Year: 1863

require our army to be kept up fully to its
present number. 1t took several thousand
men to chase a few Indians in Florida, and
after costing forty-two millions and twenty
years delay, we had to hire the Indians to
leave. OF course Caucasans will make a
much more formidable resistance How
ever, it is little use to ask how long it will
take, or how much it will cost, to conquer
the South, for there is not the least proba-
bility that we can ever do it. But it may
be some use to inquire how long we can
carry on this war for the profit and delight
of the aboitionists.


We had eight thousand millions Of values,
real and personal. We think that at the Or
ganization of our Government there was one
thousand millions Of property and in the
II years we have accumulated seven thou
sand millions more being a: the rate of one
hundred millions year; our population was
eleven millions. and our accumulation there
fore, has been at the rate of nine dollars
year to each inhabitant. But now we accu
mulate nothing, because our labor is stopped
and the men have exchanged their tools for
guns. We confess that we find it imposs
BILE to fix the proportion of our Nationa
wealth, that may be rendered available in
offensive war. Gold is the standard of val
ne; it becomes worthless. Taking this as
our guide, how Great will our debt be when
our credit is entirely gomez and Of course
our means for continuing the war will end
with our credit. Our expenses paid and
unpaid, are two thousand millions. This is
as near as we can arrive at the truth, but
we think, from the debates in Congress, that
they are more. The expense of two thous
and millions, has caused a decline of Govern
ment credit to about sixty'fve per cent, be-
ing loss of thirty five per cent This is a
little over one-third already gone. Then, if
two thousand millions has used up onethird
of our credit then debt of six thousand mil
lions Will destroy it altogether But we do
not think it will hold out so long. As
credit declines it is like stone rolling
down bill, going with accelerated velocity
and after we reach the figure of three thou
sand millions of indebtedness, we expect the
same thing will appear. One of the main
supports of credit is sort of confidence, and
sometimes it has no real or valid foundation,
but when that confidence is shaken the credit
falls in a moment. We know that our ar
mics will have to disband in less than two
months after the Government ceases to bor'
row. We are inclined to believe that there
is a law governing this thing called national
credit, that has not been vet understood by
and Of the writers on political economy.


But it would seem very clear that the peo
pie cannot lend more than they have, and
very large part, even of that, can never be
1. Il. e.. "


the property of the country with debt bear
ing six per cent. interest. while very great
share Of that property will not produce over
three or four per cent. But it is clear as
sunlight that we are running with headlong
SPEED right into the gulf of national bank
ruptcy, which, happening in the midst of
war will not fail to be destructive to our
country. We have never favored this policy
and will at least feel that we have brought
none of the mischief upon the people.