Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-04-15
The Cost of the War, and who must pay for

Won is taken from monthly Periodical Published in
NeE York, entitled - Iks Old Guard" and devoted 10
the principles of II76 and 1871. The writer reveWs
the "selfeOutadietOry and assembling" report Of SCI,
rotary Chase which he says deepenCd the Anxiety which
existed in the North before It's APPEARANCE aad confirm
ed the latent fears o. an approaching national bank
ruptcy. The adopted BY the Secretary last year
that all rejecting persons Kew would lead to
such result if long persisted in but the pers;sten,
promises Of Seward that sixty dsys would pa, ED to
the war served, among those Who put Lib u such pre-
dcOns 70 keep alive the hope that peace would come
before financial ruin This hope the writer does rot
share and after the race between 6naucial
destruction aud military victory gives Lis Yankee read
ers idea OF what national bau fu.tcy reel, j. lie
says:
The insidOus progress Of paper proHses vas rspd-
ly eating out the y4ts OF the nation, which looked for
decisive victory the Geld The antjos to the fatal
poison in its system. Toere seemed 10 De rae, be
tween financial desrcJiOn and military victory. II the
latter should arrive, Il might save the ua,iCn If il
not or cam; too late, it could perch only on the
banners OF a sUuken ship Der which the pillows o.
bankruptcy were making way Tee . are few persons
who comprehend, in its full force that which is meant
by national bankruptcy resulting from discreded paper
money. IL Is Seyclty Years since the country was
involved in the ruin occaSOncd by the continental mo
ney Of the Revolution, and few lyGg had practical ex
p,rence Of those disastrous days when money did not
exist trade was Plrayzed, debts could be collected
judgments could not be enforced we're out of the
question and armed bands-even in Massacbusett,- 1
broke up the Stuugs OF courts while instruction defed
the execution Of any legal authority tending 10 the col
lection Of taxes. The life Of the nation flicker
ing lamp which breath VOuld extingash Througb
the eoncaOry wisdom Of Congress aad the frmpess of
Washington, the difficulties gradually subsideu under
the influence o. the union OF Sats which gave the Feda
era Government revenue through the customs and ~
Sbied 70 renqush claim 10 which could not be
collected Is csnciiatOry conduct after the hpse of
one or two years induced Rhode Island and Georya TO
come back into the Union and a season Of prosperity
WAS inaugurated-'
But the dangers and disasters Of that DARK hour arc
nothing 20 the ruin which nov inpeuds The ceug-
Try then poor ,tle surplus capital in the shape of
ersdi. existed and all the States were so exhausted by
the tina: necessary prudence tempered ri.ins ami
aOsies. This is not now the case" Credits TO NOR.
than the value Of 1900 millions have already becon.
unsettled and borne aloft in Mr. Chase's aoo3ti %
paper even moving in The eurrea: Of ipe,i.A,
bankruptcy 4
IN that hour when the hands Of every iBH,ii, I |
will be hlled with green back promises ald curreu il
no longer exists, how aad by whom via the $3.50 0O
600 per annum Of taxes, that M Uus-r even NON -
mauts as the permanent "reecc-tax' D. euf,r,..5,
What Federal army wall e<,orJ taxes from ruined .o
pley What courts or what Jures will be found 10 49,
cord judgments Tor debts contracted in deprecite5 ~
per aud dena9ded in coin? Th- creditors OF the FED
RAJ Government d IL should So IL that li.ssro,s
hour viii be numerous but they cannot Ou,uuuberfb.
ruined people no longer able 70 pay taxes TO satisfy @
claims TIE question o; taxation self would sr.slv
be the sigual Tor collision between States Tim bo,j
the Consti ution survive the assaults CT II press, ~
~ in power, taxation mus. be aid Ascending A. rn,
senAnon; Missouri and Ia saclus,t-s q squal r.
resentauon The former has been tsyus.sd by a.. a
until her wealth consists ONLY ia her sDi ~.
ehuseits has derived immense wealth from lie
Her factories, her ships her jo0begs her contr,rtr.
Senator'S aud their tayOUreA her ex o.,o,,s - (
Vgui H.
have drawn within Der bortpss the wealth If ~ a ~
and they foster war which PASS 30 web IV,i, -
hearts blood Of the Middle and Western State, has va
tered the oate-helds Of the Union New FngI,ra b u
she profits Of the war; bu. she has nos In I,iiss Vi
Of the general stock. New York ha .j d.
isal Which Massachusetts has absor .,sd =
The Wri;yer in "71s Ok Ga.eS,~ next foo.s uD The
Rational debt taking the c.ma,es Of Chafes selfcOu
Trajectory and descending report lis guide The ell
penditures for the Chree lCl=5 half expired he
SAYS are 22O4 millions, & than tvO-lhrds Of the
whole British deb Iris vast expenditure the Secre
try estimates vii leave debt at the close of he ts
tlrd year Of the war, Of SI'4i6o5 $50 which, at Ii
pr cent interest viii bear annual interest Of sIG5 a.
10000. The annual interest Of tue British debt is Ia
slSs 500 leo. Hence the United States debt eourd ."
b, contracted at per cent its sc:ual burden upon the
p,Ople would be thEee-ourths CT the British debt
Now, the only nation that ever approached sub
ase OF expenditure before was the British In
fifteen years OF the present ceniury-tha Government
in one year expended $500 600 COD but ty ala 20 m
der peculiarly favorable circumstances TDey com, "
handed the ocean, and mOaOpOlzcd the commerce of S
the world The inventoDS Of steam tlIs loom the cot
ton GIN &c. mad WOltt riuy developed her uapufc vi
lures and she had the markets OF the world 10 sunnv
at monopoly prices Osipg 70 the disturbed state Of
the Continent tmld CAPITALS Is there fv s-sace, y
with whom Ef vas 1T w4r, sent to England hree sums H.
for safe-kespng Under such crcomauces she coud al
borrow largely aud she DID but hes loans did not IL
exceed 50 per cent Of the expenses az every q OOO
900 raised EDO 600 gGs from taxes and goo 600 from IL
loans Notwithstanding this safe course her stock ",
fell to AZ per cent. The Uaitsd States Secresy
proposes % bOos 50 per cent OF the whole Of an Rr
enormous e1pendturedOuhe the largest war expcn- we
ure ever undertaken il one year BY the British Gov col
ement-and be has the absurdy TO assume that those ca
oans can be contracted at par for G per cent / sf
anu makes large reliance TO supply the capital upon
yssem Of paper. which he knows to be faacous" ds'
We not follow the writer in his lucid exposure or sa
Oh USES prepOsterOus measures for borrowing Al 500
100000 il Is mouths. We have syace ouly for toe
closing passage in which be aosOses the estimation in 10
Ehch foreign capitalists acid the eredi. of the Yankee N.
Government and gives the quetus 10 Lncons euane get
,AsiOn scheme as measure Of economy. thr
.sThs credit Of the Federal Government abroad il
} already so disturbed, that all Obligations there
ED being constantly sent here for realization
making the current Of gold which flows out in (
1cn broad stream than sixty milions-Or 81 =,
Ouble the California suppy-hAving been exported in ~
be past year. The foreign capitalist looking on upon
gsandS var, uhicb, end as it may will swallow up mo
he resources of the country naturally asks-Who are IT,
payers Of the obligations The Federal Govern her
lent presents ITSELF with Increasing wants and depreci her
ting credit, 10 borrow equal half the whole ,
aPa OF the country, with the avoWed object Of de-
roying An industry, aud depOrtiug four millions Of dy
orker which has been one of tho most prolific sor cap
,Sof the existing wealth During the forty War; hay
$40 % understanding TO the Treasury tables tner, Pa