New-York daily tribune., 1861-09-04


0Ooi in 1854 Geo 900 900; and Il was not until W,
found ourselves In the very agony of the struggle tna
we added some 60 per cent TO usual outlay we
may say In Short that the war cost us for the WE'VE
months wNen II was most expensive about t3J,cpVVvV
of money whereas the civil war is costing the Ameri'
cans at its very outset, at least twice that sum- An
expenditure of 975GOOO 600 represents an excess OF
about 000 on the ordinary outlay OF the fed
enl Government, and this is incurred when the nIs
campaign has but inst been opened, and before tne
real proportions Of tho war can be supposed 70 oe
developed. This, however though most oalinous
fact, constitutes by no means the most striking ieasue
Of the case before us.
When we, in this country were spending these tens
Of millions upon the in hand, were also taxing
ourselves in proportion. We met an outlay ed 0l
f64,0OOOOO by taxes to the amount OF to1'VVo,VVo
net actually paid into the Exohequer after the costs
Of collection had been deducted. In the following
year we provided no less than G68 100000 TO meet an
aggregate charge Of G780 900, 20 that IN tue TWO
years together we added only some t3O,OOO OOV 70 tne
National Debt. In fact, the whole war eanguDa,y
and exhausting as it proved, only augmented the luo
lie Debt by the of G32,793 900. Let us now con
tras these statistics with the accounts received ro
America. The ordinary Federal revenue amounts 70
about tl6,00O 900, that the extraordinary chaeo
of the war, to be met either by taxation or ioani
is, as we have said about f60 900 900. But how do
the Americans propose to raise this Nhst PlVY,,
portion will they borrow aud what proportion WIZ
they levy by taxation As far as we can coiiect
from the figures transmitted, they design
II
undoubtedly; but these taxes, we imagine, VIII
do little more than provide for the mere IN
terest Of the debts contracted, or rs IL Is PnIae,
serve as 81 basis for loans" We arrive az tns
conclusion partly by arithmetical calculation ana
partly from intimations conveyed by the American
Journals We are told distinctly that, though Con-
grets was ready to authorize any amount OF loans, IL
hestated when asked for supplies on winch 10 osse
them ard observe that, though the best aected VI
the New-York bankers did at first suggest that pro-
vision should be made for meeting part OF the prnei
pal they presently admitted that this arrangement
might be dispensed with. Moreover it seems pretty
evident that the produce OF the new taxes VIII hO' SUI
fee for much more than the liquidation Of the enormous
interest which, as we shall presently remark VIII De
ncessantly accruing. Until we get the estimates OF
the Government placed before we can do little more
than approximate TO the truth by Conjecture ana COM
mutation; but, if the Federal revenue were to be
doubled by the proceeds of fresh taxation the increase
of income would be almost all absorbed In paying the
interest Of the debt which will probably be contracted
by this time twelyemOnth. In other words the Amer.
leans are creating National debt at the rate OF
E60 600, 900 year.
We entreat the reader TO observe for moment what
this implies. Such a course throws all our borrowing
into the shade. In the nine years Of the American
War from IVA TO 1873, we only borrowed tlOi, ,OOJ-
600. Ia the twenty-five years OF the great Rev0lu'
tionary War we averaged less than $50 O,OOOOoO
year. and in the tremendous year lSl3-i the loan was
but E36, 900. But this ia only half the battle
The burden Of loan depends not so much on the
amount Of principal the rate Of interest We bor
rowed our money even in 1913 at little above ~ per
cent and in 1856 At little above 3 per cent. The
Americans however, began by AN offer Of per cent,
and ut this moment compelled TO pay 10 IL per
cent. We find therefore, that while eco 0OO, 600
pually would be added 10 their National Debt, G6000
900 annually would be added 20 the charge Of that debt
90 that four years aud threequarers OF their present
expenditure would saddle them with burden equal 10
that which we have incurred in century and a-haf
Mr. Gladstone has 20 provide f2s 900 900 10 sat-
isy the public creditors of Great Britain. In the ysar
1866 if the American War should be protracted 80 long,
Mr. Chase successor will have 10 provide rather
than that sum for the creditors Of tho Union.
Itis obvious TO remark that the may not be car
red on 80 long, continued at 80 heavy cost and
indeed the exorbitant propositions OF Congress were
urobably based upon the assumption that the TO
make shoTt work was 10 90 10 work unsparingly al
first But the history ofthe campaign up 10 the present
point contains little 10 suggest speedy termination OF
The struggle. The Southerners not likely 10
cumb nor the Northemers 20 retire. Neither is il at
ali in accordance with experience in hose matters that
the cost Of war shonld be diminished az Il goes
The seals Of ope1tions indeed far resolutions
60 hss been actually extended. TIE last mail tolls US
bat the Volunteer bills passed by Congress empowered
the PRECEDENT 10 call OOOO 600 men into the eld and
IL was supposed that half those numbers would DO
actually raised. Napoleon had not larger army when
be crossed the Nemen with the most prodigious host
ever seen In modern days. We can detect no sign,
therefore Of any curailment in tie dimensions Of this
extraordinary war though We may we'll doubt whe-
ther the Americans will find themselves able 10
borrow quite fast they desire. They have
evidently the will 70 rival the most reckless Of States
In this runous race but they may have the power
Their credit s already but Indifferent and the terms Of
the market 20 become les and less favorable
az loan follows Loan This however, Is the only diff
Guilty likely 70 operate as check to their career. Tho
desire for compromise already discernible in the
classes on whom the expenses OF the will fall
would be ineffective in comparison with the passions
OF the multitude exempted from taxation We see 10
short, Democracy in a crsis which brings I'll s yar-
Gus pretensons 10 tia lie institutions are certainly
not calculated 10 make men pacific, or this unatuTsl
war would have been adopted and prosecuted rs
il has been. As certainly have they tendency 10
promote public economy for the expenditure Of the
Americans is beyond ali example. We shall now be-
able TO note their operation popular opinion, and
obserye how taxes regulated and obligations in
CURED in great national struggle. The commences
Inen, however saws little for system which has been
20 loudly eItolled as superior to all others.