Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-02-13
Our War Debt-HOw can it ever be paid


| From the New York Evening Post.1
The question, although often gravely asked
ought, in the mind of any intelligent, loyal
American, to be answered with smile.
Before the rebellion our cotton crop was
| estimated at over four millions of bales OF
| five hundred pounds each. A tax on this one
article of five cents per pound would amount
| to one hundred millions of dollars. Add to
| an export duty ON two and half millions OF
| bales, as the average in future of orr export,
of two and a half cents a pound, will give
over thirty millions of dollars more. This is
| without estimating how much these rates
| may be increased without distressing our peo-
| pie, when the production of cotton shall be
much reduced in cost by the change from
| slave to free labor.
Take the other productions of the South
| which Europe must have, and which will stand
heavy tax without being felt by the people,
| both for export and home consumption, and
add thereto the amount of tax which can be
placed upon our mining operations, and there
is a fund at once provided amply sufficient to
provide for the principal of a debt of say
| four thousand millions of dollars, and that
| long before our creditors will be willing to
| receive the money-leaving the foreign rev.
enue, with tax on few manufacturing es-
adjustments, to pay the interest and assist in
reducing the principal. Suppose we come
out of the war with debt of four thousand
millions of dollars (the debt is now, probably,
less than two thousand millions), deduct from
this say FIVE hundred millions of dollars, which
the people will gladly lend the government
without any interest for the advantage of
having the circulation, then we have three
thousand five hundred millions on which to
pay interest, and this sum will then, without
doubt, readily command premium on a rate
of five per cent, which is per annum,
To pay this yearly interest
we shall have our foreign
duties, say over..........$ 500, 100000
And manufactures of
spirits and other luXuries
will yield, say........... 75,OOO,OO0
us 900 900
All this can be done with our present popu-
latiOn, without anybody being in the least de-
gree distressed by taxation. In addition will
be the ordinary expenses of the Government,
for which the present consumption of tobacco
will yield an adequate revenue. Our popula-
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 les
SEEMING.
Suppose, instead of two thousand millions,
as we now owe, the war should involve us in
debt of eight thousand millions, tax of
five per cent on all sales in the United States
per annum, excluding sales of real estate and
stocks, according to the estimate of the Bos-
ton Board of Trade, would probably pay the
whole principal of the debt in twenty years,
perhaps in a much less time. This tax no one
would feel or know in this eountry-as a cali
co selling at ten cents would pay but half a
cent yard, and a coat pattern at five dollars
per yard would pay indirectly but fifty cents.
These differences would amount to 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 comparatively that any taxes exist.
Three years ago our government apprehend-
ed more difficulty in borrowing twelve MILL
ons of dollars at 12 per cent. per annum than
they now do in borrowing twelve hundred mil
lions at per cent No wonder, when we
did not know ourselves, that Europe did not
understand us.
1t will soon be understood in Europe that
our loans, even at three per cent, are the
best loans in the world. One important rea-
son is, we can pay them when duewithout in
convenience, and our resources are so ample
that no disposition can ever exist to repudi-
ate. Within ten years past we have read
the advertisement of the Secretary of the
Treasury offering, in vain, to buy from our
European creditors our six per cent. loan at
sixteen per cent. premium. We predict that,
within ten years to come, we shall read an
other advertisement offering the same or a
larger premium for our five per cent. loans,
and this will be the case, be our debt two
thousand or four thousand millions.
DOG LoGIc.-A halfcrazy secessionist nam
ed Cory has been making tedious address
on Z" state rights in Cincinnati, to which the
Commercial of that city says:
"a lisping cockney, in reply to the ques-
ton why dog wags his tail replied you
thee the dog waggeth hith tail becauth the
dog it'll stronger than the tail. If he walnut
the tail would waggle the dog Mr.. Cory
and other eminent state rights gentlemen
want tail constructed with dog attached
to it--a government in which the tail shall be
strong enough to 'waggle the head"
A special to the Post says The new call
for troops was rendered necessary by the re-
cent advices from the South.
Senator Trumbulps report from the Judi
ciary Committee of the facts connected with
the release of James M. Hunt from the old
Capitol prison, and the connection of Senator
Hale Herewith, declares that the employment
of the latter was purely professional, and that
he violated no law in accepting fee in de-
fence of Hunt, before any Court, civil or
military op avian for andaa Ypnoura