The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1865-03-15

i Professor, Ed Mansfield. has an
article~in tho Cintiunati' Gazette, on
these topics; from which We extract, as
follows:'T' . '''', -" .''. :;
We can stand 2. much greater debt
than England can, and pay it in . reas'
onabc timc. For Yc arc not only in
trinsicall'yy richer, but there are two
great facts which make vast difference
in our situatioH:@ In. Tie first placc, uN'
Europe Is sculing men and capital to us,
Instead of"'our parting with them to
Europe. I" In the next place, our lands
uro not mortsagcd to an aristocracy,
who control dependent tcuantry. But
tho lands are owned by the people, and
the people are free. The result is that
labor tells iu the rapid expansion of in
dustry and settlements. We have bound.
less resources in everything which the
earth holds Of the useful and valuable,
and these resources are developed by
labor aud enterprise, skill and genius, to
degree and with . rapidity never be.
fore known on earth. We have the
foundations Of credit beyond that ofany
nation, past or. present, There is no
fear about our credit Vr about getting
money to an indefinite extent. But the
real question is how muck ought to be
u.rret on the present generation? or
how much in the form Of debt to. pos
terity. Here We may remark that all
idea that the country (the loyal States)
is weakened by the war, il any such
idea has been entertained, is a palpable
.fallaty. ~ An the great facts brought out
by statistics, prove incontcstably thatwe
are much stronger in every essential
element, than We were four years ago.
The vote Of the Presidential election
shows that VIC have more men, notwith-
standing oil the grcat4esscs Of the war.
1t is proved: that.the debts Of the! people
Quot the, GovcrnmenD arc greatly re.
duced that failures and commercial
losses are less, and the tables Of com.
mcrcc and agriculture show that every
department. Of industry is active and
successful. We are, therefore, in the
midst Ola great war, exhibiting an ,cxI
traordinary measure Of physical and
commcrcial prosperity. p;this sitaaiion
wc havenno excuse for throwing, on pos;
terity such US England has. We
suy'.boldly, that lhe largcst.part Of our
I.roseut expenses ought to be paid from
revenue, raised by'taxatiou.' Suppose
that the entire expense of~thc country
in the coming yeur is seven hundred
mi:lious, (and We think it will not much
exceed it,) then ,wo say that at best,
four hundred millions should be raised
by taxes und tariff; That crralic, genius,
John Randolph, stated the, first and
almost only great principle OF finance
pay as you SO. .... ...r .,'... 80. 't,., .....
1t is safe to say that the revenue Of
TIT" National Government already pro-
vidcd for will reach, in 1868, three hun :
drcd millions. But this is not enough.
The war may lingcr on, Cat least i'd that
style which will require US to keep up
garrisons,) aud 80 to extraordinary eS'
ponscs. Tho greatest part Of this cx'
pcnsc cum, and ia our opinion ouslit'o bc
levied on the business or current income
Of the year. :: Leaving tho tariff as 1t
now stands, q -taxnofr two per cent. on
ItrausirrS aud &re per cent. on incomes
| will produce at,,Icast four hundred mil
lions aud that Congress ought to
raise. ,...i..,.,.,...,,,,...., ,r~.' 49,.
\ great deal is said about an inflated
currency. Who can tell how, much
CURRENCY We want? 80 man, has ever
lived yet, as a Gnancier, or political econ
ontst who could define the quantity or
limits of currency needed in any com
munity; except some gentlemen 10 New
\ orE who undertake to tell us exactly.
| If they succeed they will have laid the
first coruer stone ina science Of finance,
md. deserHe, the rewards offered by sci
entifc,.soeieties for great i discoveries
Suppose. the currency to be inflated as
much as you please Lot,usi mark some
of tGe Effects Of that phenomenon. ..Itis
ID fact mot to bo denied, BY any we'll los
formed man, that IN the last. three, years
the dcJts Of tho country have been great:
/ " diminished ), the futures have. been
much fewer; the liuLttttes Of the insel,
vents; are, much reduced sahs are made
for much larger proportion Of cash. In
this way the lisbiIitics Of the people
among each other have been reduced
several hundreds Of millions Of. dollars.
This is What wc might expect from a
very abundant currency; but, is it an
effect any reasonable man would avoid ?
I. i.nota good effect? Some one says
CAN this is we'll till VIC get to the cold.
stage, when this currency is reduced"
Why should wc''get to the cold stage