The Yankee future.
--We made, yesterday, some remarks upon the taxation to which the Yankees
are subjecting themselves by their ridiculous prosecution of this war. Basing our remarks upon those of the Cincinnati Enquirer
, we gave them a debt of $600,000,000 to start with, and calculated the interest at six per cent. In following the paper in question, we gave the Yankees
more credit than they are entitled to. The money constituting the debt was borrowed at 7½ per cent, not at 6, and the interest for one year amounts to $45,000,000, instead of $36,000,000. As the Yankees
have no other mode of raising the wind than loans, it is fair to presume that they will borrow at least as much each succeeding year of the expected ten years war as they borrowed this year — that is, $500,000,000. The probability, nay, the certainty, is that they will increase their loans every year; but we will let them stand as they are and at the same rate, although there is a certainty equally palpable that the rate, too, will rise.
The page will be black enough after all the expunging which it is possible to allow.
Let us see how much money the Yankees
will have paid at the end of the anticipated ten years war, when they shall have been saddled with a debt exceeding five thousand millions of dollars, bearing an interest of at least 7½ per cent.
Their debt the first year will be $600,000,000. The interest thereon will be $45,000,000. This interest they will have to pay, unless they mean to break down the credit of their Government entirely by repudiation, and they must be taxed to pay it. The second year they will be taxed to pay the interest on an addditional $500,000,000. That additional interest at 7½ per cent. amounts to $37,500,000, and being added to the interest of the former year', ($45,000,000,) the whole sum is represented by the figures $82,500,000. The third year an additional $37,500,000 will be added, making the taxes to be paid $120,000,000. The fourth year they will be (adding the interest as above) $157,500,000. Adding the interest of the fresh loan each succeeding year, the fifth year gives us $195,000,000; the sixth, $232,500,000; the seventh, $270,000,000; the eighth, $307,500,000; the ninth $345,000,000, and the tenth, $382,500,000. These enormous sums the Yankees
will have to pay in the shape of taxes.
At the end of ten years they will have paid $2,097,500,000 for interest on the public debt.
The Cincinnati Enquirer
estimates the revenue from customs at $36,000,000 per annum.
We are confident, now that the Southern
trade is gone forever, it will never reach more than half that figure.
But we allow it all. In ten years this would make a sum of $360,000,000. Take this sum from $2,097,500,000, and a balance is left of $1,737,500,000 to be raised by other means, and there are none other save direct taxation, so far as we can discover.
After paying all this money for the interest on the public debt, that debt at the end of ten years will remain intact, for the exigencies of the Government
will not admit of a sinking fund.
It will reach the figure of $5,100,000,000 at 7½ per cent. When the rate of interest is taken into consideration, it will vastly exceed the public debt of Great Britain
at the end of the French
The interest, for which provision will have to be made every year, will be $382,000,000, exclusive of the sum necessary to carry on the Government
The largest sum ever paid by Great Britain
for interest on the public debt, we have seen, was but $210,000,000. To have called for a sum in the shape of interest amounting, at 5 per cent., to $382,000,000, the British
debt must have amounted to $7,774,000,000, or about £1,560,000 sterling.
It fell short of that figure, even when £200,000,000 of it bore an interest of 3 and 4 per cent., by £400,000,000 sterling and upwards.
From the above speculations, which we believe to fall far short of the mark, some idea may be formed of the reckless folly with which the Yankee Government
is plunging into difficulties such as no Government ever involved itself in from the foundation of the world.
At the end of ten years, if the war continue, the Yankee
nation will be the most heavily taxed nation that ever existed.
In face of the frightful prospect opening before him, the Yankee President
consoles his faithful lieges by telling them that the debt they will have to bear will not be larger in proportion to their ability to pay than the debt of Great Britain
is in proportion to the capacity of the British
people for sustaining it. If there were the least shadow of truth in this statement, it could afford but poor comfort to the victims of his financial experiments.
It would foreshadow, for all time to come, pauperism, misery, crime, and degradation, such as we had hoped would never be witnessed in the New World, for at least five hundred years to come.
It would indicate starving operatives, overworked and ill-fed mechanics, ragged agriculturists, riots in the cities, discontent in the country, wars between employers and their employees, burnt manufactories, murdered capitalists, anarchy, distress, and despair throughout the nation.
It would foreshadow the approach of an era distinguished by the establishment of enormous poor rates and fresh taxes to support them.
All these things have been in England
, and in all human probability will be again.
And to the probability of their existing in Yankeedom, Mr. Lincoln
alludes with the most philosophic calmness, and tells his people they can carry on this war if they will voluntarily reduce themselves to the condition which they indicate.
But it is not true.
are not as able to support the coming debt, in proportion, as the English
The resources of Great Britain
are infinitely greater than those of the Yankees
What resources, indeed, have the Yankees
Take away the Southern
trade, and they are the poorest people on earth.