Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1862-07-08

shall be running behind hand at fright
full rate at a rate that must speedily prove
ruinuus to the public credit, and conse>
quenily to the nations dignity and strength.
The very least that Congress can do, il it
would not shrink from its duty. is to pro-
vide permanent revenue Of at least 5000.
000, 100 from internal taxation, and a tar.
III of customs to yield $4,000. 900 more"
The Post has. unquestiouably, placed the
public debt, up to the present day, quite
TOO low. The sum named would perhaps
cover the known aud admitted debt of to-
day but 1t - safe to assume that the IN
known and unrecognized debt, consisting
OF contracts and other claims as vet unad-
justed, would swell the amount by some
hundreds Of millions.
The war, however, will not cease to-
morrow, nor next week, and we fear not
this year. Meanwhile the debt is coing
up, up. at q rate of several millions in the
twenty four hours. At what point the fig
ures will eliminate. it is quite impossible
even to guess. 1t will not surprise US,
however, If on settling up our accounts at
the close of.the war, we shall End ourselves
saddIed with public Debt of two thousand
millions.
Assuming for the moment that the debt
will reach that amount, what will we do
with it?" Placing the debt at one IL Gus
and millions. the Evening Post AYERS that
Congress should provide for the raising Of
$500 100000 annually by international
taxation and an addition $4,000. 600 by
custom duties. By adding a thousand mil
lions to the public debt, we should neces.
citate an addition of at least 500. 600 600
to the annual cost of running the federal
/ government. In other words, we should
| be called upon as a nation TO pay in various
I forms three hundred and seventy millions
every year to the federal government. OF
1 course, even this vast sum is exclusive of
the amount we are severaliy accustomed to
paw in the shape IF state, c. unity, town and
city taxes.
! Let US look at the matter under another
aspect. The aggregate value Of the prop
erty OF the United States, prior to the re-
Misunderstanding siaves-was estimated
the other day by the New York Tribune
at S20. 000, 100000. We incline 10 the
opinion that the Tribune's estimate is toe
high by about twenty-five per cent and
that SIS .000, 900. 900 would he much nearer
The true aggregate valuation. But let u,
take the Tribune's figures as to the aggre-
gate wealth Of the country, AMI place the
public debt, when it shall have reached tht
maximum, at 81 100000 600. On this hy
pOthesIs the national debt-whicb, ",
should bear in mind, does cot include tht
other forms of public debt, such as debit
owned 10y States, counties aud municipal.
ties-wll be equal to one tenth Of all tn,
real and personal property of the thirty
four States
In other words, every mans prOpert,
viii be virtually mortgaged to the govern.
ment, or the creditors Of the government
for one tenth Gifts entire value. And tina
mortgage will take precedence If ever,
other mortgage lien, OF liability. Or t
state the proposition in another form. @
every farm Of one hundred acres, ten a re
will belong TO the government, or to th
+ creditors Of the government. OF ever
hundred sheep pr lave stock, ten will vif
tually belong tn the government OF ever
ten thousand dollars which the man of in
dustry, enterprise and frugalitv has "lAi,
up one thousand will not be his, but Ia
pr, perty Of the government or the gov
eminent creditors. Every tenth dolla
which the mechanic Ur labIrer earns. vll
be serreputiously distracted {, ON him il
6 lme OF many OF the nudes which the gov
ernment will adopt for tubing the Who'll
property and productive industry Of tn
Country. 1t must be confessed that this i
not very hatterins picture of our coun
try's future, but who en- say that it is ne
tue one?