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this annual deficit will probably be supplied by sale of bonds; but when peace recurs, it will have to be met by stern taxation; and the predicament of the people having to pay it will be in the last degree unenviable. The South will find out that they have escaped the most enormous taxation which a free people have ever yet had to endure; and that their secession, in a mere financial point of view, was the happiest deliverance ever vouchsafed to people since Israel crossed the Red Sea and Miriam sang her song of triumph. The London Times has some very striking remarks upon the frightful rapidity with which the North is running up its public indebtedness, that are well worthy of Southern attention, and which we copy, substituting dollars for pounds sterling: "We entreat the reader to observe for a moment what this implies. Such a course throws all-our borrowing into the shade. In all the nine years of the American war, from 1773 to 1783, we only borrowed $520,000,000. In