The national Republican., 1861-06-19

Now, the manifest truth is, that upon our
present scale ofimports, our custom.houses, with
The proposed alterations, would not yield enough
for the ordinary expenditures of the Govern.
ment, exclusive altogether Of war expenses, and
upon no probable estimate Of imports for eigh.
teen months to come, would they yield enough
for such ordinary expenditures.
But the extraordinary expenditures Of great
war are to be met, and by something else than
that very cheap patriotism which consists in EN-.
joining the advantages Of borrowing and spend.
ing money, and Of leaving the burden Of pay
ing to posterity, or of shifting the losses upon
cheated creditors. Undoubtedly, we cannot
"pay as zoe co. in an emergency like that now,
upon us, bat must diffuse its pressure over
number Of years, by the use Of credit. But
there are plain limits to the use Of credit, even
now, and one Of them is, that the revenue should
be made equal to the ordinary expenses Of the
Government, and to the interest Of all sums
borrowed for extraordinary expenses. This
would leave nothing for q sinking fund, but that
would be found in that increase Of revenue
which would arise, without new taxes, from the
preductiveness of old ones, improved by the re-
turn of peace. But loans, with no taxes to
meet the interest upon them, negotiated at the
necessary disadvantages attending such loans,
and rolling up with the rapid accumulation Of
compounded interest, will soon extinguish q
national credit already impaired. ..' ~ III
The absorption of national capital by this war
is precisely the same, whether it is obtained by
loans or by taxes. 1t is not escaped by refu.
sing to impose taxes.
The last sale Of our six per cent. stocks was
at fifteen per cent. discount which is a style Of
negotiation more profitable to money lenders
than to the country, although it was undoubted.
ly the best which could be done with the ex
hibit Of revenues which the Secretary of the
Treasury was able to make. sl-.4 .... o.,
By a vigorous taxation, not only will the
amount necessary to be borrowed be diminished,
but what is borrowed will be obtained at bet
ter rate. The Journal speaks of eight per cent.
as probable and favorable rate. 1t will be
found to be one at which 30 improbable busi.
ness as war cannot be carried on great while.
ONE OF THE CLERKS WHO RESIGNED.
We make an extract from letter written by
the Chief Clerk Of the War Department Of the
c. s. A., (uow at Richmond,) to relative in
the NORTH. The letter was written about May
l.. The extract is as follows: -..
"The negro Government will find that in 80
days our flag will float from the dome of the
Capitol in Washington-not to remain there,
but to wave only long enough to convince the
Black Republican minions ice are their masters;
and then, mark my prediction, those monu.
ments of the old wreck will be razed, and what
remains will soon become the haunts Of bats
and reptiles and If that does not satisfy the
Blacks, we will it to Independence Hall, Fan.
ueil Hall, and plan. our banner, as a rest, on
the top of Mt. Washington. We have the con-
soling satisfaction to know that we plead for
peace we desired no fratricdal war; we asked
our rights, and we received insult and menace,
&c. l will call and see you on my way to
Washington, as calculate upon being there
at its final overthrow, and hope to enjoy some
of the exquisite pleasure that will be afforded
in the use of the hemp in that city. The skcle.
tons of the srch.6ends will, at some distant
uhy, Dc ndIRlnk W tu0 TdllIBs WHICH bufTOuDu
the Capitol, as they will afford subject for re.
Election as the traveller explores the ruins of
the American Sodom. And it would be we'll
to add to the collection Of those who will grace
the ratings, the remains of Bolts, johnson, &c.
So mote ii be. The reign Of terror, l see, has
commenced in Philadelphia it will not last
long, for the city of 'Brotherly Love will very
soon be numbered among the things that
were."
The individual who wrote the letter of which
the above is an extract is we'll known in this
city. He was appointed to clerkship by
President Pierce, promoted by Mr.. Buchanan.
He was also, by the latter, made register of
land Office in the West, where he became half
frcesoiler. From the West, he returned to
Washington. In the last year of Mr.. Bu.
chanan's Administration, however, he got brave.
ly over his freesoi proclivities, and, forming
q club Of two or three members, called the
"South Carolina Club" he was made its presi.
dent. A thirdclass cerkship Isl ,60O) was the
place he held last. He was pet of the Ad.
minstration quite up to the time of his leaving
for the South, which was in April last. The
mans 8 name is Wagner. He was born in South
Carolina. Of the Baptist persuasion, he was
a communicant in DR.. SIMPSONS church in
this city. Departing early, he left behind him
many in the Departments here who sympathized
and sympathize with his views, but lack the
ability to commend themselves to the chiefs of
the rebel Government. Some of these yet re.
main in office, the heads of Departments here
believing the story that their services are in.
dispensable, or so pressed for time as to be un.
able to get leisure TO turn them out. So does
war make man hnsy We ahnnld he nlad 10