Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1864-02-06
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And adj ti,is can be done with our present
population, without anybody being in the
! least degree distressed by taxation. In adj
dtion will be the ordinary expenses of the
government, for which the present consump-
ton of tobacco will Weld an adequate reve.
nue.. Our population 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 viii be rapidly lessening.
Suppose, instead of two thousand millions.
rs 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 annutn, excluding sales of real
estate and stocks, according to the estimate
of the Board Of Trade, would probably pay
the whole principal of the debt in twenty
years, perhaps in much less time This
tax no one would feel or know in this couii-
try--as calico selling at ten cents would
pay but half a cent a yard, and a coat pat
tern at five dollars per yard, would pay indi-
rectly 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 appre-
hendcd more difficulty in borrowing twelve
millions OF dollars at IL per cent per annum
than they now do in borrowing twelve hun
dred millions at 9. per cent No wonder,
when we did not know ourselves, that Eu-
rope did not understand us
Il will soon be understood in Europe that
our loans, even at three per cent, are the
best loans in the world. One important
reason Is, We can pay them when due with
out Inconvenience and our resources are so
I ample that no disposition can ever exist to
| repudate. Within ten years past we have
read the advertisement of the Secretary of
! the Treasurer oieriug, 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 another advertisement Offering
the same or larger premium for our five
per cent. loans, and this will be the case,
be our debt two thousand or four thousand
miiliors.
Heretofore we have been educated to be-
lleye that the Judgment of the European
| bankers was inlallible. That delusion, in
the American mind, will soon he exploded.
The English capitalists have embarked hun
dreds oi millions sterling in enterprises, few
of which in the mind OF the most credulous
! "hA''b thSHii tNcI pIOlnlscu Hc-tentH part
al the certain large profits and sure returns
as is now presented .or their consideration
in the United States. In confirmation of
this let us examine what can be done.
First-GOyernment skies can be bought
at par. IS, 900 invested in New York on Eng
lish account would only require draft on
London for $3.50. Exchange being, say l72,
would in TACT make our six per cents. cost
In England only G3 cents on the dollar. As
soon us peace comes these stocks will COM
mand twenty-five per cent premium. In
lsl4 they sold NJ fifty-siX cents on the dol
lar, and in 1915, within four months after
the peace, they sold at l20 II is true our
debt was then small in comparison with that
OF the present day; and il is also true that
/ the crOakers Of 1914 had much more in1u-
! ence In crying down the credit of govern
ment than the eroakers of 1854 have had
and that one hundred millions was, ip 1914,
more severe upon our credit than eight
J thousand millions would be at the present
day. Our Postodiee department, Custom
House business, canals, railroads. mines and
general deyelopement Of the country prove
1 all this.
Seeond--Real Es,aie.-one hundred mil
lions OF dollars could to-day DC invested by
European capitalists In the loyal states. Ia
: unqualified good productive property In
Nes York, Philadelphia, Bosion, Cincinnati,
Chicago, and other large cities, that will pay
/ kt least six per cent per annum, free from
all taxes aAd assessments. probably foT tho
next any yeafs aud lhis a. snre "A that
English eonssls will pay three per cent pei
annum. six per cent 4 vhst our own capt
ialisis are eonsiaaily realizing. Nav, the
EuTopsan capitalists ean buy lhis property
" pss esnt. cheaper than tbs Amsricsn can.