The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-16

newspapers demand special edicI from tho
War Office. Let them have it.
Debt aad Taxation-A Look at the Flu
turc.
Mr.. Chase has recently stated that the ma
tional debt arising from the present war would
amount to six hundred millions Of dollars by
July 1852 As the expenditure will probably
be continued for at least another year, mas
much as after the rebels are subdued it will
be necessary to occupy the Southern States
with armies in order to keep them in subsection
for time, and to restore the complete gu
premacy of the federal laws, the whole debt
will then amount to twelve or fifteen hundred
millions of dollars. But. assuming that by
some unforeseen circumstances, or some mis-
management Of the War or Navy Department,
the struggle should be prolonged for another
year, the debt accumulated in two years from
the present time, or in three years from the be-
ginning of the war, will not be less than t,co
thousand millions of dollars. The interest
upon that amount will DO from five per cent TO
7.3O. according to the rate and conditions Of
the securities. The average will be about six
per cent, which is nearly double the rate Of in
terest upon the English debt. The interest
upon the American debt would thus
amount to 100000 The interest on the
English war debt on the 3lst Of March, 1860,
was E24 1916, or one hundred and twenty
one millions Of dollars, the debt itself being
g742,936,087, or upwards of three thousand
seven hundred millions of dollars. Thus then
tJ,a; nc in cxuilI
have amounted to about the same as the Eng
lish debt in three centuries, and we can do as
much fighting in one year as John Bull can in
a hundred years
Why are we able to raise such armies AID to
sustain so vast debt in so brief a space Of
times 1t is because our country is the greatest
in the world, with its resources fresh and I'M
touched, and because we are an energetic peo-
ple who go ahead alike in war or peace, and
conduct all our affairs on grand scale COM
mensurate with the yastness of the country.
1t would break England or any other nation in
the world to keep such an army in the field.
England will never pay the principal of her
debt. She virtually repudiates q portion
of it by lowering the rate of interest from
time to time. Not so with the American
people. They will pay an average Of six
per cent interest for their debt till it is COM
pletely redeemed by sinking fund. The
financial effect Of these conditions Of the debt
on prices and property hereafter, will be in the
course of few years to depress to certain
extent all descriptions Of real or personal
property, but to raise the value of government
stocks very rapidly after peace is certain.
There will be great but gradual revolution or
reduction in all values of real estate, railroads
and bank stocks, but q certain rise in
United States government stocks The taxes
about to be imposed by Congress, amounting
to ten per cent on the annual value Of all the
900 per annum, will cause these changes and
perturbations in value hereafter. Let COM
merce and trade prepare for an entire new
state Of things.
This enormous war debt has been originated
by the rascality Of the politicians at the North
and at the South; and now it is unnecessarily
and vastly increased by the Wholesale plumber
ing of the same class Of men. The jobberies
OF the abolition newspapers alone are equal to
million of dollars, of which the gun contracts
Of the Tribune will foot up half q million. II
Il increased also needlessly and enormously by
the mismanagement Of the departments at
Washington, for which an account will have to
be rendered in the future.
Who will have to pay the principal and The
interest of the debt? The industrious people
They will have to pay it in immense taxation,
which will absorb ten per cent of the whole
annual produce Of the country; in other
words, for every dollar earned by either
q rich or q poor man he will have to pay
ten cents, and for every hundred dollars
ten dollars. Then will be the time and oppor-
tunity for new parties to spring up and to
supersede the old factions forever. 1t lie useless,
therefore, to be now attempting to save the re-
publican party from destruction, or to revamp
the shattered democratic party. Both parties
are equally corrupt, and both have brought
the civil war upon the country for which the
people will be SO heavily mulcted. A day of
reckoning is at hand, and the corrupt poll
ticians Of all parties will be swept away like
chaff before the whirlwind, or prairie grass be-
fore the devourng fame. Their crimes are
rapidly accumulating Their cup of guilt will
soon overflow, and then will condgn punish
ment fall swift as lightning upon the heads of
those who, in addition to oil their other enormi-
ties, are no,o cal,mniating the magnificent
army and brilliant generals who are ,ciming
victory after ricto,y orer rebellion, and she'd
ding their blood like rain TO save the country
from the msfortunes which have been brought
upon it by the misdeeds Of these very poll
ticians during the last thirty years.
SHOWING IT Orr" Confederate paper mo-
ney Is becoming drug in the Southern mar
ket, and holders are beginning to shove 1t