
mately neutralise all our efforts to dwarf it. The
income tax can be raised or depressed at pleasure.
It does not grow ; it is forcibly extracted, in spite of
a heavy inertia in its material. But the other heads
of revenue are animated, and grow independently
of our efforts. They are like willing servants who
do the more the less they are forced to do. When
we look abroad and contemplate the struggling and
contused condition of the far larger part of the
world, we cannot but be struck with feelings in
which wonder and thankfulness combine at the
spectacle of this uncontrollable, inexhaustible na-
tional wealth. No wonder that while other nations
are occupied with thankless and distracting debates
on their debts, their frontiers, their constitutions—
nay, their very existence—the leading men in this
country are at this moment occupying their time
with questions of social and natural science. A great
financier once said that it wad easy enough to make
money, the difficulty was how to use it when it wan
made. It that be the case we have more difficult
problems before us than our neighbours. The rules
for attaining national prosperity are simple. Patient
lebour and .scrupulous integrity are sufficient wher-
ever the necessary materials exist. But how to use
our resources when obtained, without abusing them,
how to trade without insane speculations, how to
spread the benefits of the general prosperity through
all the classes which contribute to it, how to avoid
squandering money upon superfluous precautions
and yet not to neglect the self_defence necessary to
self-respect and security—these are the problems
which our political, social, and sanitary philosophers
are busy considering. It is well thus to remember
that the more we have accomplished the greater
responsibility rests upon us and the more remains
to be done.
POST.—The American mail just arrived confirms
the report of the defeat of the Confederates under
the command of Early in the Shenandoah Valley.
The engagement was a bloody one, and the slain on
both sides are counted by thousands. The Federal
loss is estimated at three thousand, but probably
exceeds that number, whilst of the Confederates
five thousand are said to have been put hors de
combat, and two thousand five hundred made pri-
soners of war. Whatever corrections may be made
in these figures by subsequent investigation, it is at
all events apparent that the Confederates have sus-
tained a repulse which will probably put an end to
their offensive operations in the Shenandoah Valley
and Northern Virginia. It is not a little curious
that although hostilities have now been waged for
more than three years and a half in that
Border State, the present is the first occasion on
which the Confederates have sustained an unques-
tionable defeat. In all the battles which have
hitherto been fought on Virginian soil the Northern
Generals have either been worsted with heavy loss,
or have been compelled to retire from the field
without having attained the object for which they
brought their forces into action. It is needless to
remind our readers that over and over again have
the Confederates scoured this same valley of the
Shenandoah, driving before them the armies en-
trusted with its defence; and time after time have
they made it the high road to Maryland and Penn-
sylvania. Nor can the present campaign, even
though it has terminated with so serious a reverse
to the Confederate arms, be considered as profitless.
From the time when Grant, having at the Wilder-
ness,in the brakes of Spottsylvania, on the Anna
Rivers, and on the Chickahominy, successively
failed to force a passage to the Confederate capital,
transferred his army to the south bank of the
James River, the Southern Commanderein-Chief
found himself enabled to employ a portion of his
forces in offensive operations against the Northern
frontier. The command of the expedition was en-
trusted to Early, and the skill and valour he dis-
played, together with the success he gained, proved
that he was not unworthy to command a division
which, in the earlier stages of the war, was led by
Stonewall Jackson. He speedily secured possession
of the Shenandoah Valley, the granary of the South,
and succeeded in carrying away in safety its plen-
tiful crops of grain. On more than one occasion he
crossed the Potomac, he traversed the rich and un-
touched plains of Maryland and Southern Penn-
sylvania, he made his appearance in the suburbs of
Baltimore, and his outposts skirmished within
cannon shot of Washington. He successfully ra-
vaged his enemies' territory, and carried away his
spoil without even the show of molestation. Since
then he has held the Shenandoah Valley, and secured
the passes to Central Virginia against every force
which the Federal Government have launched
against him. At length, however, he has succumbed
to superior numbers, and in an engagement which
has cost his foes scarcely less dearly than himself
has not unworthily terminated a campaign which
has been equally creditable to the Confederate arms
and profitable to the Confederate cause. Of the
details of the recent engagement it is necessary to
say but little. The Confederate forces were stationed
on a small creek running into the Shenandoah
River, a short distance to the north-east of Win-
chester, and in this position they commanded the
valley in its southern course. The Federals opened
the attack at an early hour on the morning of the
15th of September, and the battle was waged with-
out intermission, and with all that pertinacity on
both sides which so pre-eminently distinguishes the
conflicts between North and South, until the even-
ing, when the Confederates were obliged to give
way. They retired to Winchester ; and the same
night, having evacuated that town, continued their
retreat up the Shenandoah Valley. The Confede,
rates lost four general officers, and the Federals
one; and as General Sheridan claims to have cap-
tured but five guns, we are much inclined to doubt
the accuracy of the estimate which places the pri-
soners at 2,500. Nothing is said in the -Federal
General's- despatch about waggon or baggage
trains, and we are therefore justified in inferring
that the Confederate retreat was ably and success-
fully conducted. Of the probable results of the

engagement it is impossible to speak with any core.
fidence. Early will most likely be obliged
abandon any further operations in tho North ; end,to
unless reinforced, will probably rejoin Lee at
Richmond. Ore nt's army still remains inactive.
A rumour was circulated in New York when the
mail left that the Confederates had made an attempt
to outflank the' left wing of the besieging
army ;is not, however, probable that the Southern General
would incur uninecessary risk by an attempt to.
harass a force which, since its arrival in its present
position, has prov ed so perfectly harmless. se
nt
position,
approaching electicn continues to engross pubho
attention, and with each succeeding day do t.be
hopes of the supportch-s of the rival candidates rise
and fall. Notwithstanding the secession of Ole.
leaders of the Peace Democrats, the friends of
M'Clellan do not despoil. of seeing him placed at
the head of the poll, and numerous meetings have
been held for the purpose of ratifying the decision
are
of the Chicago Convention. These meetings
described in the telegrams' before us as having been
great successes ;" but when the immensity of the
number of voters throughout :he Northern States is
borne in mind, the enthusiasm of assemblies.cen."
yoked for a special purpose loses
nuch of its sig on
ficance. If personal 'attributes were alone tag em
into account, M'Clellan would probe bly count Merl
supporters than Mr Lincoln or any cue else, end
is to this individual popularity that he chiefly owes
his almost unanimous nomination by the membersof the Chicago Convention. No one bat 111`Cielt
would have been fixed on as their representative by
a number of wary politicians without the preliinr
nary proceeding of obtaining a declaration of 11.1
sentiments. When that declaration was made, 1::
was for the first time discovered how divergent
were his views from those of a strong section :
the party he was called upon to represent. B'thdi
notwithstanding this antagonism, there are n] neL
who will doubtless forget, at the approaching
a le
tion, political differences in the appreciation of the
qualities of the man. The general opinion, 130.
ever, seems to be that the schism in the
Democratic party will prove fatal to thel
nominee, and that Mr Lincoln will be reiv,staten
in office. One of the New York journals asserts
that General Fremont has withdrawn from the cane
didature, and, if so, Mr Lincoln's success 036,1
almost be considered as secured. It is cextainq
singular that the peace party in the. North--ende°
is both numerous and influential—has not be
enabled to put forward a candidate specifically
pledged to pursue a peaceful policy. The fact ief
however, that it cannot do so, and the eircumstaneet
tends to confirm the apprehensions, now o.lmll.
univervlly entertained, that some time must atilt
elapse before the Northern population will ado
'i
the necessity of putting an end to this. most cruel
and most wicked war.