The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-12-21
Aatioual 2rp,iblitan
Report OF tho special Com,nissi.ner
OF shs Revenue - An IuterestisR
Document.

The Secretary Of the Treasury yesterday
sent to Congress the fourth annual report O
the Special Commissioner of the Revenue
Hon. David A. Wells, upon tho industry,
trade, commerce, and revenues Of the coun.
try. Like its predecessors 1t Is document
OF much interest. 90 90
The experience Of another year, the Com.
missioner says, reafllrms the principle be.
fore announced that the progress and growth
fthe country, through its elements OF vital.
ity, viz; great national resources and an In
hercnt spirit OF energy and enterprise In the
people, Ia In great degree independent OF
legislation, and Of tho Impeachment and
disorder which the occurrence OF long war
has necessarily occasloned.
The national revenue for the fiscal year
ending June 30, 1869, was 1910, 9i3, 747.2i.
The national expenditure for the came pc.
Rod was 1891 200, 1915, leaving an excess
OF revenue over expenditure Of $40, 1885,
On the 1,t of September, 1865, the amount
OF the public debt, then at its maximum,
was, less cash In the Treasury, s2,7s7, $780,
oH.43. At the commencement OF the pres
ent fiscal year, July l., 1859, the amount Of
the public debt, less cash and sinking fund
in the Treasury, was 81, 4s9, 002, 4S0.5s, show
Ing reduction to that date of secs, 6s7,-
O9O.S5. Within the same PERIOD taxes which
II continued to the present time would have
yielded, In the aggregate, upwards Of $780,
100000 per annum, have also been abatod or
relinquished. To find a parallel 10 such re-
suits the financial history OF other nations
will be searched to no purpose.
The amount OF the public debt on the LIST
OF December, 1869, less cash and sinking
fund In the Treasury, was 90, AS, $50, 735. 90,
making total reduction since the 1st OF
September, 1865, Of 1904, 100, 1886 20, and for
the current calendar year, Of ss7, 147, 400 o.
mi aatn Intya
tune time to place upon record the exact
cost OF the war. The sum OF "a, III 0lI,-
4OS.33 represents the cost OF the war to the
United states Government down to Juno 30,
1869. To this sun should be added the
- value OF the pensions now paid by the Gov
ornment on account Of the war, II the same
!. were capitalized. This, at eight years pur-
Z chase OF the present annual payment, would
amount to about s200, 900, 900. But this ag-
gregatc, however large, must still further be
increased by other items II we would reach
tthe true cost Of the war to us as a people,
athe above representing only the expenditures
OF the national Government. These addl-
tlonal charges show an aggregate destruc-
tion OF wealth, or diversion OF industry which
would have produced wealth, In the United
States since 1861, approximating nine thou
sand millions of doilars-a sum nominally In
excess OF the entire increase OF wealth, a.
returned by the census, for the whole coun-
try from 1850 to 1860. This, then, was the
cost of the destruction OF slavery; the cost of
compromise. It is three times as much as
the slave property Of tho country was ever
worth. II Is sum which at Interest would
yield to the end Of time twice as much as
the annual slave product of the South In Its
best estate. Without faltering aud without
tampering with the public faith, II Is now
the duty of this people to undertake the far
easier task Of payment for the service already
rendered. II we hesitate or falter. dishouor,
second only to that which tolerated slavery,
will overwhelm the land, and the idea of a
Tree people governing themselves will be-
come scorn aud by-word among nations.
The present Increment Of population of
the United States, from the natural increase
OF births over deaths aud from immigration,
is probably at the rate Of l,l00,0 per an
num as minimum.
The number of miles of new railway con-
structed In the United States during the past
year Will, 1t Is believed, approximate to Ave
thousand; making total construction since
ind including the year 1865, the year Of the
termination of the war, of about thirteen
thousand.
The telegraph system OF the United States
has been extended during the past year by at
least 1000 miles Of new wire, as compared
with an estimated extension of Q, 900 In 1858,
5000 In 1857, and 1000 In 1866.
~ The Industrial rcsuscitation aud develop
,ement of the South Is progressing favorably.
The year 1860 has also closed auspiciously.
The aggregate Of the crops has almost uni
formly been greater, while prices have con-
tlnued prove highly ronunerative. The true
diversity of employment which results from
freedom has now become to the South, for
the first time, possible; and Southern capital
can soon be advantageously applied to the
manufacture of agricultural tools and implc-
ments, leather, wagons, wooden-warc, soap,
starch clothing, and similar articles. These
are manufactured which iron, steel and cloth
arc raw materials. They employ the largest
amount of labor in proportion to product aud
capital, and warrant the payment of high
wages. On the other hand, what arc COM
monty called manufactures, viz; iron and
steel, and cotton aud woollen cloth, are ex.
amples OF concentration. They require large
capital, employ but few hands, and would
naturally come much later. We already have In
the United States an excess of cotton and
and woollen spindles, and to invest capital
In more would be slmplya waste, when there
are vast needs at tho South requiring far less
capital, and warrantlng much greater COM
pensation for labor than can be paid In tex
tile fabrics.
The Commissioner estimates that, deduct
ing the estimated cost Of the war to the
Government and the people, from direct ex-
penditurc and from the diversion of industry
above, $4,000, 900 900, We should have left
s24, lSS, 100000 rs the accumulated wealth
ofthe country at the close Of the present
decade. He estimates the gross annual pro.
duct Of the nation at %, 1926, 000, 900, aud
dividing this among the assumed number of
the directly productive class makes q per
capita product of s6S2.50; which sum ap-
proximately represents the first hand average
annual Income OF the direct producers of
wealth In the nation, out ofwhich the whole
population have to live, provide food and
clothing, pay taxes and all other expenses,
and accumulate surplus Of future produc-
tive capital.
The Commissioner proceeds to consider
tho question, what causes are operating to
;etard national development, and enume-
rates among them the condition ofthc foreign |
trade Of tho country the diversion and de-
'morallzatlon OF Industry; the subordlnation
of labor to capital; the failure to use our |
great natural resources lntelligcntly; the |
want oflegslatlon to promote proper dis
tributlon Of the annual products Of labor and |
capital an inflated aud irredeemable cur
ency and unequal taxation, &c.
The Commissioner proceeds to discuss the |
remedies which the situation of affairs In
respect to trade, commerce, and industry |
would seem to render necessary. Setting |
aside minor considerations, the chief ele- |
ments of disturbance are to be found In the |
present condition OF the currency and OF the |
national taxation, and II Is through reform |
in these directions that relief Is mainly to be |
expected.
The simple, reasonable remedy for the
evils Of initiation would seem TO be contrac.
ton, pure and simple, without article or In |
direction. Contraction, however, Is opposed |
on account of the immediate distress which |
1t is supposed would follow the adoption of
such policy. But II requires no gift of |
prophecy 10 foretel that the country must |
soon experience all the hardships which con-
traction could entail, whether contraction |
and the ultimate benefits of contraction be |
secured or not. 1t Is morally certain that |
prices In almost every department OF Indus |
try will sooner or later be disturbed us greatly !
as contraction would require the only diff |
ference being that In one case a temporary |
hardship Is submitted to for II permanent re-
lief and a great good and in the other 1t |
will be suffered to no purpose, and the causes
which produced the mischief be left as en-
tire and powerful as ever. All the incidents
and all the effects of contraction, 80 far as II
involves commercial disaster aud Industrial
distress, arc inevitably coming, aud speed
lily. The only question which 1t Is left us to