Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1808-12-23

humble path, means of defence will become
as there Will be no occasion
Tor either all army or navy, it is be-
lieved that there would be no difficulty in
reducing the public expenditure to rate
corresponding with the Fragments of impost
which might still be collected. If that
course be adopted, no other provision seems
necessary, than an immedinte reduction
of expenses.
The system now in force, and war,
however dissimilar in some respects,
are both considered as resistance.
Nor is it believed that their effect on
national wealth and public revenue
would be materially different. In Ell
Their case, portion, and portion on
ly, of the national industry and CAPT.
al heretofore employed in the produc-
ton, transportation, and exchange of
agricultural products, or in the foreign
carrying trade, can Immediately be di-
verified to other objects. In case of
a continuance of the embargo and
non-exportation, either less quantity
of commodities must be produced, or
"A portion will accumulate until the
freedom of commerce shall be restor-
ed. In case OF war, that surplus will be
exported: and although part must
be lost by capture, a portion of the
returns will be received. If the en-
barge and suspension of commerce
shall be continued, therevenue arising
from commerce will, in a short time
entirely disappear. In case of war,
some part OF that revenue will remain !;
out 1t will be absorbed by the increase
of public expenditure. In either case,
new resources, TO an amount yet I'M
ascertained, must be resorted to. But
the assertion, that that amount will be
nearly the same in either of the two
alternatives ofembargo or war, is COR
rect only on the supposition, that the
embargo and non-exportation are, af-
ter acertaln tins, TO DC superseded by
war, unless foreign aggressions shall
cease; and that rendering, therefore,
preparations for war necessary, they
require rate OF expenditure tar be-
You'd that OF peace establishment.
lfhowever the embargo and non-in-
tercourse are to have equal continuance
with the hrlIigercnt edicts, indefinite
as that is if 1t DC determined to RELY
exclusively on that measure, and at
all events not to risk war on account
or those agsresslons, preparations for
war will become useless, and the ex-
traordlnary expenes need not be
incurred. In that case, the expendi-
ture Tor the year 1909 ought not to
exceed the sum of thirteen millions of
dollars, which, as has been stated, is
requisite for the support of the present
establishment. And this would leave.
tor the service Of The year Is O, the
above mentioned surplus OF three mill
hons, and the proposed loan of five
millions, which, together, would be
sufficient to deiray the peace establish.
ment, and to pay the interest on the
public debt during that year. Thus
two ye.rs more would be provided
Tor, without either increasing the pub
lie deot, or laying any new taxes Ii
IS Certainly only with view to war,
either Immediate immediate or con.
templated that It will become necessa.
ry to resort, at least to- any considera-
Die extent, to extraordinary sources OF
supply.
Legitimate resources can be derived
only from loans or taxes and the rea.
sons which induce belief, that loans
should be principally relied on, in case
OF war, were stated in the annual re.
port OF last year. That opinion ha,
oeen corroborated by every subsequent
view which has been taken of the sub
ect, as well as by the present situation
OF the country. The embargo has
Drought into, and kept in the United
States, almost all the floating proper
~ OF the nation. And whilst the de.
Pfeclated value of domestic products
increases the difficulty of raising A
considerable revenue by internal tax
es, at no former time has there been
SO much specie, so much redundant.
unemployed capital, in the country.
ne nigh price Of public stocks. and
indeed OF all species Of stocks, the re-
ductlon OF the public debt, the uuim-
pared credit of the general govern
ment, and the large amount Of existing
oank stock in the United States. leave