The New York herald., 1862-04-27

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steady with fair engagements.
Prospects OF the Country on the Termina-
t1on OF the War.
The influence Of the present war upon the
future of the country in commercial and
financial point of view will be prodigioas, ex-
tending into long vista of coming time. The
people will be called upon to bear an amount
of taxation such as hitherto has been unknown
to US.
1t is IN interesting subject Of inqairy upon
what classes Of the community the weight of
this taxation will fall most heavily. The whole
amount of the wealth and resources of the ma
ton, in all kinds of productions, constitutes the
subject or matter on which taxation falls.
Land, which supplies all tho material Of labor.
and labor, which works up all those materials
into objects of exchangeable value, are, con-
jointly, the producers of all the wealth of the
nation. Therefore, upon these two divisions
the whole burthen Of taxation will necessarily
fall-viz: upon the owners Of real estate and
upon those who are engaged as producers in
the various pursuits Of labor and industry.
Now, as taxation is the abstraction Of the pro-
fits derived from the productions Of land and
labor, these two must necessarily suffer the alb
straction, and lose, according to the amount of
taxation. 30 much of their value Con-
sequently, we may expect to see, as one
Of the first effects of the increased taxa.
ton rendered necessary by the war; fall
in the value of real estate Thus property in
New York and its neighborhood will not hence
forth rule 80 much higher than it does in Lon
don, where the greater amount of taxation has
prevented real estate from reaching the same
high rate Of value which it has hitherto done
with us. Here is one glimpse Of the prospect
before us-namely, general depreciation Of
those values which have hitherto, from our COM
parative immunity from taxation. ruled ex-
travagantly high.
There is one species Of property, how
ever. which is peculiarly favored in the
general programme of taxation rs far as it is
at present developed. We refer to government
securities. These are free from taxation, and
we think from many reasons, il is wise
and polite measure to place them in this
category. From the immunity which these
values will enjoy, il is not too much
to say that in the course of twenty or
thirty years hundred thousand dollars in
vested to-day in these securities will
be worth perhaps hundred and fifty thou
sand. Here, then, is another prospect of the
hidden future which looms dimly in the dis
tance, and which is calculated to afford some
qualification to all prudent and careful persons
who look for security and advantage in the in
vestment of their accumulstions and savings
In fact, our financial prospects at the close
Of the war promise to be most brilliant Our
national securities will, no doubt, within
q few years after its termination, rule as
high as thirty or forty per cent premium,
as they have done before at various pe-
riods. Not simply because we have, as a
nation, always kept good faith with the
public creditor, and speedily and honora.
bly, paid off every debt contracted, nor simply
because our national resources are so vast as
to be adequate to any emergency all which
will invite foreign capital towards our shores
but because the best home investments will be
in these securities, in view of the natural de-
probation Of real estate which taxation will
produce, while these securities remain un.
taxed.
Whatever may bs the result Of the war, the
United States will, beyond oil doubt, rise with.
in no long period after it's close to higher
pitch of prosperity than they have ever yet at.
tanned. There will necessarily occur . brel
space Of revulsion, and, it may be, panic, at the
moment when we shall leave of spending three
millions day, when the vast multitude EN-.
ployed by this large expenditure shall be
thrown back on their former resources. But
when this cloud has passed over, business will
soon return to steady and permanent channels
and commerce will open new avenues for enter
prise and activity in compensation for the old
ones which may be closed. Should the South
blndly following the suicidal course enjoinet
upon IL by Its leaders destroy their cotton sps