Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1862-01-18
TIE WAR DEBr OF TGE YANKEES-0AN THE
SlNE@S OF WAR BE RAISED y-SE JRETARY
CHASES GIGANTIC FINANCIAL SCHEME.
prom the Londoa Tmei, Dec. % }

/
SlNE%S OF WAR BE RAISED y-sE JRErARY
CaAsE'S GIGANTIC FINANCIAL S1HEME.
prom the London Tme', Dec 2s)
Everything in America Il on . magnificent scale. She
has mammoth rivera her waterfalls tumblnQ hOods
her mountains head and shoulders above the pgmy
altudsa OF Europe. She continent of very marked
features. But Ia nothing in her physical pIe-
nomena which taxes our astonshment the moral
immenses she has lltey developed We have not been
used the thundeFs OF Niagara and the tremendous
distances o! the Mississippi and the high shooting peaks
OF this Andes but not altogether incapable OF a
new sensl ion. We stand aghas when we have for the
frat time dicosed 10 us the tremendous vegetation Of
her national deb! and tao magnificent Fcle OF her de.
fcits.
The AmeIisan news We publish 10 day is chiefly re-
maTkHbe for the Wouderul huIucial statement OF Mr.
Cease the Secretary Of the Treasury la other respects
It il siill but n uncertain sound. The populsce OF
NeE York vet huggng the fond delusion that the
seizure OF the Trent woud be pissed without
snmsnI. The organs which assume 10 represent the
policy oi Mr. Seward and the opiuOn OF the inhabitants
OF New York. still keeping up their spirits by big
words; still bCasng that England had too many inter.
csts At sake TO risk q1lrel with the United States and
comforting themselves with the brAggArt notion that
&c inldA IL within two days railway journey OF hNlf
million Of armed men, and has frontier tina. offer
resistance an invading force" The news has OILY
Just reached them that Eagad hal heard of the exploit
OF Commodore Wilkes. 1t will be rem smbered that
frat moment it received with as.onishmelt
bu, with great cimnesI The primary impulse vas
10 buster, but 70 inquire TIE psope OF New York,
ju giug to1 much by their hahitl delighted 10
ind US 80 cam and eegraphed at once that the eff ct
OF the IN Eng.and Is not 80 uufavorabe
pscted" In this FOOLS paradise they had yet be DIS
turhed They had yet 20 learn that the calmly and
deliberately sensible nation examines the ground pro-
posed TO take up, tho more resou,e il will BE- in main
tanirg that ground We are ~ far as ever from being
able 20 Judge in what mood demand Of reparaton
may Rad ,aem but if there should have been any doubt
upon the miud Of the Federal leaders, any
division Of opinion among the Federal popuiace when
Lord Lyons made his communication that magnificent
and s,upeldous deficit Of ory.three millions sterling
remaining A. the end Of year, during which the borrow
log power of the Federal Safes taxed TO heir Ut
most ought TO aid these people to see their position
dr Chase ss prudsut, or rather az a JEALOUS Secrc
try OF The Treasury doe not go out Of his way TO
ton dsIgreesbe facts He dos not tell US how much
OF the expenditure OF 1861 raised by loans AMI how
mucl by JaIes nor does no mention the present
u th' uewl i-bJcn national debt OF his nation. WM
l "a intelligence i3sVsr he states qRite sHO.?h 70
ntd5c auV oT bHttRsss to jalge hOs long ,S ytr
u jaJg,io id, and ohd, the probabilities are Of
sHsiptusJ another ~ addition TO IT, He says that
trua iy, 1851 TO Jay, 1862, the expenses viii be
r. B.! succeeded Is 650saE @ b abSat 55 and
Ao2es 10 GO, the by paper money, more oan aud
taxation the amount of about 81 500 CO., II hecan get
tae loans and if the people viii take his paper money,
make both ends mce: up 20 July, 1862. Bu. If The
South should not be suhugaed by that early date, be
tells his Oounuymen plainly that he shall wRnt seventy
six millions sterling for the service Of the mex. year.
and that the end OF Jane, 1863 the natora debt OF The
Federal a;es will be nine hucdred millions OF dollar
This is pretty we'll for three years. war Yet II we
were 20 " anime N. Ohlss's figures very closely,
shoud find the estimate OF expenditure and sil more
the estimate Of the amount of deot, very much under
stated. However let that pass Two hundred millions
in three years form not bad nucleus 20 respec able
national debt Il will be observed TIA; there no que
ton acre as to where the lenders fros who
are 70 supply all the money. There be no doubt, of
course that they will rash from all paris Of the earth 10
I'll up the in the Federal Treasury. Lis, we pre-
suuc consistent With all the experience OF American fl
uarcers that the more pressing the need Of bouowc
the greater becomes the zeal OF lenders 20 asss ard
the more deeply the security becomes deteroratod by
mortgage the ready the capitalist s TO double is
advances For the first timc Secretary Chase gives u3a
g npse as 10 what this security i7 U. course national
security means the national patience Of tsxltiol Nc
Chase Is about to make the great experiment whether
any such securities exist Ia the Federal STATES. He pro
poses to raise by an income tax the moderate sum OF
q OrO 900 II is but filth OF what We raise by the
Sne tll but whel Me- Chase has obtained his g OOO
Opu ehill have faith in his security which We have
no nov. lo hopes sso 10 get another four million from
other direct taxes ThCs, six millions, when he gets
them, will no, g hras he must admit but then he has
complete Of excise machinery ready 70 get into gear
lie Il about to tax stills aud spirits, and sugar. and tea,
and crs and tobIcc,; he has impost prepared for
bank notes legscies ald catriGgh; and-oh Nc. John
Blight how can your credit with the North have fallen
so loEl-he ORR par; security for this mountain
Of debt duty upon psperl
II sl this only "Co forward" "a mercantile people
say shall cougtu;ie the Federal States upon beng
as well tax ID a community as any respecnbir old fash
io'cd kingdom Of the Old Wo'ld WhCjhrr such yOuns
taxpayers will bear such weight all must bo
matter ol experiment. Boston used not to lke tea du
te and under the prCsen. popular and enlightened
gogerrmcnt Of the Federal States some umorOns mlu
light have objections to take the appointment OF Income
Tax Commissioner in one OF tbs Western StItea We
do fad any estimate OF the cost OF tie collection OF
these taxes or OF the machinery OF eG;i5e. We
presume hlt patriotism will supply all the costly expe
dent of Europe, aud that all these mpOsts will be vol
unarly paid into the exchequer II this should be So
Mr. Chase viii get some fourteen millions towards bis
p,ndure Of seventysix millions. And yet it Is sli du
bnus whether this expenditure ia not be added ths
trh.ng contingency of a war with England.