, 1862-12-31


Just now the question of finances is the /
question Of interest in the public mind, al |
most equal to that OF the war. Perhaps a |
few simple facts may serve to inform many |
persons how it is that We sustain the expenses |
Of this war SO well, and how it is that we |
shall probably not be great 1osers by it. What |
con1uses most persons Is, complicating the |
ideas Of taxes, currency and wealth together. !
Nov, they are three totally different things. I
We should not confound them, any more |
than suffrage ard citizenship; confusion,
which seems to have confonnded the Supreme
Court in the ease Of Dred Scott and which,
l learn, Mr. Attorney General Bates has
cleared up. II he has, be has done 8
great public service. There never was such q
folly and such a juts1cial crime perPetrated IN
this country as that same Dred Scott case
But to the present matter. Currency is 8
mere instrument, like drill machine, for our
own convenience It is no matter whether it
| is oliver dollars, which they nse at THpoli, or
strings Of shells, for which the dollars are ex-
| changed in the interior, or ivory buttons, pro-
| sided unit Of exchange is agreed upon. It
| is an instrument for our convenience; aud the
most convenient is the best. But no matter
what it is, we want enough Of it to make ex-
| changes with facility. Taxes are the revenue
wealth is very different thing It is the ac-
tual substance on which is based the right
| to issue currency as evidences Of debt,
| and out of which taxes are paid The
real question in case OF war is tWotold;
first, is there wealth enough to sustain the
req,iired revenues and, next, do the annual
losses Of the War, whether in men OF money,
exceed or fall short Of the actual gain Of the
| nation! The problem is precisely the SAME
as If it we're that ofa farmer or merchant CON
templating certain expenditures for building.
He4tas the building to pay for, and the taxes
to the Government, and his own support. he
may lot have any currency to pay with. But
it is certain that If be has an income largely
exceeding his ontgoes, be can easily get the
currency and the taxes. To do that is q mere
matter Of contrivancc and convenience. This
is precisely the case with the United States at
the present time, even with hthls immense war.
And here, let eSery man disabuse himself Of
one idea at once: The cost Of the
sury, nor the appropriations made by
Congress-. The war costs the nation
lust what 1t lost to the nation by it and no
more. This consists Of three articles: l. The
difference Of exchange paid in gold to foreign
eTty; and 8. The loss Of labor By the with
drawal Of men from industry 10 the war
Theee are the only losses to to the nation.
AL others merely change the relations Of
property, between individuals, but do not
| Fare the national income with the national
losses by war. The census return Of our na-
tional wealth in 1860, {rather low, I think, }
was SIG, ,000, ,o00, 900. On this 1 estimate the
| AIlHau 14CDElt u pt al 1edeE kE4 pEE CGut3
which is dollar a day for EACH able-bodied
mtn, irrespective Of skill; and the
average wages Of men are fully equal to
that in the West, and nd ! presume
throughout the SountTy T This is irrespse. *
; milton is at least i, ,6oo, ,ooo, 600 per annum
The losses Of the war by foreign exchanges
have been small, bnt they will be greater and
may be estimated at $4,000 GOO Per annu1n
may ns BE- essas taken IL per anna% m IL
loss by labor, which make the bnlk Of tbs
loss, Is that Of million Of men per day
: which. at dollar per day, is IN round nun
! bers $500 0oo, GOO per annum The actual loss 0
l the war, then, amounts to $50 ,0O0, 600 per an
: nun. This il what We call dead loss: If ths
= war were to continue three years, the deat
r loss would be s., ,350, 600 900, which should b.
= deducted from the valuation Of the nationa
\ property at that time. But the national in
" come in that time will be three, fold the actua
l. loss. In the meantime, wc must observe tia
J. the Development Of the mines and machiner,
. Of the nation is Increasing the income yer
/ rapidly.
y y come IF we were unitedl may be firly count
~ ed at two Thousand million per annUIn.
D. have made no note of the rebel States but
- we deduct from the national income a nttl
y more than onesfourth for that account, it wi
y. midst Of this gigantic war, we are actually it
~ u c7easing the national seeaRh at the rate Of II
+ Aundrtd n.il1io. a gear.
n n Now, if we borrowed the money from E1
se rope we should do no such thing, We 1nigl
ce even run behindhand. We should owe E,
rope both principal and interest Now, r
pay our own citizens the Interest in gold. "
be only take money ont OF one pocket to put il
~ to the other. Here I must say, we have or
- cause Of universal congratulation. 1t is tt
admirable way in which our National finance
lis have been managed. If we owe this both
Of the ability Of the Secretary and the aid a1
re counsel Of bankers, we also owe it to our fr,
tn institutions. In no other country on ear
H. could such gigantic efforts have been s1cce
ep fully put forth. The reason 10 obvious, o.
re free institutions have made the people and ii
de government one. The result Is that the Go
OF ernment is sustained with no actual loss
The a5I9 1@ IN T. as SaPpon He sh. are losi,
ia otherwise have done, this loss is great de
Fe more than made up by natural increase al
en- immigration.