Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1863-01-29
rHE WEALTH OF THE ooUNrRYl
AeeRKeArs WRALrH OF TIE UslTfD
SrArRs-ITs BKARIse UPos rHE W an
AND FRKE TEsTIrUTIoEs-THz A0-

TUAL Loss BY TRE WAR.
!, IFrom the New York Times.l
Just now the question OF 6nanees /
the question Of interest IN the publ.
mind. almost equal TO that Of the urs
Perhaps few simple facts may serve 4
inform many persons how il is that VI
sustain the expenses Of this war 50 veil
and how it is that we shall probahlg
not be great losers by il. What eonfa.
ses most persons is eompliceting the
ideas of taxes. currency and wealth To-
gether. Now, thew are three totally
different things. We should not con-
found them any nore than srfkke
and citizenship-a confusion which
seems to have confounded the Supreme
Court in the case Of Dred Scott and
which, l Learn, Mr.. Attorney General
Bates has cleared up. II he has, he
has done a great public service. There
never was such folly and such a judi
cial crime perpetraied in this country
as that same Dred Scott case. But TO
the present matter. Currency is a
mere instrument. like a drill machine,
] for our own convenience. II is no mat
ter whether il is silver dollars which
they use at TripoF, or strings or shells,
for which the dollars are exchanged in
the interior, or ivory buttons, provided
a uni. of exchange is agreed upon. IL
is an instrument for our convenience; /;
/ and the most convenient is the BEST
But no matter what it is. we want
enough of il to make exchanges with
facility. Taxes are revenue for the
support of the Government. But
wealth is a very different thing. 1t is
the actual substance on which is based
the right to issue currency as eviden-
ces of debt, and out Of which taxes are
paid. The real question in case Of
war is tWo-fold; first, is there wealth
enough to sustain the required revenue?
and next, do the annual losses Of the
war, whether in men or money. exceed
or fall short OF the actual gain Of the
nation? The problem is precisely the
same as il il were that of farmer or
merchant contemplating certain expend-
itures for building. He has the bull
ding to pay for, and the taxes to the
Government, and his own support
He NAV not have any currency to pay
with. But if it is certain that he has
an income largely exceeding his out
goes, he can easily get the currency and
the taxes. To do that is mere mat.
ter of contrivance and convenience
This is precisely the case with the Uni
immense war. And here, let every
man disabuse himself of one idea at
once: The cost OF the war is not
the money paid out Of the Treasury.
nor the appropriations made by Con-
gress. The war costs the nation Just
what is lost to the nation by it and no
more. This consists Of three articles:
1. Tbs difference Of exchange paid
10 gold to foreign nations. 2. The
actual destruction OF property; and, 8
The loss Of labor by the withdrawal Of
men from industry TO the war. These
are the only losses to the nation. All
others merely change the relations OF
property between individuals. but do
not change the national wealth. Let
US now compare the national income
with the rational losses by war. The
census return Of our national wealth in
1860 (rather low, think, was SIG,
600, 900. .O00 On this | estimate the
annual income to be at least ten per
cent, which is dollar day for each
able bodied man. irrespective OF skill;
and the average wages OF men are fully
equal to that in the West. and ! pre-
sumo throughout the country. This is
in espective, too. Of machinery. The
income Of the nation is at least 81 600.
100000 per annum. The losses OF the
war by foreign exchanges, have been
small. but they will BE- greater. and
may be estimated at $4,000. 900 per
annum. The losses by the destruc-
ton of property may be taken at 500.
900. 600 per annum. The loss by Ia
Dor, which makes the bulk Of the loss,
is that of million Of mrn per day.
which. at s per dsv, is. in round mum
bers. $500. 900. 900 per annum. The
actual loss of the war. then, amounts
to S450.OO0 600 per aDnum This is
what we call dead loss. II the war
were TO continue three years. the dead .
loss would be & 1850. .oOO. 900. which .
should be deducted from the valuation .
of the national property at thai time.
But the national income in that time
will be three fold the actual loss. In
the mean time, we must observe that
the development Of the mines and ma
chinery OF the nation is increasing the
income very rapidly.
Think alter this year the whole ma
tional income (if We are united. may
be fairly counted at $4,000. 600. 600 /
per anuum. / have made no note OF
the rebel States; but il we deduct from
the national income little more than
one-fourth for that account, 1t will be
nearly correct. The result IS, that IN
the midst of this gigantic war, we are
actually increasing the national rsaIfA al
ke rote of SIR Hundred million year
Now. if we borrowed the money
from Europe we should do no such
thing. We might even run behind
hand We should owe Europe both
nr,ncipal and interest. Now, We pay
onr own cilizens the interest 10 gold
We only take money out Of one pocket ,
10 nut il into the other. Here. ] must ,
hava one eause of universal