Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-03-29
The War Deb, Of ,he Upi,-d state.

The war debt of the Federal government, in
CURED In carrying on the war for the past year,
is fully exhibited in the following, from the
Washington correspondence of the New York
Post. The statement is made in g letter dated
the 21st inst:
The public debt of the United States at the
end of the fiscal year (June 1862 will be about
S750,OOO,OOO. So said Mr. Fessenden, chairman
OF the Senate finance committee, in his able
speech on the tTeasury-nOte bill. The average
interest on this debt is a trihe more than six per
cent-but say S45,000,00O per annua. 1t is
estimated by the same eminent Senator, that the
budget Tor all expenses, aside from the increase
OF army and navy, and interest on the public
debt, will be about 500 900 per annum. A
way is thus provided for the disbursement Of
Sll5,OO0,OOO annually, without counting for the
enlargement OF our military and naval estab-
lishments, which, for a year or two at least, can
not be less than $50,00O, 900 per annum greater
tlan they were before the breaking out of the
rebellion.
In point Of fact, the House has Just sent to
the Senate a naval appropriation bill of $60,000,-
900. 1t is safe to say that the demands on the
treasury to be met by taxation, direct and indi-
rect, will not be less than Sl65, 900, 900 per an
mum. If we take into account the losses to be
entailed by the issue of the government shin
plasters, in the expulsion Of gold, and the in
creased cost of everything the government has
to buy, this sum will be much larger. The tyres
who thought to obtain $3.50, 100000 without in
terest, by the issue of treasury notes, have al
ready found five per cent shaved on their issue
before they are out Of the paper mill and the en-
graver's shop. And it may be predicted with as
much confidence as the next eclipse, that no
number Of victories by land or sea can stay the
Tush OF our specie to Europe, or long prevent
the steady depreciation OF the notes, if the mad
scheme is persisted in.
The most formidable problem for our political
rulers to deal with is, how to raise SI65, OO0, 900
per snnum. Borrowing and "kiting" have
their limit. The limit to borrowing is always
reached sooner by a resort to kiting than in any
other way. When it is proposed to raise $685.
100000 by taxation in one form and another, we
know just where we stand. One hundred and
sixty-fve millions OF dollars are a concrete sub
stance, provided they be not paper dollars,
which may be handled by the four rules of arith-
metic, distributed by the census tables, and sp-
portiOned to States, counties and individuals
The sun to be raised and paid into the Federal
treasury by New York every year will be $2l,-
344,042 50i by Pennsylvania, $15 ,965 OBS; by
Ohio, SI2,867, 794; by Indiana, S7,430, 1850;
by Illinois, $9,4l4 Gal 80, and other States in
the same cheerful ratio.
DNA AAAAse u W1L %AA AAAC9Ao AANy W.
ceal these items ever So deity the money may
come through channels the most invisible and
inscrutabie-th sums are 50 enormous, as c)m-
pared with any former experience Of the Ameri-
can people, that the taxation viii not only be
felt, but it will grind US all pretty fine before we
finish paying the first assessment. When we
add to these aggregates sl the State and mum
! cipal taxes required annually, when we reflect
thai the Federal tax is from four to six times
greater for each State, than their usual assess
ments heretofore, we can judge whether it can
be raised by any other process than practical
| confscation.
Perhaps New England, New York, Pennsyl-
vania and New jersey may go through such a
tax bill with the breath OF life remaining in them,
but there is not another State, loyal or dislOyal,
that can 90 half way through. 1 know that
when 3 Federal land tax is laid to the State and
county taxes in Wisconsin, Iowa, Minnesota,
Kansas, and Missouri, the tax gatherer will, in a
vast number Of cases, have 10 take the land
itself aud l believe that a similar result will fol
low ia many parts Of Ohio, Indiana, and Mich
gan. Aud yet the land tax Is a small part of the
proposed revenue bill.