The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-02-05

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And all this can be done with our present
population, without anybody being in
the least degree distressed by taxation.
II addition will be the ordinary ex-
penses Of the government, for which the
present consumption of tobacco will
yield an adequate revenue. Our populs-
ton will not stop at thirty millions, but
will soon be forty millions, which will
increase the foreign duties in greater
proportion, while the principal of our
debt will be rapidly lesseDing. :.
Suppose, instead of two thousand mil
lions, as we now owe, the war should in
volvs us in debt of eight thousand mill
liens, tax of five per cent. on all sales
in the United States per annum, exclud-
ing sales of real estate and stocks, &C
cording to the estimates of the Boston
Board of Trade, would probably pay the
whole principal of the debt in twenty
years, perhaps in much less time. This
tax no one would feel or know in this
country-ss a calico selling at ten cents
would pay but half q cent. yard, and
a coat pattern at five dollars per yard,
would pay indirectly but fifty cents.
These differences would amount 70 less
than the ordinary fluctuations from week
to week occasioned by natural supply
and demand, and the people, unless they
were told, need never know COMPARE
lively that any taxes exist.
Three years ago our government ap-
pretended more difficulty in borrowing
twelve million of dollars at II per cent,
per annum than they now do in borrow
ing twelve hundred millions st 6 per cent.
No wonder, when we did not know our
selves, that Europe did not understand
US.
Il will be understood in Europe
that our loans, even at three per cent,
are the best loans in the world. One in
pOrtant reason is, we can pay them when
due without Inconvenience, and our re-
sources are so ample that no disposition
can ever exist to repudiate. Within ten
years past we have read the advertise
ments of the Secretary of the Treasurer
offering in vain, TO buy from our Euro
pean creditors orr six per cent. loan at
sixteen per cent premium. We predict
that, within ten years to cone. we shall
read another advertisement Offering the
same or . larger premium for our five per
cent loans, and this will be the case, be
our debt two thousand or four thousand
millions.
Heretofore we have been educated TO
believe that the Judgment of the European
bankers was infallible. That delusion,
in the American mind, will soon be ex-
ploded. The English capitalists have
embarked hundreds of millions sterling
in enterprises, few of which, in the mind
of the most credulous among them, ever
promised ons-tenth part of the certain !
large profits and sure returns as is nov
presented for their consideration in the |
United States. In confirmation of this |
let us examine what can be done.
First-GovernmeDts skies can be bought |
at par. $1,000 invested in New York on
English account would only require a
draft on London for $3.50. Exchange |
being, say 162, would in fact make our
six per cents. cost in England only 63 4
cents on the dollar. As soon IS peace
comes these stocks viii command TWEEN
ty- five per cent. premium. In 1914 they
sold at fifty-six cents on the dollar, and
in 1916, within four months after the
peace, they sold at 100. 1t is true our
debt Was then small in comparison with
that Of the present day; and it is also
true that the croskers of 1874 had much
more influence in crying down the credit
Of government than the crOakers Of 1864
have had; and that one hundred mil
lions was, in 1914, more severe upon our
credit than eighteen thousand millions
would be in the present day. Our post
Office department, custom- house business,
canals, railroads, mines and general de-
of the country prove al this.
Second-Real EstRte.-0ae hundred
millions Of dollars could to-day be in
vested by European capitalists in the
loyal States, in unqualified good prOduc-
tive property in New York, Philadelphia,
Boston, Cincinnati, Chicago, and other
large cities, that viii pay st least six
per cent per annum, free from all taxes
md assessments, probably for the next
afty years; and this as sure Rs that
Enrlish oonsols viii pay three per cent.
Der annum. Six per cent. is what our
,wn capitalists are constantly realizing.
Vow, the European capitalists can buy