American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-02-17
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The estimate of 5000, 900 for the interest
Of the loans the second year after the war is
founded on the supposltion that the direct and
other internal taxes or duties laid for the first
year, together with the existing revenue, and
twenty-five millions borrowed by loans or Frea-
sury notes, will be sufficient to defray the ex.
pensc incurred prior to and during the first yeal
of tho war. The deficiency in the regular force
for that year must be supplied by large draughts
of militia, which will be as expensive at least
as the regular soldiers whose places they will
supply.
But il appears very doubtful whether such a
large sum as forty-ive millions can be raised
annually By loOns and Treasury notes.
MFR. Gallatin then proceeds to shew the i'm.
practicablity Of keeping treasury notes in cir.
culation at par, and the necessity of providing
further revenue to make up the depreciation
There can be- no doubt that government would
find il exceedingly difficult to obtain the means
accessory to prosecute the war, without rely
ing chiefly upon taxation; the people may
therefore calculate in case of war, upon being
required to pay annually in taxes, from twenty
five to thirty millions Of dollars.
We regret that our limits will not permit Us
ton from Mr.. Gallatin; We cannot, however,
refrain from quoting the following paragraphs
on the consequences Of war to all classes of the
community:
at is true, that the first great loss, caused
by war, Will fall immediately on those inter-
Al
States, either as owners, insurers, or in any way
employed in it. Considering the imminent
danger to which is exposed the immense a.
mount Of American property aioat on every
sea. and the certain annlhilaton during the
war of the fisheries, Of the commerce with
Great Britain, and Of that with all the coun-
tries beyond Cape Horn and the Cape Of Go
Hope, the American merchants may be alarm
ed at the prospect Of war, the necessity Of
which they do not perceive. But it the ap.
prehension of immediate danger is more vivid
ly felt, the ca!amious effects Of the war on the
agricultural interests are not less certain. The
price Of all the products OF which large guam
titles are exported, must necessarily fail so
low, that all the farmers must lessen the a.
mount, and with 1t their income, whilst they
must pay deater for all the articles which they
are obliged to purchase. The distinction be-
tween rich and poor Is vague. The most nu-
merous class in the United States is that of the
men who are at the same time owners and cul-
livators of the soil, and who have but small
properties and very moderate income. Every
diminution of this, whether from the want of a
market or from any additional tax, is, in that
and the corresponding class Of mechanics at
tended with pivation Of the accessories or
comforts of life The really rich, the capita
lists who have independent incomes, ana are
not obliged to eng ge in any of the active pur-
salts Of life, may, in any calamltous season, ac-
cNmuatc less, or at most must retrench only
some llNuries. Thus the unavoidable losses
and burdens, which are the consequences Of a