The dollar weekly bulletin. [volume] (Maysville, Ky.) 1862-1864, 1864-01-07
Financial.


Ben franklin the financial correspondent
Of the N. Y. Day Book thus very clearly
and copcisely states our debt and the ruin
enc taxation which must follow in its train:
The ability TO pay taxes depends upon
The wealth Of the country. The wealth. OIL
o country depends upon its labor system
The d ;stributiou of wealth thus created oy
labor, depends upou the laws, watch either
operates iudicouslg and fairly for the great
IS per cent, who alone work and produce
oil tho wealth; or they operate decidediy
for the small per cent, who grow rapidly
rich without labor. 49,
In Europe and this country today one
half the ,oealh is owned by ne-tDentieh Of
the people. The other nineieen-iwentletns
owned the other half. In 1860. the wealth
Of this country was estimated AZ o.OOo-
600 ,OCO, with q population of 3oOOoOOO.
England with rnpulation Of about the
same plumber in 1860, had S45, 900 .OOO.O OO
Of wealth.
To-day, we & ID ourselves through the
terrible war which Ia destined to destroy TINS
once fair and pros pc rnus country, stripped
Of So 600 600. 600. which belonged 10 !oe
States of the South now lost to ~, leaving
us population Of %. 100000. with Sill
1000 90 900 of wealth The laws bearing
upon 6nar ce or money. or the represents,
tive OF wealth, operate in favor OF ihe sTn" ~
6per cent Of the people who hold the nal,
Of all the properly OF the county An'1
aoaius. the great 95 er cent. Interest ana
taxes operate against the poor, and in favor
Of the rich. When a government borrows
of its own peop'e, the five per cent are Inc
only propertv holders who can lend' ana
when that government is obliged to tax lie
people heavily, as is COW the case win us
the great 91 per cent. by the peculiar opera
lions of The principle of taxation, are mane
20 carry it all. The working man. the
wealth creator but not wealth holder, has
been made to understand how the rich shut
the burden of taxation from their shoulders
10 those of the poor. If she surplus OF
property which the rich hold is made to
pap, it is the poor wealth producing class
who borrow il. or hire it. and reinra the hive
or ten cent per annum which gradually an
serbs alltbe surplus over meagre exiS-
teuce which the 95 per cent earn.
This great class must pay the war debt
ifit 10 paid At all, aud the burlen of this
debt upon the North will be understood by
the latoring man, the mechanic. the practI-
cal agricnlrurist, ia few figures are intro
duced. Wealth, to sustain itself. must be
active. Money, idle. does not increase, and
property, idle, wastes away. The tax
which the great % per cent of England Pay
Is terrible burden upon them. The labor
ing poor of that country crushed to the
cart b in paying it, Yet they have $40 OOO.
100000 Of property to operate with. in rails
ing three per cent on their $4,000 600 600
debt. Or national debt will fall still
heavier upon us, for it will require us to
pay 6 rer cent on $1,000 000,OCo. (Which
we shall finally owe at the end OF the war;
and we have only Sll 100000 900 OF prop
erty through which to operate In paying IT,
and instead Of population OF thirty mil
lions to carry 1t, we shall have only twenty
millions. The people of England groan IN
der sheir taxes, yet they owe only one
e,,u,nh of the amount of their wealth. We
NAV well expect, when the horrid war car
piTIl 10 over, and we come down 10 the
sober reality Of peace. to groan over cur
debt. for il will be oUer one quarter OF our
national wealth. I do not assert, my hard
working friend. that to-day we owe sum
equal to one-q1arier Of our national weath
but I do assert, that by June, 1860, we
shall owe So oOO. OOO. OoO, nd that between
now and then our national wealth will not
increase, and that to-day we have not, IN
the so-cslled loyal States, over Sl2OOO.-
100000 of property.
hear the short-sighted ignoramus say:
"Look at our mines Of gold. copper. iron
aud coal our wealth is as countless as mex
haustibls." The psor fool does not know
that every dollar obtained in California,
since it was discovered, up 10 this date,
has cost more than one hundred cents In
food, clothing. implements, &c. The re-
ceipts of the California miners since the dis
coVery Of the Mines have not averaged ore
dollar per day, and they have consumed
double thar. Thousands upon thousands
have wasted time and money in that land
OF gold, without getting dime in return.
DO Is Is with copper, iron and coal. The
many waste their means but the few reap.
Huge fort unes are heralied, tons Of gOli.
and Copper. snA iron cnme forward, but the
COST Of It all, the great world never knows
National wealth il .he surplus OF prohnc-
ton over consumption, and the minerals in
she bowels Of The earth are wealth jest as
much IS an acre of uDprodnFive agricul-
tursl land 10 wealth, and 10 more.
Labor must take hold OF bntn, and It
Somstimes happens that the outlay OF labor
apd material for given time. costs more
than ell its results will compensate for
Irrespective wealth 'squite another matter.
Real wealth Is all that We can figure upon
when We talk ahnu paying < per Cent in
tersst on $SCO0CoO CU0, which we shall
have 10 10 alter 1865. II We attempt to
pay the ann OF ak per cent on the debt of
July, 1865 il will foot mp in round numbers
$50 oOOOQo pei. year, Divided up among
22OOO,UO nI people, for ] assume the
South will not be brought into The UEiOn -
This will be about So per head, counting
man. woman, and child throughout the
@'O