American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-02-17

war, fall with the u eatest weight on those who |
B ave the means of existence from the pur- !
suits of industry, and whose industry alone
contributes to the increase ofthe general wealth
OF the country.
Bat this is not all Exclusive Of those who,
either as contractors, or in some other way, are
with the large supplies wanted tor
The support Of the army and navy, there Is
class of capitalists who are enriched 6y the
war. These are the money lenders, who shall
hive been bold Cnongh to take up the public
loans: unless indeed it should be intended to
break public faith, and, on the return OF peace,
to question the obligation to pay them, upon
the preteuce Of their enormous profits what
these profits are may he again illustrated by
the example Of Great Britain.
1t has already been seen that, whenever a
war is one OFcontnuanCc, the British Govern
ment may at first borrow at par, and ends by
being compelled to sell its stock at the rate ct
fifty-iiYe per cent. Of nominal value; which
gives for the whole of the war loans an aver
aye Of about IS per cent. In point OF tact, that
Government received in the year 1917 less
than IS per cent; for the money actually re-
ceived consisted of bank notes, which had then
deprecated twenty per cent; so that the mo-
ncy Lenders gave only that which was equlVa-
lent to forty per cent? in gold or silver, OF
the nominal value of the stock which they re-
Ccvcd Besides receiving the interest ON the
nominal amount of the stock til! the principal
shall havo been paid, they might shortly after
the peace, and may now, receive from ninety
seven per cent to par, in gold or silver, lut
that same stock for which they gave but forty
four. Thus assuming the public debt OF Great
Britain at eight hundred million pounds stor-
lug, not only was the whole of that capital
destroyed by the vars not only are the British
people subject now, and it would seem forever,
TO a burden Of taxes sufficient to pay the intc-
rest on that debt: but ofthe eight hundred mil
/ lions thus consumed, only six hundred were re.
ceived by the public, and the the other two
hundred millions made the rich capitalists, who
had advanced the money, still richer.
There is another class of men who may oc-
casionally derive wealth from war Ptivateer-
ing consists in robbjng OF their property unarn-
ed and unreSIsting men, engaged i'll pursuits not
only legitimate, but highly useful. 1t is moth
ing more or less than legah2cd piracy. For
this the United Staes are not responsible; and
/ it must be admitted that the practice of all ma
tons ustihes them in resorting to those means,
in order to make the enemy feel the CalamltlCs
ofwar But the necessity OF rcsortlng to means
immoral in themselves affords an irrelraglble
argument against preCipitating the country in
to war for slight causes-indeed against any
war which is not purely in selt-deicnce.
1t is equally untrue to assert that the poorer
class of people, by which must be meant all
the laborers, or generally those who live on
their wages, have nothing TO lose by the war
In this, and in other large cities, for every
thousand merchants or men of capital who
may be injured or thrown out OF business,
there are ten thousand living on wages whose
employment depends directly or indirectly on
the commerce of those cities. The number of
common laborers is proportionatey less in the
purely agricultural districts. But it is evident
that in both considerable number must be
thrown out of employment, either by the des-
truction of commerce, or in consequence Of the
lessened value and quantity Of the agricultural
products. And it seems impossible that this
should take place without affecting the rate Of
wages than which more aiflictngevil could not
fall on the community. There is no man of pure
/ and elevated feelings WHO does not ardcnlly
! wish that means could be devised TO ameliorate
I the state Of society in that respect, so as that
/ those who live by manual labor should receive
4 more just portion of the profits which are
now very unequally divided between them and
their employers"