Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1866-01-18

courage, unflnching energy and patriotism
Of the people
At the close of the reign Of Charles ID ,
the British debt only amounted to xix hun
dred and siXty-four thousand two hundred
and sixty-thrcc pounds sterling money; but
by the year 1851, it had augmented 70 three
millions pounds; and the war with France,
which commenced six years aftcrward, in.
creased the debt TO fourteen millions. at
which figure it remained for three years,
when the war Of the Spanish succession
Increased it to thrty.four millions. And
hcSpanish war ofthe year l7lS, augment
cd the debt TO fifiy-four million pounds,
equal to two hund red and fifty one million
four hundred and sixty thousands dolar,.
when the ministry of Robert Walpole, san
guine Of success, determined 10 pay off the
debt. But, although favored by eighteen
years of uninterrupted peace, il was only
reduced eight million pounds, equal to thir-
ty-eight million seven hundred and twenty
thousand dolisrs..-. And the wars Of the
Right Of Search with Spain, and of the
Austrian Succession, left debt in l74S. Of
sevcnty-fiye million pounds sterling; which,
for period Of seven years, put an end 10
all theories as to the payment ofthc nation
al debt, although it thcn only amounted to
three hundred and sixty-fhrcc million dol
lars, or about one-third Of the sum Of our
liquidated debt. After u short respite, the
seven years war broke out, which swellcd
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 of pounds.
After ten years Of repose, the war inaugur-
ated by the French revolution commenced,
and after twenty years of conflict Great
Britain found herself with 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 a period Of forty
years, England INDUCED in the novelty of
peace, and reduced her debt to seven hun
dred and sixty million pounds; when the al
lied war against Russia again swelled it to
eight hundred and Ave million pounds, at
about which figure it now stands.
Here, then, citizens, in this mirror of the
British funding system, we can see reflect
ed the fate Of our country.
THE NATION 5 FAITH
Reputation is al evil which we all de
sire to see avcrted, and should such ca
lamity ever befall our country, it will b
solely owing to unequal, and unjust, JecauS
unequal, taxation.
when national debts says Adam
Smith, 'have accumulated to certain dc
gree there Is scarcly q single instance 0
their having been fairly and completed
paid The liberation of the public revenue
! if it has ever been brought about, has al
ways been brought about by. a bankruptcy
sometime by an avowed one; but always b.
real one, though .fJcquentM by pretend
ed payment " = = The Romans a
the end of the first Punic war, reduced tn,
As, the standard coin, from containing
| twelve ouces Of copper to contain only two
ouces. The law which enacted it, was, like
all other laws relating to coin, introduced
and carried through the Assembly of the
people by a tribune, and was probably vc-
ry popular law. In the course of
the second Punic war, the As was reduced
to the twenty-fourth part of its original val
ue" "And evcn," says Smith, ''the enor-
nous debt of Great Britain might be paid
in this manner" Nations" says
he, have sometimes for the same purpose
adulteratcd their coin-that is, have mixed
a 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 secrecy
And i'll the end Of the reign of Henry the
Sth, and in the beginning Of Edward the
9th, the English coin was not only raised in
its denomination, but adulteratcl in its
standard. And the like frauds were prac-
ticed in Scotland during the minority of
James the 9th, and have been occasionally
practiced in most other countries.
And it is "a remarkable fact, frequently il
lustrated in history, that the blotting out of
a nation debt does not materially preiu-
dice nations credit In treating of this
subject, Jean Baptiste Say, in his admira-
bic work on the science of Political Economy
remarks that ''The monstrous breach of
faith on the part Of the French Government
in l12l, in regard to its paper money, and
the Mississippi shareholders did not prevent
the ready negotiation of loan Of two mil
lion livers in l7j9; nor did the bankrupt
measures of the Able Feorrai in l172 pre-,
vent the negotiation of fresh loans in HIS
and every subsequent year.
TAXATION.
Then, citizens, inamuch rs the Nationa
debt is to he perpetual, and as it bears com
pound usury, it behooyes us to considel
the means by wich the usury is to be paid
Heavy taxation is the logical and inevita
BILE consequence of heavy debt. Blu
what is taxation? Its the compulsory TAX
| ing from individuals, portion Of their pro
| perty to be consumed for public purposes.
! Hence by the payment of the tax, the ln-
dividual becomes that much poorer, and by
the consumption of the tax when paid, the
State becomes to that extent enfeebled- -
The dollar continues to exist, but the bushel
of wheat, the yard of stuff, or the pound
of powder which the dollar purchased, are
absolutely consumed and destroyed. Mon
cy is the circulating measure of value, and
the same dollar by the process Of circulation
may purchase products to the value of sew
eral hundred dollars, and ceaselessly contin-
ue to purchase anindetinte numbcrof other
values; but the -four, the punpOwder and
clothing, when eaten, burned or worn out,
are absolutely consumed and lost forever
that is, the nation is exactly that much
poorer than it was before. And since March
lS6l, the United States have actually con
sumed and blotted out of existence, proper
ty equal to nearly ne-third of the real and
personal wealth owned by the GoXernment
and people of the United States, without
taking into account the losses caused by the
ravages of war.
INCOME TAX.
Political economists advise the lcvying OF
one Of the following kinds of tax, and to
exempt from taxation all other objects:
lst, Either on capital, as in Ohio.
ID, Or on Income.
Sd, Or on Consumption-all that is eaten