The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-09-30

stead of economizing, we have been more
extravagant than ever. Almost every
item we have bought from abroad has been
money thrown away, and although the
government gets the duties in coin, it is a
process which, if you will trace it out.
really weakens the government and de-
moralizes and impoverishes the people.
Our rulers have been very shrewd in the
matter OF laying taxes. Farmers and real
estate owners have been directly taxed but
little, but upon them it must fall at last.
In few years large proportion of the
personal property will be invested in gov
eminent bonds, which cannot be taxed.
Your rich men will thus largely escape.
The real estate cannot be put away out of
sight.
And the new internal revenue law was
not passed until it was so late that the
people will not realize its burdens much
until the Presidential election is over.
And if, as there is reason to believe, the
Treasury Department has from necessity,
been lately paying out large amounts of
currency notes, this of itself tends to in
crease prices of everything the govern
ment has to purchase, and thus to add
largely to the daily expenses of the war.
We are living in a state of fictitious
prosperity. True, people are everywhere
employed; but who employs them? The
government employs them, and their very
employment is only adding to the burdens
of the debt which the people must by and
by bear, and of which the laborers them
selves must bear probably an over-propor-
ton hereafter.
Hon. Henry Wilson, of Massachusetts,
(Republican), when asked in the United
States Senate, in March 1864, by CONFESS,
what had brought about this state of
things, replied very truly:
The reason is that Congress has not taxed
the people and raised money, and paid the ex-
penses of the war as we went along. We have
created an immense debt, filled the country
and flooded the country with paper money, in
tated prices, and stimulated speculation, ex-
travagance. and luxury; And this policy has
cost the people hundreds of millions more to
live than it would if we had taxed them heav-
lily, and it has cost them millions more to sup
port the war.
Now, allowing the customs and internal
revenue next year to bring in three hun
dred and fifty millions, which is probably
fast we are running in debt--receiving
about million, and expanding four mil
lions, per day. Let us see:
Debt as estimated above. $50. 81, 500, O0O, 900
Add ten months more at an ex-
cess of expenses over income
of $4,000, cooper day...... 100000, 600
We will owe in March, 1865. :. So, 500. 900, 900
Compare this with the whole property
of the loyal States, as given in the Bank
er'S Magazine, or even with the very
large estimate given in the census, and the
interest on this debt at six per cent. will be
$210, 100000 year!
We have always contemplated with as
tonishment the immense debt of England,
and expressed great commisseration for
her people. But the interest of the whole
English debt (mOstly at three per cent } is
only $137, 100000.
But the above estimate of our debt is
far from giving US true idea of what we
shall have to bear.
Even if the war should end now, there
is an immense amount of unsettled claims
to be brought in claims of persons who
have lost by contracts; claims for prop
erty taken by officers for government use
and, probably largest of all, the claims of
loyal citizens for damages to property suf-
fered in consequence of the war. Then
the claims Of foreign governments for
losses incurred by their citizens by illegal
captures. The general government will
also be expected to assume all the debts
which the States have incurred for the war,
and all the debts incurred by counties and
towns for bounties. The small State of
Rhode Island has war debt. of four mil
lions, Connecticut eight millions, besides
town debts, and from these specimens
some idea may be formed of the war debt
OF the loyal States, counties, &C., to say
nothing of the large debts which some of
them owed before the war. Two thousand
millions is small estimate for all these
and thus if the war ends on the 4th of
March next we shall have a snug little debt
of $4,000, O0O,0 900, equal to two-thirds of
tle whole property of the loyal States as
given in the Bankers Magazine, and to
more than half of the same property as
stated in the census report.
If the South comes back into the Union,
those States would be so impoverished
that years must pass before they could
contribute to the national income. And
then they have large debt of their own,
due to their own citizens and foreigners,
which they would feel in honor bound to
pay, if able, in case we did net assume it.
And enormous appropriations would be
required to rebuild the lighthouses all
along the southern coast, to repair the
Notifications, and to open and render the
harbors safe for commerce.
And yet again, the valuation of the pro-
perty of the loyal States given in the CEN
sus was made in the year 1860, before the
| financial endorsements and devastations
caused by the war. Since then the States
of Missouri, Maryland, Kentucky and West
Virginia, included in that table, have been
nearly ruined by the conflict of the hostile
armies, and all the Northern States have
suffered by the embarrassment of trade
and the loss of productive power. And
whenever the war ceases and government
ceases to employ or population in manu-
featuring guns, &c for the armv. there is