Year: 1862




tence of its victorious puTsuer. DestrLc-
tion then marks every fed, and war, with
rs iron mailed hand, scourges the bosom
OF nature herself into stertll,ty. Attila,
the herce barbarian conqueror, at the head
OF his ravaging hordes, announced to af-
frighted Europe that grass would never
grow again where the boofs of his war
horse had lift their mark. Scarcely less
blighted will the track of defeated and 70.
treating southern armies. when no longer
able TO meet US in general engagements
But little will be left after their own wants
are met, and that little will be DESTROYED.
Our supply trains will have to move with
our armies from the loyal States, thus aug
mentiDg the public expenditures at every
step. 1t is safe then, to conclude that the
year that is TO come, and on which we are
just entering-the second year of the war
will swell the Indebtedness of this gov
er0ment to the alarming sum of 50 .OOO,-
GOO, 900. This amount will have accrued
about the time the toiling citixon is feirly
called upon to commence the weary task Of
meeting Its awfui proportions by taxatlon.
II is task. sir, that no eye which now be-
holds the sun will ever see completed. The
child is not born, and viii not be for more
than hundred years, who will escape the
visits of the Federal tax-gatherer in the
incessant labors of future generations to
wear away by the steady dropnings of per
pethal tax this mountain Of debt. This is
no high wrought or extravagaut statement,
but the cad and melancholy truth, as each
succeeding year Of the approaching future
will but too truly bear witness.


1t is said, however, here and elsewhere
Throughout the country, that we are a ma
tion of inexbaustible resources, almost
fabulous wealth, and the burdens which
would cause other governments to reel and
stagger are as light as feathers to us. This
Is pleasing tribute TO our national vanity,
it sounds well in our self compliment ears
We have been so long exalted in happiness
over all other people. no long blessed in
every enjoyment above what God has ever
vouchsafed to any other nation. that we
are even now unwilling or unable to real
ize the fact that the hand of affection has
at last fallen upon us with force almost
as cruel as that which visited Jerusalem
when Titus was encamped before her walls
1t is true, however, that we abound in
wealth; it is true, that our lap has been
filled with treasure; but things in this
world exist principally by compariscn.-
That which constituted immense wealth a
little more than year ago. in view of a
public debt of less than fifty millions, di-
minishes rapidly when brought to bear on
debt of forty times that amount.


By the census report of 1860 we find
that the assessed value Of all the real and
personal property Of the entire United
States, both loyal and rebe!lious, is Sl2,-
COG. 1856, $50. Thus it will be seen that our
puilic debt is now equal to oue-twelfth of
all the taxable property Of the government
and that in one year from now it will be
equal to one sixth of everything the people
possess. No cunniEg aud studied speeches
made to mislead and deceive can hide the
naked fact that this is the peoples debt,
and that they will have it to pay. Every
sixth acre of land, every sixty OK, every
sixth horse, e7ery sixth sheep, every sixth
hog and every sixth dollar, under the f.
DaDcial mismanagement and fraud of the
party now in power, will, in one year from
to day, be covered and swallowed up be the
amount of government debt. It will be
equal to an interest on every taxable sub
stance in the land of sixteen and two
thirds per cent. Every business nan
knows tina. in the private transactions of
life such rate of interest is the speedy
prelude to individual ruin in him who paws
1t ; and the nation on which such q weight
is imposed is on the brink of overwhelming
bankruptcy. In this estimate it will be
seen that l have taken the figures of the
census report as they were made when the
unruffied calm of peace and prosperity
gave to property its highest value. To
what extent the ravages of war have de-
! preciated this value 1t is impossible to cal.
culate ; but that the property of the people
OF the Uuited States is to-day worth more
than two thirds of what it was one yeur
ago, will not be pretended and to the ex-
tent of that depreciation is the proportion
which the public debt bears to it increased
But again. By the census report from
| which have just quoted we find that the
| population of the United States in the year
! 1860 was little more than thirty millions.
! Of this population about five millions are
voters. A moment's calculation in the
simplest rulers of arithmetis shows that
each individual voter of these five millions
is in debt to day 5000 on account of his
proportion of the national expenses, and
that one year hence he will be in debt $500
on the same account. The liability If nv
| own great State of Indiana. according to
the rule of taxation which has been enact.
ed against her by the present Congress,
will be 500, 100000, of which enormous
sum the people of the District which
| have the honor to represent will stand
charged with something over twelve milI
lions of dollars.


Where, sir, in all the dreary history of
prOf1igate nations were ever such burdens
as these imposed on the shoulders of any
people in go short time? The mourning
children Of Israel. csptives in the brick
yards of Egypt, were scarcely more slaves
TO then Egyptian masters than the Ameri-
can people will be to the constant demands
and exactions Of the national debt. twill
come upon them like the lean and hungry
kline rising from the river Of Pharaoh's
dream to devour the well-fagored aud fat
fleshed cattle of all the land. Tell me not
of the blessings of public debt. That
cry is simply the cheat and the falss hood
by which men who have abused their au
thority seek to cover up the outrages which
they have inflicted on a copfidiDg peoyle.
Ii is as old. too, as crime in high places, or
the principle of base cupidity in the heart
of man. The Pharasees Of Jerusalem over
their bearded gains, the kings Of Babylon
on their couches of gold, Alexander at HE
gorgeous banquets. the Sultan in the midst
of his soft dallisnces of expensive nve,
corrupt. effemiuate Roman senators in THEN
villas OF marble magnihcence, the Bour-
bODs Of France surrounded ty the spIeu-
doris of the Tuileries, the Stuarts of Eng
land clinging to the maxims Of kingcrait,
lustful tyrsnts, debauched princes, and
dishonest statesmen of all ages and every
cline have all talked wisely and profound
ly of the sweets and comforts which DOW
to the people from that fountain of bitter
waters-d great public debt. If they can
convince the people that this monstrous
heresy is right, then all check and restrain,
on exiravagance and wasteiul indulgence
at once are withdrawn, and ayarice and
corruption are left free to prey with un-
bridled license on the substance OF the ma.
ton. IL is alarming, sir. that this fatal
doctrine is found creeping into the debates
Of the American Congress Has it come
! 70 this 2 Has this nreat natinn 50 famed