Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1864-12-23

Y.
: in Massachusetts Of 67 per cent, Penney
vania OF SO per cent, New York of 40 per
cent, or upon all the States Of per cont.
would pay this sum annually.
, We have other means OF payment, in the
, augmentation Of products over the averages
OF 1850 The Commissioner of the Land
| Ofhce in 1862, in speaking Of the auriferous
region, in the Western portion Of the Con-
unent' says " The yield Of the precious
metals alone, will not fall below one hundred
million Of dollars and will increase for CEN
, turtles to come. Within ten years the annu-
al product will reach two hundred millions Of
dollars in the precious metals, and in coal,
iron' TIM lead, quicksilver and copper, half
that sum- The estimate of the production
of the precious and other metals, including
petroleum, exceeds one hundred eiRhty-two
million dollars, for the year 1868, as stated
, In the Bankers Magazine for October.
pamphlet recently prepared at the Treas
/. ury Department, not yet officially published,
states the increase of domestic exports, over
those of 1861, at twenty EIGHT million Of dol
iars' Tor 1862 at thirty-nine million dollars.
Abundance OF staple articles produced does
not constitute national wealth, il foreign ex-
changes exhaust us through the payment Of
heavy balances. But the same publication
states the balance of trade to be in favor of
the United States for the same years, and
that the excess of imports amounts to ninety-
seven million Of dollars.
The public lands, containing one thousand
and lorty-four million of acres, though not
available at present, should not be lost sight
OF, as an element Of strength. An estimate
OF their extent and value can best be formed
by comparison. Their geographical area
covers two-thirds of the public domain, and
If sub-divided would make thirty-two States,
each equal to the great central State of Ohio.
They yield the products Of the tropics, the
cereals of the temperate zones, and contain
the richest deposits Of gold silver, mercury
and other metals. At Government price they
are worth thirteen thousand million dollars.
Who can estimate their value in future years.
/ as financial resource, under the control of a
/ free people
immigration in the United States is
anomalous, and without precedent in histo-
/ ry' An immigrant. as laborer or producer,
has value, which belongs to the country,
and may be fairly estimated as yielding re-
We ne. recent work by David A. Wells,
estimates the value of emigrsnts settling in
our country at five hundred dollars per capita.
| Upon ibis basis, the two hundred and fifty
thousand immigrants of the present year, as
en- element Of strength, are worth one hun
dred and twenty-five million dollars The
New York Geographical Society, from OBJ
servatons extending over seventeen months,
give an average OF one hundred do lars (prin-
cfpAlly in coin) as the property Of each i'm
migrant This gives the additional sum Of
twenty five million Of dollars
The substitution of free labor for slave la
Dor, in the opinion of your committee, will
prove great national advantage. Honorable
Robert J. Walker has recently brought out
this remarkable fact, " that the product Of
labor per head in Massachusetts,, is two hun
dred and thirty-fve dollars, in Maryland
ninety-sx dollars, in South Caroliua ffty-six
dollars, or in free Massachusetts, the reward
Of labor is more than double that in Mary
land, and four times that in South Carolina"
The adoption of a system of free labor, will
make available our undeveloped wealth to pay
the interest and principal of our national
debt, and in the opinion of Mr.. Walker, will
amount in ten years to the great sum of sew
enteen Thousand million o. dollars.
Cotton has been regarded as one of the
chief elements Of national wealth. Five mil.
lion bales, valued at two hundred and ffty
the labor and watered by the tears of four
million of slaves" Some idea may be formed
of the capacity Of the cotton states when it is
known that less than one and seven-tenths
per cent Of available lands have yet been en-
pioyed by its cultivation. The exports Of
cotton, rice and naval stores in 1860 exceed
ed one hundred and ninety-six million of dol.
lars.
ha eai1 . &.
will not be hereafter available for the extin
punishment Of the public debt But from the
verdict just pronounced by the people-an
from which there can be no appesl--ths slave
IS free, and the control of the cotton states
will not be given up, it is devoutly hoped, ex-
cept with the national life. THE freedom
of the slave, and the existence of free gov
says Prof. Kendrick, are of more
consequence than the wealth of the nation
and the lives of all that dwell in it,"
Since 1916, Great Britain, with popu-
lation OF nineteen million two hundred and
seventy-fye thousand, and at that date, with.
out railways, ocean steamers or labor-savinp
being engaged in foreign and do
nestle wars, has carried for the last forty
eight years the enormous debt of four thou
sand two hundred and five million of dollars.
and now ranks in wealth and industrial pow
er among the first nations of the earth ="
What then may we anticipate as the future
of this Republic, with producing popula-
ton fifty per cent larger, debt of one half
the magnitude, with railways, ocean steamers,
labor-saving machinery, immigration unprece-
ded in the history of the world, with an an
nual income Of millions of gold, and all the
elements Of growth and improvement in de-
gree unequalled Such resources, and such
strength, sure as the laws of gravitation, will
enable us to carry the burthen of our public
debt. MERRITT CLARK,
CLARK CHAPMAN, Com.
WIN. s. RUBLER.
Mr.. EDIToR:--Allow me to acknowledge
through the columna of your excellent paper,
hn rncni,.A L.. l. = q u.