Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-01-08

and sixty y-threepounds sterling money; bus
by the year 1901, 1t had augmented to three
million pounds; and the war with France,
which eoLlmenced six years afterward, in
creased the debt to fourteen millions, at
which figure 1t remained for three years,
when the war of the Spanish succession
increased it to thirty-tour millions And the
Spanish war ofthe year 17l9, augmented the
debt to fiity-tour million pounds, equal to
two hundred aud fifty-one million four
hundred and sixty thousand dollars; when
the ministry of Robert Walpole. sanguine
of success, determined to pay off the debt.
But, although favored by eighteen years
of uninterrupted peace, it was only reduced
eight million pounds, equal TO thirty-eight
million seven hundred and twenty thousand
dollars. And the wars of the Right of
Search with Spain, and of the Austrian
Succession, left debt In 174S, of seventy
five million pounds sterling; which, for
period of seventy years, put an end TO all
theories as to the payment of the national
debt, although it then only amounted to
three hundred and sixty-thFee million, dol
lars, or about ohe-third the sum Of. our
liquidated debt. After short respite, the
seSen years war broke out, which sweled
the English debt to one hundred and fifty
million pounds sterling. An interval Of
thirteen years of peace followed, which
was succeeded by the seven years war
against the American colonies. which left
the debt at two hundred and forty million
pounds. After ten years of repose, the.
wars inaugurated by the French revolu-
ton commenced, and after twenty years of
conflict, Great Britain found herself with a
debt of eight hundred and sixty millions
pounds sterling! British statesmen began
to be alarmed at the danger of general
bankruptcy which might sweep away the
British throne and aristocracy, and during
period of forty years, England INDUCED in
the novelty of peace. and reduced her debt
to seven hundred and sixty million pounds;
when the allied war against Russia again
sweled it to eight hundred and five million
pounds, at aboht which figure it now
stands.
Here, then, citizens, in this mirror of
the British funding system, we can see
reflected the fate OF our own country. t.L
THE NATION FAITH.
Reputation is an evil which we all de-
sire to see avcrted, and should such ca
lamity ever betall our country, it will be
solely owing to unequal, and unjust, because
unequal, taxation. '" .I
"When national debts" says Adam
Smith, shave accumulated to certain de-
their having been fairly aud completely
paid. The liberation of the public revenue,
if it has ever been brought about, has al,
ways been brought about by a bankruptcy,
sometimes by an avowed one; but always by
real one, though frequently by pretend
ed PAYMENT" 49, The Romans at the
end ofthe first Punic war, reduced the As,
the standard coin, from containing twelve
ounces of copper to contain only two oun-
ces. The law which enacted it, was like
all other laws relating to coin, introduced
and carried through the Assembly of the
people by tribune, and was propably a
very popular law" I'm the course OF
the second Punic war, the AS, was reduced
to the twenty fourth part of its original
value" "And even," SAYS Smith, ''tbe enor-
nous debt of Great Britain might be paid
in this manner" Nations" he says
have sometimes for the same purpose adul-
terated their coin-that is, have mixed
greater quantity of alloy with it,
"When King John of France, In order to
pay his debts, adulterated his coin, all the
officers of his Mint were sworn to secresy.
And in the end of the reign of Henry the
9Th, and in the beginning of the reign of
l Edward the 9th, the English coin was not
only raised in its denomination, but adul-
terated in its standard. And like frauds
were practiced in Scotland during the mi
nority of James the 9Th, and have been oc-
casionally practiced in most other coun-
tries" .'' d I'D -
! And it is remarkable fact, frequently
| illustrated in history that the blOtting
out of nations debt does not materially
prejudice nations credit" In treating of
this subject, Jean Baptiste Say,.in his ad-
| mirable work on the science of Political
Economy, remarks, that 1.-The monstrous
breach of faith on the part of the French
EGovernment in 172l, in.regard to its paper
money, and the Mississippi share holders
did not prevent the ready negotiation of a
loan of two million livres in 1859; nor did
the bankrupt measures OF the Able Feorrai
| in 1772, prevent the negotiation of fresh
loans in IT'S, and every subsequent year,
'HH''" TAXATION. 10 Eu1l
Then, citizens, inasmuch as the National
| debt is to be perpetuaL and as 1t bears COM
pound usury, it behooves us to consider
| the means by which the usury can be paid,
| ! Heavy taxation is the logical aud ineyit-
able consequence OF heavy debt. But
what is taxation? It is the compulsory TAX
| ing from individuals, a portion Of their
| property to be consumed for public pur-
| poses. Hence by the payment of the tax,
| the individual becomes that much poorer,
| and by the consumption of the tax when
| paid, the State becomes to that extent en-
| feebled. The dollar continues to exist, but
the bushel of wheat, the yard of stuff, or
the pound of powder which the dollar pur-
chased, are, absolutely consumed and de-
stroyed. Money Is the circulating measure
of value, and the same dollar by the process
of circulation may purchase products toitEe
value of several hundred dollars, and cease
| lessly continue to purchase an indefinite
number of other values; but the flour, the
gunpowder and clothing, when eaten,
| burned or worn out, are absolutely con-
sumed aud lost forever--thaB Il, the nation
| is exactly that much poorer than it was be-
| fore. And since. March 1861, the United
States have actually CONSUMED and bl0tted
but 0fexistence, property equal tolnearly
one-thirbofs the real and, personal wealth
owned by, the Government and people of
the United States, without taking into ae4
count the losses caused by the gravages of
wars s3b0m bha TaJoggsdo ,gai1Gad I3
bra noiaTT INCOME TAx.,,,l, ,.,. ,l-,.-
Politic& 9cond dmiSts advise the levying of
one of theefollowlngi kinds Of tax, and to
exempt from taxation all other objects :iaff
1st. Either on capital, as in OhiOs 1osZB
I'd. Or On1IncomeoWsaA eJaissm sdtauo
Sd. Or on Consumption-all that Is eaten
worn or used.
Q 4th. Or on all kinds of legal forms and
proceedings, notes. bills &C., &C.,
Prior to the inaugurationi of President
Liuooln, with theexception, of the sales Fof
public land, and the postoffice, the revenue
| Of the Federal Government, principally
accrued from an indirect tax, called tariff
on the consumption of imported articles
and II was SO light that the people did not