Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-02-21

II
adduced Of the opney Of telling the whole truth, and Of
placing entire confidence in the people.
The only important omitted at that time was an
Of Congress ordering that all the Treasury notes actually
due and not paid should be Immediately funded at their nom
nal vauehat is say, that for every hundred dollars
Treasury notes the amount Of funded stock should he
issued il necessary to give for one hundred dollars in
gold silver. Il impossible To obtain regular loan in
time and reasonable TERMS for the purpose Of deayng the
war expenses of the first months Of the year 1915 There
absolute necessity for recurring Treasury notes for
that pupose and The attention of the Treasury forcby
directed that object But the first and fundamental ele
Of public credit is the faithful and punctual fufment Of
the public engagements and the payment Of the Treasury
notes. when becoming due, necessary that Of the
interest Of the funded debt which suspended during
the As immediate and considerable issue of Treasury
notes absolutely necessary it not sufficient that they
might be convertible into funded stock which already
much below par since that would be in fact issue Of de-
pecated paper The act should therefore have pledged the
public faith that if the Treasury discharged in
specie when they became due, they should be funded at their
nominal value the above stated Mr. Dali
las great encgy united prc-emien talents he wanted
only experience and have doubt that, had the
nued he would within months have adopted that
If have alluded here to this subject is account OF the
primary importance, if placed hereafter in similar difficult
position, of adherng vigorously to those principles respecting
the legitimate of Treasury notes. and the puncua dis
charge OF public engagement which absolutely ne
cessary for the maintenance Of public credit.
Since direct tax of six millions could be raised thirty
ago, there be difficulty in raising Of nine millions
at the very beginning Of the war; this must be gradually in
creased but would be most heavily felt beyond eighteen mill
lions Should equal be raised by internal Duties the
annual loans wanted after the first year Of the would be
essened in the proportion The following estimate may
assist in forming opinion the nature and amount
Of duties which the may render necessary
The stamp Duties those sales at auction, the
licenses of retailers, and the carriage tax, which
accrued in the year 1916, amounted together to
S2,230 900; and may be now estimated at
twice much Observation-Disclosures. s4,46O,OoO
The aggregate annual value Of leather, boots,
shoes, and other manufactures Of leather of
hats caps, and bonnes snuff and cigars;
paper and playing cards manufactured in the
United States, estimated by the last census
at ffty-three millions, tax on which of ten
per cent would give Observation-Disclosures. $500, 900
On the same authority, three millions Of pounds
ofspermaceti and candles would yield, at
five cents per pound. Northumberland. 100000
Three millions two hundred and fifty thousand
pounds Of refined sugar. at the rate. 100000
Five hundred thousand tons Of pig and bar iron,
nails, and brads, at two dollars per ton. 100000
The gross amount Of spirits and beer manufacture
ed in the United States is stated, in the census,
at sixty-fve millions of gallons. But the hap
py influence Of the temperance cause has pro-
badly reduced this amount to less than fifty
millions, tax which of ten cents per gal
lon would yield 100000
Total ............ .Sl6 o7O, 900
have confined myself the articles which were taxed
1915, and have the knowing what others might
be added preferred To make proper selection both in
that respect and to the proper rates. will require thorough
and knowledge Of the taxable Of
tya most ksone task, and which will become the duty
of the Treasury perform ismy most earnest wish that
the necessity may be avoided.
II has been very generally asserted that men Of property
are 70 war because the losses and burdens which
il must occasion fall exclusively upon hem and that poor
men generally in faysr Of war; because they have nothing
to lose
II S true, that the first great loss, caused by. war; will
fall immediately those interested in tho maritime commerce
Of the United States either owners insurers or in any
way employed in it, Considering the imminent danger to
which exposed the immense anont Of American property
aHoat every sea- and the oesn annihaion during the
war Of the fisheries of the commerce with Great Britain and
Of that with all the countries beyond Cape Horn and the Cape
OF Good Hope the american merchants may be alarmed
the prospect Of war; the necessity Of which they not per-
ceivc But the apprehension o. Immediate danger more
wildly felt 1.-The caamous eccs Of tc-war on The agrieuu-
raj interests not less certain The price of all the pro-
ducts Of which large quantities exported necessarily
fall so low, that all the iarers lessen the amount and
with their income whilst they pay deact for all the
articles which theyare obliged purchase The distinction
between rich and poor vague The numerous class in
the United States that Of the who the same time
owners and cultvators of the SOIL and who have but small
properties and very moderate Every dminuton OF
this whether from the want Of market from any additional
tax, is in that and the corresponding class of mechanics at
tended with pvaon Of the comforts Of fc
The really rich, the capitalists who have independent Incomes
and not obliged to engage any Of the active pursuits
life, may any calamous season, accumulate less or at
most must etrench only uxures Thus the unsyoida
bic losses and BURDENS which the consequences Of war;
fall with the greatest weight those who derive the means
of existence from the pursuits of industry and whose industry
alone contributes the increase Of the general wealth Of the
country.
But this is not all Exclusive Of those who either as con-
tractors, in other way connected with the large
supplies wanted for the support Of the army and navy there
Is class of capitalists who enriched by the wsr These
the money lenders who shall have been bold enough TO
lake up the public loans unless ndsed it sod BE- intended
10 break public faith, and the return Of peace question