Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1864-12-08


by laws of insolvency. II is believed
that many Of the enterprising met, OF
our State have sought homes elsewhere,
to obtain. through the beneacent legal
provisions OF other states, u relief denied
them here. ga
In view of the debt OF the State, Its
future welfare, growth and other inter-
ests, does not prudent foresight claim
at our hands an examination OF the
causes which retard our progress, and
discredit W. in comparison with other
Statesl
The national debt ut thiS tire Acos
not exceed two thousand million &. dol
,e-t New civilian. maintain that the
p, sent revenue from taxes and customs,
amounting probably to three hundred
millio., of dollars, will pay In time Of
pesce. the annual interest upon the debt,
amounting to one hundred million, the
expenses of the army, ffty million, and
ordinary Government expenses, eighty
million, thus leaving thirty million ap-
pllcable to the payment Of the principal
of the public debt. They further main
tain that q national debt Is national
blessing. and that if the present debt
had existed previous to 1850, 1t would
have been regulator, and prevented the
war.
Leaving these opinions, the Commit
tee would ask attention to the statistics
and statements which follow, showing
conclusively, In their opinion, that the
national strength is equal to the burden
imposed by the present war.
1t should be borne In mind, however,
that our debt Ia due principally to our
own citizens, and it's payment Is an ex-
| change from one to another. 1t will not
| be exhaustive like a foreign debt, and 1t
| il difficult to conceive how the inter-
| change of two thousand million Of dol
| lars. spread over the period offOrty years
| and distributed among the people, can
! diminish the aggregate OF the national
wealth.
The value Of personal and real estate,
increased from seven thousand million
dollars in 1850, to sixteen thousand mil
lion In 1860, being an increase OF l28
per cent. Estimating upon these prem
Uses, the value of the property of the ma
ton, on the LIST day of January, 1865,
will amount to twenty-six thousand mil
lion of dollars.
The payment of the public debt, by
the provisions of the acts authorizing it,
is distributed over period Of forty
years, and on an average requires the
payment yearly of fifty million of dol
lars. Add annual interest on the whole
debt at five per cent, amounting to one
hundred million, and we have one hun
bred and fifty million of dollars as the
sum to be provided for
As shown by the census OF 1860, an
assessment on the products of industry,
either in Massachusetts of 81 per cent,
PENNSYLVANIA of So per cent, New York
of 40 per cent, or upon all the States OF
s per cent, would pay this sum annual
ly. e... ....
We have other means of payment, In
the augmentation of products over the
averages of 1860 The Commissioner OF
the Land Office in 1852, in speaking OF
the auriferous region, in the Western
portion of the Continent says
1.-THE yield of the precious metal alone,
will not fall below one hundred million
of dollars and will increase for centuries
to come Within ten years the annual
product will reach two hundred million
of dollars in precious metals, and in
coal, iron, tin, lead, quicksilver and cop
per, half that sum-"
The estimate of the production Of the
precious and other metals, including
petroleum, exceeds one hundred AND
eighty-two million dollars for the veal
1863. as stated in the Bankers Magazine
for October.
A pamphlet recently prepared at the
Treasury Department, not yet officially
published, states the increase of dOmes
tic exports, over those of 1860, for thu
wear 1861, at twenty. eight million o
dollars, for 1862, at thirty-nine million
dollars, and for 1868, at one hundred
and thirty-two million dollars.
Abundance of staple articles produced
does not constitute national wealth,
foreign exchanges exhaust us through
the payment of heavy balances. Blu
the ss.me publication states the balanc
of trade to be in favor Of the Unite
States for the same years, and that tn
excess of imports of gold over export
amounts to ninety seven million Of do
lars.
' The public lands, containing on
thousand and forty~sour million of acre
though not available at present, shout
not be lost sight of, as an element
strength. An estimate of their extel
and value can best be formed by con
parison. Their geographical arr
covers two-thirds OF the public domai
and If Undivided would make thirt
J. two States, each equal to the great cel
trail State of Ohio. They yield the pr
: ducts of the tropics, the cereals of u
e temperate zones, and contain the richie
L deposits of gold, silver, mercury al
/ other metals. At Government prt
IT they are worth thirteen thousand mi
l. Ion dollars. Who can estimate the
T. value In future years as financial !
n source, under the control of free pc
"a ple2
- Immigration in the United Stat
y 10 anomalous, and without precede
:, in history" An immigrant, as labor
~ or producer, has value, which belon
- to the country, and may be fairly es
4. mated as yielding revenue. A rece
work by David A. Wells, estimates
value of emigrants settling in our COZ