Wilmington journal., 1864-11-03

ted States there should however, be added the public
debt of the several States the amount OF which cannot
be exactly ascertained but as given ia the ational
Almausc for 1864 the debt of what are therein called
"Ioya States" amounts to about 5000 900 OO0, at an
average interest of per cent, thus making an addl
on OF $3 900 900 per annum to the sum above stated
and rendering certain that the anoux charge CT the
debt of the United States the ls of May next, will
exceed that of Great Britain
It. should not be overlooked that, in addition to the
Vast sums thus raised credit the United States are
spending every dollar that be collected by the most
onerous taxation imposed on people, 1t was re-
Gently stated 10 letter of Mr. Fessenden that taxation
wss expected to produce one million OF dollars day.
II this estimate at all approximate accuracy thls an
nual taxation OF 1866 900 900 exceeds by upwards Of
thirty millions of dollars the entire revenue OF Great
Britain, as estimatad by Mr Gladss me, 1r the year
ending on the 2Ist Of March last The revenue OF
Great Britain is gathered from population OF about
% 900 OO0 peacefully employed in productive labor
while the taxation Cf the United States is exacted from
population of about 28,0O0000, cf whom very large
pumter bsve been converted from producers into con-
sumers snd destroyers of public wealth. When the
taxation bv the several States is added to this
charge, it may be concluded with entire co1hdence,
that the utmost that be derived from tax
alton have already been reached and that if the war be
continued for another campaign there is possibility
of conducting it without addition to the public debt
at the OF two aid quarter millions OF dollars
DAY, a. the lowest calculation, while the probability is
that the Increase 10 the event supposed will be very
much larger.
The facts thus presented demonstrate that il the U.
States persist threatened, in carrying on the
for another year, the burhen OF their public debt
will be such render it absolutely impossible for
them pay, if actuated, with entire unanimty,
by sincere desire TO meet their obligations. 1t may
be left to others speculate the probability OF such
unaumity, but it is certain that three # the largest
States have already repudiated in part their public
debt by refusing toay in coin the interest due IN Ed
rope thus conf seating half of the amount due to
Fin hOpH q "
debt already incurred dependent solely upon prompt
cessation OF hossiities Without therefore, entering
into any Gscusso1 of tee morality OF furnishing to the
United States tie means of waging War go savage, go
monstrous hat now raging on this continent, Ii
would seem that the simplest dictates Of setnterest
should unite oil those who have already ventured invest
mens in the Federal funds in c,ncerted effort to cut
OF all further suppea and thus to force that cessation
OF hostlities which alone the investments al
ready made from entire less. If the capitalists of Eu
rope withhold further supplies the of the e.
States are so far exhausted es to rerder the
restoration of peace certain at distant day. 1t is in
the power OF the capitalists by furnishing the
means for the qualification Of the insane passions of the
Norsb to plunge the borrowers into rretre7able bank
ruptcy, and to render certain the loss OF all their
investments, past as we'll as future
10 presenting the foregoing statement, reference has
been Intentionally omitted to the local debt contracted
by the counties, parishes aud municipalities in the
Northern S.tts for the purpose OF raising money to
buy mercenaries in order to relieve themselves from the
burtben of tue coHEcription. We have of es
,imatug the amount We only know that the price at
which these human beings bought for slaughter
ries from $500 to 200 per man. and that the calls for
men have amounted to very many hundreds and thou
Sands. Some OF the Northern 'urras speak Of this To-
cal debt as enormous" but this term is zoo vogue to
justify in hez ,rdipg an estimate of the amount.
am authorized, by The esdent, TO request that
you will give to this dispatch such publicity will
cause it 10 reach those VIII interests may be invov
ed in is conteuts
am, very respectfully,
Your obedent servant,
[Sgnedl j. P. BENJAMIN.
Secretary of State
Hon. Il. Dudley Mum, &C., &c, &c, Brussels, Bel.