Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-11-09

wrea,hed arbor in which TO read bis papers on a
summers Sunday eve, aud behold the sun sink l
down through the golden gatevsys Of the west /
while there Is everything beautiful and bright
around him and out Of doors and Why Is il not
al the paradise that earth Can givel
We hold that the man who makes an acre OF
this earth more beautiful or productive. IS doing
Heavens service. and il he has not over fifty
acres. lie can make it all shine with fruitiOn aid
beauty. and never ask discount besides
s4~ I
The Ability OF the Country 20 Pay the
National Debt.
On this subjec. we invite the careful attention
of readers to the following judicious and
sound reflections OF Hunts Merchants Maya
zine for October Of this year. Il says in its
opening article on the National Debt and the
National Resources"
IL is worse than folly at such time as this to
parade the census value Of all our property. or to
point 10 mines and decaim upon our bound
less wealth. We have been and are greatly ia.
vored nation and unless production becomes SO
fettered by debt and taxation rs TO prevent our
national growth, future Of great prosperity
awaits But from what we have already said
t is evident there IS limit TO our ability TO pay
taxes. A child can see that il the poor emigrant
when he first went on his land, had been called
upon to give any portion of his FIRST years crop
to the general government directly, or il he had
been compelled TO give Indirectly, by reason of
tax on manufactures, which would require him
TO pay an additional SUN for his winter clothing
he would have had less left 10 improve bis new
home with And il those taxes, direct or ind-
rect. should become so heavy as to make it i'm
possible for him 10 pay them aud spend anything
on his land, his enterprise would of necessity be
soon given up. Ii becomes, then a question Of
the first Importance how much interest can We
meet without Gripping prOductOnl
To measure accurately the net income OF the
nation Is of course impossible, and yet, through
the census We can Approximate sufficiently near
for the purpose of this inquiry. In our last nun
Der We gave the savings of the Northern States
up to 1860 at 81 632, l09 ,i97: from this we con
clude1 that the annual savings for the ten years,
from 1850 TO 1860, could not have been more
than 500 600 600 year. Such, then, is pr0ba
bly, the amount of the actual savings of the
Northern States in 1860 OF course, however, IL
does not follow that we can pay but $50 600 600
additional taxes, or that If the Federal taxes in
these Northern States hadamounted to 500 0O0,-
600 more than they were in 1860 there would
have been no accumulation last year. since the
necessity of paying such taxes would have indu
ced and will induce greater economy. Economy,
! however, means decreased consumption, and
must. therefore, react iniuriously on pro-
duction. OF course every man in saving money
! To pay his taxes buys one coat less, there is
much less produced, and also SO much less profit
to the manufactures and merchant. Economy
therefore. causes not only decreased cOnsump
ton bu, decreased production and decreased ma
tiona profits But To what extent thai economy
can be carried without destroying the productive
| Interests of the country is the important ques
| ton
We have from the census report, prepared
with great care. the following table of the proba-
BILE profits of the whole country from all sources
during 1860:
From agricultural productions .... 500 600 900
From industrial products. ............ l25 0Oo 600
For stocks, except for manufacturing, which
included above. 81, 0O0, OOo
For mines, fisheries and carrying rade... 5O,OOO,OoO
Total profits North and south. $3.50 600 coo
This is the fund out Of which the farmer buvs
his clothing and agricultural implements, repairs
and enlarges his buildings, and pays his taxes.
In 1860, we have stated above, all OF this
sum that was earned In the northern States was
thus and otherwise expended. except 500 900 600
which was laid up To this fund, then. and this
| alone. we must look to paw debt. The strict
est economy could not increase our tax paying
ability beyond the amount of these profits Be
sides. out of them must first be allowed sufficient
for the emgrant TO buy the necessary farming
implements and improve his farm, or, as we stat
ed before, he will soon give up his enterprise and
all classes will require sufficient of their income
left them to provide for their family wants, or
their labor will be in vain The balance, after
paying these necessary expenses, measures the
extent to which economy may be CARED Is,
then. this fund sufficient TO allow us to throw
away anything more BY further uses OF paper
money? Aud do not these figures furnish a sad
commentary on the acts of those who have heed
lessly increased our debt, yes wasted our re
sources and are still doing SO by their paper
issues?
The expenses of the government after peace is
restored mere estimated by Mr.. Chase in his last
annual report, page II, at Sl7S. S3S, 0l0. as fol-
lows:
Civil service OBSERVATION-DISCLOSURES. 1854, 4s9
Army and Navy ................. 55,s45 s2j
Total. size, $751; 900
These estimates are, however clearly unreia
BILE The debt is now s., 600 900 900, and will
be at least 50 500 600 900 by the first OF Janua
~. If, therefore, we have peace at that time
the annual expenses of the government would be
about az follows, if our finances were ably man
aged
Interest the debt at six per cent $50 600 600
The pension list will reach at least. 500oo,90o
Army and Navy Observation-Disclosures. 15,O0O;00O
Civil service. 35,0OO000
Total 1910 900, 900
These estimates of the expenses Of the Gov
ernment after the war are, we believe less than
can be expected without the strictest economy
Then, besides this, we have largely increased
city, county, town, aud State taxes. An idea of
the extent of this latter burden may be gathered
from the expense of raising this last call OF five
hundred thousand men: cities and counties hav
ing paid a bounty of from SEQ 90 81 600 for
each man. IT we estimate tie average bounty
paid at ouly 5000 We have au aggregate deb, OF
$500 900 900 incurred for this one purpose.
Thus we see il the war Is closed by the first OF
January. there will be from three to four hun
drei million dollars of taxes 90 be paid, without
mentioning the amount required for the sinking
fund. Previous to the war we paid in taxes
about so 600 600 leaving at eas, $500 900 600
additional 10 be raised hereafter out of our ma
.ional income simply to pay our current expense
and interest
To add TO the force OF these figures would be
impossible. They speak more earnestly than
anything we could say of the wretchedness OF
our past policy, and the importance of the future
Clearly our resources not inexhausiible. and
he who breaches such doctrine is, We had al
most said. the worst enemy the country can
have; for he encourages a system that but
lead 20 national dish0nor.
SAYS corresp ondent Of one of the New
York dailies.
"OHe can hardy speak of the royal family OF