Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-03-24
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Wisconsin. l5.4s6,ss2
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have not taken into account the border slave
States their situation j. such 10 defeat any
calculation of their earnings, at least for some
wears to come liz will be seen. therefore, that
the annual amount which from this time forward
must be paid into the Federal Treasury, exceeds
b, almost one hundred millions OF dollars the total /
annual earnings OF the nineteen free States. during
period OF peace and unexampled prosperity
Under the present policy pursued toward the Sc
ceded States, bali century will roll away be
fore they will again assist the wealth of the /
country. Their wh0le system of productveness !
is to be destroyed Four millions Of annual pro
ducers 20 become idle and worthless consum-
ers and vast Bureau j. about TO he erected by /.
winch the Gov ernment shall support the nesTo-
instead oi the negro. a. heretofore, assisting 10
supporting the Government. Time will show /
that emancipation Is tn costiest feature OF tins
whr. Cotton. tobacco. rice. sugar will perish a.
means of revenue. The blow of the Executive
winch releases TOUR millions OF hands from pioht
able labor, imposes task from which ihes are set
free as proiucers. similar number OF white
labOfers 1t does more They are sill con-unl-
ers-they must he ted-and they will not iced
themselves. The President unconsciouslS uttered
philosOphic truth when, year ago, he SAID 81
free negroes: They eat and nothing else Nor
can the negro tie much blamed for accepting this
EASY life when All insane party tenders 10 him ana
laws the burden OF labor from which, he is liberated
on the neck OF the white a totally ruined
and impoverished SOuth-her property destroyed
and her slaves set tree, all simply means the an
inhalation of so MANY sources OF national reven
ue and the consequent enormous increased taxa
tiOu in The North Contiscatlon will not pay the
expenses of its own machinery and execution
As a means OF replenishiug the Treasury, il IL
not to be mentioned. except by madmen. All
history bears testimony of the folly OF thus at
tempting the liquidation of public debt. 1t
must be met and paid bv the fruits Of the soil
produced bv labor. And he who reduces the
number OF laborers North or South-whlte or
black-in the same proportion mnltipiies the
tolls and sacrifices of thOse who vet remain
Mr. Chairman, neeJ hot pause to dwell upon
the mathematical certainty of national and iudi
vidual bankruptcy and ruin which the foregoing
calculations so conclusivey demonstrate The
hunibleSt mind in the Land will grasp the fatal re
suit upon which are Fastening But some
superficial observer, intending too to further de
ceve the popular mind. will doubtless point to
the surrounding appearances of general pros
peritv a. an answer TO this portion of my
marks. Money Is flowing in boundless proiuSion.
Unnatural prices are paid Tor everything.
meretrciouS spendor halls the streets. at
the rout. the assembly, and the theater. The
nation seems iatteued on blood and carnage.
! But this high feveri~h flush which we everywh
| behold i not the genial warmth OF health. Ii Is
the fierce hectic glow o. swltconsunption Ii is
the herald of death, and points to the tomb
What we call money is not money, and the most
/ gorgeous wealth has no value because il is
| prev TO the monster debt. Frenchmen, more than
1 hundred years ago, dreamed OF n fabulous
| fountain of prosperity, and located 1t IN the val.
! ley of the Mississippi The credit of the Missis
sipp company became the basis OF an illimiiahle
! paper currency and both the king and people OF
France hailed Johu Law, its founder. as the de-
liverer of their kingdom. 1t was treason To doubt
the lnialbity of his gigantic scheme of human
credulity and folly. as it il now To doubt the wis
| dom and final success of our own financial de-
parfment
Bancroft. the historian well portrays our own
unhappy situation in describing the great delusion
| of the French.
"A government he says, (which had almost absolute
power of legislation con- PRED to give the wisest extern
sion what caed dit. Law might have regu-
lated hi pleasure tbe interest Of money, the value OF
stocks end the price Of labor and produce The csnest
between paper aud specie began 10 ragehe buoyed
sense. Paper maze the legal ten
der in all payments To win the little gold and silver
that boarded by the humble classes, small bills as low
even zen livres "a hvre ABOUT twenty ceni were
/ put N circulation. When men are
greatly ia the wrong especially when they have
barked heir error they wifuy resist
! light So it has been wih the French peepe; hey re-
manned faithful he delusiOn till France impover
>hed. publ and private credit subvered. the in
capitalist, annihated and labor left without
employment whie in the midst OF he universal wretch
ed ess OF he midding class. few specuator, gs
RED IN he unjust acquisition and enjoy ment OF in
mense wealth
Z At about the same period similar frenzy was
i ra ging on the other side of the English channel.
and British statesmen fancied they had found the
magic alembic by which paper Issued upon
credit could be made 10 supply the uses OF
| gold
The trade Of the South sea To pay the debt
! OF England IN twenty-seven wears, and Sir John
| Blunt issued Government bonds ON the faith of
! this fictitious wealth Avarice and speculation
! instantly seized like twin lurIeS upon the heart
/ OF the whole kingdom The glittering beans. of
a false and deceptive prosperity gllded every
present scene aud Illuminated the future with
the radiant smiles of hope The British p ,riit-
ment reSounded with high eaiogiums upon the
/ financial scheme which so To release
the hands of English industry from the calling
manacles OF debt We are listening from day 10
day To similar speeches upon a similar subject AS
they are made on the other side OF the chamber.
in defense OF the Department of the Treasury
/ Yet woe and disaster followed the experiment OF
paper credit in England as well a. in France: and
/ Smollet the historian. relates the fate OF their
projectors. from study of which the architects
| OF American rum may accurately determine the
destiny which hangs with certainty over their
uture:
whe al the moment South Sea dictator was scarce
" sae from the vengeance the pOpuace.
Law the protector Il the Mississippi bubble in France,
flying for his life from the people whom he had beg
cared"
Sir in view of the experience of other nations.
in view of reason and at facts. well may the
COMPTROLLER of the Treasury himself. catching
tie mutterings OF the fearful rising storm. like
the practiced mariner at sea. utter cry OF terri
BILE warning In a recent address he FULLY con
firms the dark and dismal view which | have
here advanced. of our financial condition. be
says:
Bear constantly in mind although the loyal States
appear specifically 10 be IN prosperous condition, that
such j. not thu That While the government y en-
gagged IN the suppression Of rebellion Of uneXampied
nercenrss and magnitude and is constantly draining the
country Of IL laboring and producing population aud
diVertg it, mech meal industry from works Of perns-
nent value 20 IL construed Of implements Of arisre;
while cities crowded. and the country 10 the sae
extent depleted and and extravaganza prevail IS
they before prevailed in the United States the ma
on whatever may be the external indications, is not
prospering."
Sir. take leave of the question of the general
iceltars The bitter hour OF peoples bloody
sweat and sgonixug tears will soon he here The
mourntul shadows of its funeral pail are already
penetrating the once bright and abundant homes
of virtuous labor. The spirit OF oppression Is
omnpresent in the land, and like death and
famine. none will escape the pangs which Il in
hicts Let each eve which nov beholds the sun