Year: 1861

! ohe OF the leadlng papers OF this city
takes the ground that the war is not sup
ported by the people, but by the govern
ment; the money which the people pay
out coming back again into their own
pockets. This is somewhat common no.
ton, but it is simple nonsense. A man
who has laid up 800 and invested it in
treasury notes, will not, through any op-
erations of the government, have that
800 to buy another 800 treasury note
with. If some government contractor
makes profit beyond bis own expenses
that he wishes to invest, then that profit
is ready to be loaned again to the govern.


nent Or if an officer with high pay saves
a portion of his salary, and chooses to in
vest it in government funds, then that por-
ton of the first loan will be ready to be
re-invested in the second loan. Traders
too, who are selling supplies to the army
may invest portion of their profits in
subsequent loans. In short, the only
portion of one loan to government that
will be invested in a second loan, is
part Of the profits made by individuals
out of the operations of the war. This
is very small fraction of the whole sum
expended 10 the military operations.


Where then is the money to come from
to carry on the war? 1t is to come from
the profits of our industrial operations
agricultural, manufacturing, commercial,
&c. There are considerable numbers of
persons in the community who are even
now in receipt of large incomes, either
from their business or from their invest
ments, and it is mainly from the surplus
of these revenues that loans to the gov
ernment will be made There is a good
deal of arrangement in many kinds of
business, but if we examine the matter
thoroughly we shall be surprised to find
how small the portion of the arrangement
is compared with the whole extent of our
industrial operations. The unprecedented
quantities Of wheat, corn, pork, beef, &c.
that are loading our canals and railroads,
show conclusively that our largest inter-
est-the agricultural-is moving right on
in its accustomed course. Our saw mills
are turning out lumber as usual, and many
of our manufactures are busy as ever; the
woolen, especially, is more prosperous
than ever before. Even the cotton mills
are generally running, and those manufac-
turers who bought large stocks of cotton
before the rise, are just at the present time
making immense profits.


Trade is more badly deranged than any
other department Of business, but this is
principally owing to the general refusal
of those holding goods to sell on the usual
time. Trade is disturbed by one of those
panics that occur periodically, and that
are inherent in the credit system. But
even the trade of the country is not de-
stroyed. The foreign and domestic COM
merce of this nation at this time, is larger
than was ever carried on BY any country
in the world before the present century.


The arrangement of business is mainly
temporary, owing to industry being thrown
out of its accustomed channels, and espe-
cially to the complete suspension of the
credit system in trade. 1t requires an
accumulation of capital in new hands,
saving on the part of consumers and eoun-
try dealers, for the same amount of trade
to be done on cash as was formerly done
on six and eight months credit. But as
soon as our industry can settle itself in its
new channels, it will resume its wonted
flow, and with scarcely perceptible dimi-
mutton in consequence Of the war.


The power of the nation to produce
wealth is in proportion to the quality and
quantity of the tools with which it has to
work with; its steam engines, water
wheels, machinery, saw mills, grist mills,
horses, oxen, railroads, canals. &c. and the
Northern States of this Union have more
of these than any other nation, excepting
England, and far more than England had
at the beginning of the present century,
when she waged her twenty years wars
with Napoleon. AT that time she had
just begun to build her steam engines and
her cotton and wooden machinery, and
even her commerce, agriculture and min
ing, were very small compared with those
Of this country at the present time.


Our power of creating wealth is such
that we could easily carry on two or three
wars like the present. A million dollars
a day is but five cents piece for our peo-
pie. But in order to reap the benefit of
this great productive power, We must
keep it in operation. Let, then, our man
utacturers aud masters Of industry arrange
their operations as speedily as possible, in
aoaorlar1a with tIa &c