The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-05-25
BALTIMORE.
SATURDAY, MAY %, 1861.


If there were no other reason 10 satisfy the
property holders of Maryland how imperatlvely
their interests demand the alliance OF this State
with the Southern Conederacy, surely the prospect
of the enormous tax with which they must inevi-
tably be saddled should the Republican party ad-
here to its programme, must prove more than sufii-
Gent. 1t is an utter mpossibility even for the
most experienced military man, to make any proxi-
mate calculation of the daily expenditure OF the
Government at the present time. The pay
of the troops, the cost of their equipment,
The expense of the cOmmissiariat department
and of Transporting men and munitions o.
war are all enormous, and independently OF
the almost unparalleled imposition and
swindling that is acknowledged to he prac-
tised upon the Government by many of the most
loyal supporters of the Republican party, are est-
mated, at moderate calculation, to be at least
$500 900 per diem. When we add to this the
expense Of the Navy department, including the
purchase money TO be paid for vessels contracted
or to be contracted for, and the cost of their ar
mament, it is but fair to estimate that the sum re-
qured for carrying on the war on the footing now
proposed, will reach about $780, 600, 600 during
the first year, without taking into calculation the
ordinary expenses ofthe Government which cannot
be less than S25, 900 900 ad ional, thus swelling
the total to near $780, 900 900. Even this sum- ire
mendous seems, must fall far short of the real
amount should the Republican party, on the meet
ing of Congress in July, be still strong enough to
carry out their proposed measures, and insist upon
calling into the field army of 100000 20
500 600 men to crush out at one blow "the
rebellion in the slave States y If it were
possible TO calculate upon the actions Of
lunatics, it wonld be safe to pronounce at
once that the utter impossibity of raising any
such sum of money would be sufficient to deter
mine the Administration, and the party that
urges them onward, to abandon their project. In
the outset of the strife, when there has scarcely
been time to allow the first burst of Northern en-
thusiasm to suhside, it is already found impossible
10 dispose of the small amount of stock, author
lied TO be issued by the last Congress, at any
sonabe rate. And if it had not been for the con-
tribuons of private capitalists and individual
States, which prevented for time the forcing of
stock upon the market, there be no doubt that
Government funds would already have fallen de-
cidedly below the present quotations. Even in
Pennsylvania, the issue of the comparatively small
amount voted lately for the aid of the Admins
tration has caused a decline of about twelve
per cent. on the State stock; and if the holders
of the old scrip willing to dispose of it at this
reduction, it is scarcely TO be supposed that the
new stock, when it appears, will be taken even at
this rate. There can be no telling, then, what
amount of stock and Treasury notes the Govern
ment would be forced to issue and dispose of at
reduced rates. in order to realize the requisite
amount necessary for the expenses of the war.
Material provision, munitions of war and trans
portaton may, to be sure, all be paid for by
Treasury notes, but contractors will assuredly
make such advance upon cash rates as will amply
repay them for the diminished value of the curren
cy which they receive; so that the actual expendi-
lure will amount to the same in the end
But this is not all. When the cost has been
counted, and certificates of stock issued sufficient
to cover the Indebtedness, and also to refund the
voluntary contributions which separate States and
private individuals have advanced-our very viz
tuous Government being surely too generous
to allow them 10 suffer for their patriotism
when they make application TO be reim-
bursed, as they certainly will when
the country is saddled with an annual
interest tax of from $50, 900 900 to $50, 900, OOO
how is this to be provided for? With
high protective tariff, reducing the revenue
from imports to trihe, the North certainly cannot
meet it from this source. With a moderate
revenue tariff, as there is but a small amount of
produce raised in the North which can be spared
for expectation to exchange for foreign goods, the
revenue from duties will not be much greater.
And as the cost of raising the agricultural pro-
ductions and provisions of the Northern States,
and of their transportation TO the seaboard is
already so great that they can only be proRtahly
exported TO Europe-from whence we derive the
greatest quantity of our duty-paying imports
when there is deficit on these products there, it
will not be feasible to lay an excise tax on them
here. There remains, then, no other means of sup
plying the annual budget required to meet this
enormous interest tax, and the increased expenses
of the government, including the additional
amount required for the support of an enlarged
army and navy, except the laying of direct tax
unfortunately on property. What that will be
it is impossible now to calculate, and fearful to
anticipate. II there is one thought of the future
more than all calculated to excite indignation in
the heart of Marylander, it is the reflection that
this immense tax is to be levied upon her citizens,
who have been from the commencement bitterly
opposed to the outrageous and infamous course
laid down and pursued by the Republican party.
To the citizens of Baltimore it must be peculiarly
oppressive, by reason of the excessive valuation
which has been adopted as the basis of taxation
by our last ubiquitous municipal government, which
Is at least Is to 80 per cent that of other cities
and which, Of course, will be adhered to by the
general government, as from the present feeling |
of hatred and bitterness exhibited to our city, it is
too plainly to be that there will be no incli-
nation to show her either leniency or mercy.