Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-10-27

ton without destroying the means Of production.
But this annual income from farming operations is
variable quantity, depending ON "ltimes and sea-
sons" as the income derived from all other pro-
fessions and pursuits is similarly subject to Auctua
tions. So that the nominal value of our accrued
wealth as nation has no Legitimate place in cal
culations which look to the possibility of paying
our national debt and the annual interest on It, It
is only surplus earnings which are available for
these ends, and when these surplus earnings are
overtaxed production is thereby SO diminished and
industry SO crippled that the means of payment are
undermined in their very foundations. Financial
ruin and bankruptcy come on apace in the train
Of profigato and extravagant expenditures in
CURED beyond the capacity of the nations annual
income to meet with ease and comfort the burdens
which they entail on all branches of pursuit.
On this subject we invite the careful attention
of our readers to the following udicious and sound
reflections Of Hunts Merchants Magazine for o.
tober of this year. 1t says in its opening article
on the "National Debt and the National Resour-
cess"
1t is than folly at such time as this to parade
mines and decAim upon our boundIess wealth We have
been and greatly favored nation and unless produc
ton becomes fetered by debt and taxation to pre-
vent our national growth future of great prosperity
awaits But from what have already said it s
evident there is limit to our ability to pay taxes.
child that if the poor emigrant, when he frat
went on bis land had been called upon to give portion
of his fret years crop the General Government directly
if he had been compelled to give indirectly by
of tax manufactures which would require him to pay
additional for his winter clothing he would have
had hts AMI;
taxes direct Indirect should become heavy as to
make it impossible for him to pay them and spend any
thing on his land his enterprise would Of necessity be
given up 1t becomes them question of the first import
how much interest meet without Gripping
productionf
To accurately the nett income of the nation
approximate sufficiently for the purposes of this in
quiry. In last number gave the savings of the
Northern States up to 1860 at $2632 from this
from 1850 to 1860, could not have been more than
500 900 600 year. Such them probably the amount
Of the actual savings of the Northern States in 1860 Of
course however it does not follow that pay but
900 additional taxes or that the Federal taxes
in these Northern States bad amounted to $50 900
than they in 1860 there would have been no
accumulation that since the necessity of paying such
would have induced and will induce greater economy
Economy, however, means decreased consumption and
must therefore, production. Of course
every man in saving noney to his taxes buys coat
less there much lees produced and also much less
profit the manufacturer and merchant Economy there.
FORE not only decreased consumption but
production and decreased national profits But to what
extent that economy be carried without destroying
the productive interests of the country is the important
question.
"Ws have from the census report, prepared with great
care the following table of the probable profits Of the
whole country from all sources during 1860:
From agricultural productions. 800 600 900
From industrial produc ACKNOWLEDGEMENTS. I25 600 zoo
For stocks, except manufacturing which are in
Guided above. 55,000,000
For Mines fisheries and carrying rade..-.. 5OOOOO0O
Total profits North and South. $3.50 900 900
"This is the fund out of which the farmer buys his
clothing and agricultural Implements repairs and enlarges
his BUILDINGS, and pays his taxes.
In 1860, have stated above all of this sum that
earned in the Northern States thus and otherwise
expended except $50 600 600 which laid up To this
fund.- then and this alone, must look to pay debt
The strctest economy could not increase taxpayng
ability beyond the amount Of these profits Beside. out
Of them must frst be allowed sufficient for the emerant
to buy the necessary farming implements and improve his
farm, or, stated before, he will give up his
enterpri.e and all classes will require sufficient of their
income left them TO provide for their family wants their
labor will be in vain The balance, after paying these
necessary expenses, the extent to which
my may be carried. IL then this fund sufficient to allow
throw away any thing BY further of
money! And do not these figures furnish sad
tary the acts Of those who have heedessy increased
debt yes wasted our resources, and still doing
by their paper issues2
"The expenses of Government after peace is restored
we're estimated by Mr. Chase in his last annual report
psge IL, at $l7S, ,0l0, as follows:
Interest 6ao
Civil aSs
Army and navy 55,S45,s3l
Total. ......$HS,e3S,OiO
These estimate are however clearly The debt
n now So 900 600 000 and will be at least 80 500 900
by the first OF January IT, therefore, have peace at
that time the annual expenses of Government would be
about follows il our finances were ably managed:
Interest the debt six per $3.50 600 600
The pension list will reach at least..- so 900 600
Army and navy I5OOO,UOO
civil SERVICE JUOUUUO
These estimates OF the expenses Of the Government
after the are believe, less than be expected
without the strictest economy Then besides this,
have largely increased city, county town, and State taxes
idea of the extent Of this latter burden may be gathered
from the expense Of raising this Last call of five hundred
thousand cities aud counties having paid bounty Of
from $500 to 900 for each II estimate the
average bounty paid at only 5000 have aggregate
debt Of $500 600 900 incurred for this purpose
Thus if the is closed by the fret of Janu
airy there will be from three to four hundred million dol
lars of taxes to be paid without mentioning the amount
required for the sinking fund Previous to the paid
10 taxes about $40 000 leaving at least $500 900
additional 10 be raised hereafter ont Of national
simply TO pay our current expenses and interest
ITO add to the force of these figures would be impos-
sble They speak earnestly than any thing could
say Of the wretcbedness Of past policy and the import
ance Of tho future Clearly resources not mex
haustbe and he who breaches such doctrine it, we had
almost said the worst enemy the country have for