The New York herald., 1862-01-30
The National Finances and National
Resources.

States notes, ana 10 make provision Tor the re-
demption and funding thereof, and for the fund
ing of the floating debt of the United States,
must have been agreeably startled at the an
nouncement from official documents of the
astounding progress of the nation in material
wealth during the last decade. 1t appears from
the census returns, now for the first time pub
lshed (the statistics having been expressly pro
cured by Mr.. Spaulding from the Census Bu
rcau), that the value of real and personal es-
tate in this country has more than doubled
during the ten years from 1850 to 1860. At the
former period the aggregate value was seven bill
lions one hundred and thirty-ive millions seven
hundred and eighty thousand two hundred and
twenty-eight (s7 O,22s); in the year 1860
the total stood sixteen billions one hundred
and sixty-one millions two hundred and sixty
one thousand two hundred and thirty-nine,
(sl6 ,26l, ,239), being an increase Of s9,025,-
4lS,Oll, or over nine bilfions-an increase Of
125 per cent in the accumulated wealth of the
country. A billion is thousand millions, and
the present value of the real and personal
estate is therefore ouer sirteen thousand one hun
dred and siaty millions.
Here, then, is the vast capital upon which
will be based the bonds and Treasury notes
about to be issued by the government for the
sustainment of the war. In the history of ma
tons was there ever such foundation before
for the credit of government? What security
in the whole world can equal this? All this
property will be pledged to the pulic creditor,
and he will have first lien upon it. For the
payment of the interest and the redemption of
the principal of the debt already incurred for
the war, and the estimated expenditure for
its completion, it is proposed to impose
an annual tax of $3.50, 100000, in addition to
the present receipts from customs. This whole
tax, large as it may seem, is only the one hun
dred and seventh part Of the value of the re-
sources upon which it is to be levied, or con-
siderably less than one per cent
Now Congress has constitutional right to
clay and collect taxes, duties, imposts and ex-
common defences and general welfare of the
United States" 1t would therefore be compe-
tent to the national legislature to levy the
whole expenses Of the war upon the people, and
to pay in cash for everything as we go, instead
of incurring debt to be paid gradually in
twenty years. But as the constitution also pro-
vides that Congress has power to borrow
money on the credit of the United States" for
the same purpose, and as it is more convenient to
the people and less onerous and oppressive, to
the present generation to spread our liabilities
over twenty years than to pay them off in one
year or two years, it is proposed to issue
.bills of credit" in other words, Treasury de-
mand notes and six per cent bonds which
said notes will be convertible at the option of
the holder, and only to levy by taxation the
amount necessary to pay the interest of the
bonds and provide sinking fund for the re-
demption of the principal.
The aggregate of the debtincurrcd in various
forms for the war to January Is is $500, 6,7G4,Gl3.
The estimated expenditure from thence to July
of the present year--by which time it is
hoped the war will be finishcd-is S343, 23J ,3s7,
and that includes 500 00O, ,O9O Of indebtedness
no! yet audited by the proper officers. The
total expenditure up to July would therefore
be SG50, 100000. This amount would be about
n twcnty-lish part Of the value of the property
all paid by tay0 raised in the current year.
Now, even if it were necessary to do
this, what loyal man, who thai has
any appreciation Of the priceless blessings
of the Union, would object: But il is unncces-
sary THE national credit stands above that OF
every other nation, and tax 70 pay the interest
in coin. and to create a sinking fund for the
10 ;,;, Co.,
of the government and the country. We are
glad to perceive that the Chairman OF the Com
mittee OF Ways and Means has adopted the sug-
geston we have made, and that he will pro-
pose as an amendment to the bill to pay the
interest in coin-an amendment which we trust
the good sense of Congress will see the neccs.
sity of adopting in order to prevent the deprc-
citation of the national securities.
Taking the most gloomy view possible Of the
war, and giving the widest margin for expcndi-
sure, let the period for the pacifcation OF the
South bc extended TO the lst ofJuly 1868, and let
.he cost be one billion and two hundred mil
lions of dolla~s (sl, 200, ,090.0O0), as Mr.. Spaul-
ding calculates it, which is three hundred mil
lions (s3O0,0 ,000) more than the estimate of
Mr.. Chase, il would not break us If we were 10
pay the whole amount during the next twenty
years. Itwould be only three and one-cighth per
cent per annum upon what we are worth. But
when IL is raised gradually in the form and man-
ner proposed il will not be felt by this great
and vigorous young nation. Let it be spread,
not only over tho whole of the real estate of the
country, but the personal, on the banks
throughout the United States, the specie in
their vaults, on commerce and manufacture.
on railroads and steamboats, and their passen-
gers, on gas companies, on newspapers, and on
all kinds Of production and business whatever.
Thus distributed, L will not be burlhcnsonle to
any, and the country will be repaid thousand
fold by the sustainment of the national credit,
and by the fruits of the successful prosecution
of the war FOR the Union