The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-21


sshssinsly - 10 cs.es ell pssssslSs tai fsesasutng
h9ssilt'ss lsafeas2 Il nssessGy Tbs sshsies ii To
Ten Regiment bill Ia mofs precautionary lcasurs bsn
one Of actual necessity, and may be necessary tbs
purpose OF showing that ready for any
that We crry in one hand the olive branch, and In
the other the elements Of in hand the and
IN the other the antidose. We have been duped
by Mexican diplomacy too often ana there Is p-esen
msnt In our mind that ansnt peace Is further or
than appears from the position of things and that our
next accounts from Mexico relative to peace will be any,
thing but satisfacto
Thsreturns thus far from Illinois show that the
new consttut on hes been accepted by large majority
aud that the separate clause providing levy of
tax Of two mills for the establishment of O linking
fund for the payment OF the internal improvement debt
Of the State has been adopted This Is the first time
that the people Of Illinois had opportunity to
express their opinions directly upon this question:
their consent to be taxed additional annually
for the purpose Of providing fund for the ultimate
tncton Of that part Of the public debt depending upon
taxation This Ia grand result, and must satisfy
those who have heretofore doubted the willingness OF
the psops Of Western States be taxed there
determination to meet the demands Of their bond
holders promptly Illinois must occupy q much
better post in the list Of indebted States than she
does now. Within the next twelve months, she will
make greater progre's towards the accomplishment Of
such desirable result than in previous I've and the
development Of her resources her efforts to resume
the full payment Of the interest the public debt will
be most rapid.
AL the other States In the Union are going on pros
perous!y In their finances The steady increase in tbs
valuation Of taxable property in each State must be-
the lapse OF many reduce the rate of taxes
materially and with two or three exceptions taxes
are higher now than they ever will bs agsin. As the
public works Of the different States increase in produc
vcness, direct taxes must decrease unless the public
debt becomes larger The expenditures account
o State governments less than they have hereto
fore BEEN and, with st,ady reduction in the debts,
the burden of taxation must be ssnsiby ghtened The
position Of our public debts, compared with those of
Europe as strange 1t may have been
many few since. Within the past twelve years
several of the States have contracted large debts
o'me delinquent and partially resumed again; within
that period have reached the highest point Of public
credit and sank to the lowest depths of nsolvencyso
deep In some instances to reach reputation. The
credit Of the most miserable countries tho face Of tho
earth was far superior to ours and they could obtain
large loans when could not obtain the FIRST dollar
Seven ago finances In the utmost conf-
sion, and no long the strongest State in
the Union could sustain Ter credit While all was
doubt and dsrus this ride Of the Atlantic the 60
Of Europe enjoyed tho highest state Of credit
and they using It, too, most avishy. They
continually making loans and adding millions upon
millions to tho national indebtedness. European CAPT.
tsss loaned befay at the lowest rate of interest and
the rate Of taxation imposed upon the people of Europe
was rolling up with the greatest raEidity What Is
the position Of Europe and the United States at the
present time? What tho basis Of the credit Of esch
and where is tho vast wealth of the great European
bankers who have made such wise Determinations In
loaning their money? The revolutonists in France
will coon settle their part Of the claims those houses
have against European governments and 1t will be in
the shape of reputation Of the thorough order
Those who had no faith in ability to ultimately
inset every fraction of public indebtsdnea-who put
more faith in princes than in repubcans-have made
fatal mistake.
The debt of France at this time, amounts to about
600 equal to nine times the aggregate indebt
ness Of every State in this Union and the genera
govn nment. WITH population about fifty per cent
eater than that of this country the taxes merely for
the payment Of interest the public debt about
five times as large. The revenue and expenditures Of
che eat government of France immense Taxes
amounting to than two hundred millions Of dol
lars Per annu levied most Of which paid by
the middling and lower clssses It is historical fact
that the 900 electors did not pay taxes for
900 francs, about the twentieth part Of tho
whole amount collected Most of these 200 electors
drawing large salaries from the govern
msns. Notwithstanding The immense revenue derived
fr,m such enormous and nsquA taxation the expend-
fur,s exceeded tho revenue, land the annual in
creaso in tire public debt was very large. The
recent loan made to the deposed government
shows how rapidly the burdens of the people
were increasing which, with this restrictions upon
their rights aud privileges than they could
bear up under. The Rothschilds preferred investing
money in the security offered by government holding
It's power by such sight tenure than in the securities
Of government like that Of the United States They
will pay dear for their misplaced confidence and have
lost the opportunity cfsscurng the most favorable
the world The debts of the nation Of Europe
Co about $l2 Geo, largo portion Of which i. ia
danger Of utter extinction The first movement Of a
revolutionary power is to wipe out everything in the
sap. OF taxes; and in the formation Of govern.
men pyovfons de for the Of claims
created for the purpose Of supporting the
of king hurled from his throne