Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-02-11
Our War Debt-HOw can it ever be paid !

tons. E. D. Townsend.
OFFICIALLY Asst Adjutant General
Our War Debt-HOw can it ever be paid
From the New FORK Evening POST
The question, although often gravely asked
ought, in the mind of any intelligent, loyal
American to be answered with a smile.
Before the rebellion our cotton crop was
estimated at over four millions Of bales of
five hundred pounds each. A tax on this one
article of five cents per pound would amount
to one hundred millions of dollars. Add to
an export duty on two and a half millions of
bales, as the average in future of onr export
of two and half cents a pound, will give
over thirty millions of dollars more. This is
without estimating how much these rates
may be increased without distressing our peo-
pie, when the production of cotton shall be
much reduced in cost by the change from
slave to free labor
Take the other productions of the South
which Europe must have, and which will stand
a heavy tax without being felt by the people,
both for export and home consumption, and
add thereto the amount of tax which can be
placed upon our mining operations, and there
provide for the principal of a debt Of say
four thousand millions of dollars, and that
long before our creditors will be willing to
receive the money-leaving the foreign rev.
enue, with a tax on few manufacturing es-
Establishments, to pay the interest and assist in
reducing the principal. Suppose we come
out of the war with debt of four thousand
millions of dollars (the debt is now, probably,
less than two thousand millions), deduct from
this say five hundred millions of dollars, which
the people will gladly lend the government
without any interest for the advantage of
having the circulation, then we have three
thousand five hundred millions on which to
pay interest, and this sum will then, without
doubt, readily command premium on a rate
of five per cent, which is per annum,
To pay this yearly interest
we shall have our foreign
duties, say 500, 900 900
And manufactures of
spirits and other luXuries
will yield, say........... 75,000,000
-175, ZOO, 900
All this can be done with our present popu-
lation, without anybody being in the least de-
gree distressed by taxation. In addition will
be the ordinary expenses Of the Government,
for which the present consumption of tobacco
will yield an adequate revenue. Our popula-
ton will not stop at thirty millions, but will
soon be forty millions, which will increase the
the principal of our debt will be rapidly les
sening.
Suppose, instead of two thousand millions,
as 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 annum, excluding sales of real estate and
stocks, according to the estimate of the Bos-
ton 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 country-as a cali
co selling at ten cents would pay but half a
cent yard, and coat pattern at five dollars
per yard would pay indirectly 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 apprehend-
ed more difficulty in borrowing twelve MILL
ons of dollars at II per cent per annum than
they now do in borrowing twelve hundred mil
lions at per cent. No WONDER when we
| did not know ourselves, that Europe did not
| understand US.
1t will soon be understood in Europe that
| our loans, even at three per cent, are the
| best loans in the world. One important rea-
son is, we can pay them when duewithOut in
| convenience, and our resources are so ample
! that no disposition can ever exist to repudi-
ate. Within ten years past we have read
| the advertisement of the Secretary Of the
| Treasury offering, 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 an
other advertisement offering the same or a
| larger premium for our five per cent. loans,
anu this will be the case, be our debt two
| thousand or four thousand millions
| DOG L0GIC.-A half-crazy secessionist nam
ed Cory has been making a tedious address
on state rights" in Cincinnati, to which the
Commercial of that city says:
"A isping cockney in reply to the uues-
ton why dog wags his tail replied You
thee the dog waggeth hith tail becauth the
| dog it'll stronger than the tail If he walnut
the tail would waggle the dog Mr.. Cory
and other eminent state rights gentlemen
want tail constructed with dog attached
to it-a government in which the tail shall be
strong enough to 'waggle the head"
A special to the Post says: The new call
for troops was rendered necessary by the re-
cent advices from the South.
Senator Trumbull's report from the Judi,
| clary Committee of the facts connected with
the release of James NJ. Hunt from the old
Capitol prison, and the connection of Senator
Hale Herewith, declares that the employment
OF the latter was purely professional, and that
he violated no law in accepting fee in de
| fence of Hunt, before any Court, civil OF
military, or even for endeayoring to procure
his discharge from prison.