St. Mary's beacon. [volume] (Leonard Town, Md.) 1845-1863, 1861-09-12
LEONARD TOWN Md THURSDAY nlkNlN sEl1ElBER r. 1861

the whole. They have voted fresh take,
nndoubtedly but these taxes, We imagine,
will do little more than provids. for the
mere interest of the debts contracted. or.
~ i is phrascd. serve as "a basis for
loans"
We srriye at this eonclusion partly b1
arithmetical calculation. and partiy from
iatinsa.ions conveyed b. shs .Aisssissa
Jness.ls We are told distinctly that,
though Congress was ready to authorize
any amount Of loans, il hesitated when
asked for supplies on which tn base them
and We observe that, though the best Of.
fected Of the New York bankers did a,
first suggest that provision should be made
for meeting part Of the principal, they
presently admitted that this arrangement,
might be dispensed with. Moreover, i.
seems pretty evident that the produce OF
the new taxes will not suffice for much
more than the liquidation of the enormous
interest. which, as We shall presently re.
mark. will be necessarily accruing. Un-
til We get tho estimates Of the Government
placed bOfore US, We can do little more
than approximate to the truth by conjec-
ture aud computati,n: but, If the Federal
revenue were to be doubled by the pro-
ceeds Of fresh taxation, the increase of in.
come would be almost all absorbed in pay
ing the interest Of the debt which will pro-
bably he contracted by this time Twelve.
mouth. In other words. the America n.
arc nav creating a national debt at the
rate Of EGO. OOO, 900 year.
We sntreat the reader to observe for q
moment what this implies Such course
throws all our borrowing into the shade
In all the nine years If the American w ar
from l774 to 1888. we only borrowed
ElO4 100000. In the twenty-five years
Of the great Revolutionary War, we aver.
aged less than G3O. 900, 600 q year, and
in the tremendous year 1894 the loa,,
was but E3G. .OOO. 900. But this i. only
half the battle The burden of loan de-
ponds not ~ much on the amount OF prin.
cipal as OF the rate of interest. We bor-
rowcd our money. even IL 1913. at little
above. + per cent. and in 1886 at i little
above 3 pr cent. The Americans, how
ever. began by an offer of Z per cont
aud are ut this moment compelled % pay
10 or IL per cent. We find, therefore,
that while Eco. 900. 900 annually would
be added to their national debt, E6. 900, :
600 annually would be added to the charge
IT that debt. so that four years and three
quarters Of their present expenditure would
saddle them with burden equal to that
which We have incurred in q century anu
a half. Mr. Gladstone has to provide
some .f2S 5000 to satisfy the public
creditors Of Great Britain. In the year
1866, If the American War should be pro-
tracted 80 long, Mr.. Chase's successor will
have to provide rather more than that sun
Tor the creditors of the Union.
1t is obvious to remark that the war
may nos BE- carried on SO long. or eontin-
usd At s" heavy cost; and indeed, the
exorbitant propositions Of Congress. were
probably based upon the assumption tha,
the way to make short work was to 60
to work unsparingly at first. But the
history OF the campaign up tu the psesen,
point contains little to suggest a speedy
termination Of the struggle. The South
erners are not likely to succumb. nor the
Northerners to retire. Neither is it at all
in accordance with experience in .,he,e
matters that the cost Of u war should be
diminished ss it goes on. The scale Of
Of operations, indeed. as far rs resolutions
60. has been actually extended. The las,
mail tells u. that the Volunteer Bills pas-
sed BY Congrcss empowered the President
to call 900. 900 men into the field aud
1t was supposed that half those nusabers
would be actually raised. Napoleon had
not . l,rgcr army when he crossed the
Niemen With the most prodigious host
ever seen iu modern days. We car de-
tect no sign. therefore, Of any curtsilmsut
in the dimensions Of this extraordinary
war. though We may well doubt whether
the Americans will find themselves able
to borrow qiite 20 fast as they desire.
They have evidcutly the will to rival the
most reckless of States iu this ruinous
race, but they may not have the power
Their credit is already but Indifferent. and
the terms of the market are sure to become
less aud less favorable as loan follows loan.
This. however. is the only difficulty likely
to operate as check to their career.