I Cannot Myself Think That All The Millions That Are Being Spent Would Weigh Upon The Country With Much Oppression, If The Weight Were Once Properly Placed Upon The Muscles That Will Have To Bear It.

The difficulty will be in the placing of the weight.

It has, I know, been argued that the circumstances under which our national debt has extended itself to its present magnificent dimensions cannot be quoted as parallel to those of the present American debt, because we, while we were creating the debt, were taxing ourselves very heavily, whereas the Americans have gone ahead with the creation of their debt before they have levied a shilling on themselves toward the payment of those expenses for which the debt has been encountered. But this argument, even if it were true in its gist, goes no way toward proving that the Americans will be unable to pay. The population of the present free-soil States is above eighteen millions; that of the States which will probably belong to the Union if secession be accomplished is about twenty-two millions. At a time when our debt had amounted to six hundred millions sterling we had no population such as that to bear the burden. It may be said that we had more amassed wealth than they have. But I take it that the amassed wealth of any country can go but a very little way in defraying the wants or in paying the debts of a people. We again come back to the old maxim, that the labor of a country is its wealth; and that a country will be rich or poor in accordance with the intellectual industry of its people.

But the argument drawn from that comparison between our own conduct when we were creating our debt, and the conduct of the Americans while they have been creating their debt - during the twelve months from April 1, 1861, to March 31, 1862, let us say - is hardly a fair argument. We, at any rate, knew how to tax ourselves - if only the taxes might be forthcoming. We were already well used to the work; and a minister with a willing House of Commons had all his material ready to his hand. It has not been so in the United States. The difficulty has not been with the people who should pay the taxes, but with the minister and the Congress which did not know how to levy them. Certainly not as yet have those who are now criticising the doings on the other side of the water a right to say that the American people are unwilling to make personal sacrifices for the carrying out of this war. No sign has as yet been shown of an unwillingness on the part of the people to be taxed. But wherever a sign could be given, it has been given on the other side. The separate States have taxed themselves very heavily for the support of the families of the absent soldiers. The extra allowances made to maimed men, amounting generally to twenty-four shillings a month, have been paid by the States themselves, and have been paid almost with too much alacrity.

I am of opinion that the Americans will show no unwillingness to pay the amount of taxation which must be exacted from them; and I also think that as regards their actual means they will have the power to pay it. But as regards their power of obtaining access to those means, I must confess that I see many difficulties in their way. In the first place they have no financier, no man who by natural aptitude and by long-continued contact with great questions of finance, has enabled himself to handle the money affairs of a nation with a master's hand. In saying this I do not intend to impute any blame to Mr. Chase, the present Secretary of the Treasury. Of his ability to do the work properly had he received the proper training, I am not able to judge. It is not that Mr. Chase is incapable. He may be capable or incapable. But it is that he has not had the education of a national financier, and that he has no one at his elbow to help him who has had that advantage.

And here we are again brought to that general absence of statecraft which has been the result of the American system of government. I am not aware that our Chancellors of the Exchequer have in late years always been great masters of finance; but they have at any rate been among money men and money matters, and have had financiers at their elbows if they have not deserved the name themselves. The very fact that a Chancellor of the Exchequer sits in the house of Commons and is forced in that House to answer all questions on the subject of finance, renders it impossible that he should be ignorant of the rudiments of the science. If you put a white cap on a man's head and place him in a kitchen, he will soon learn to be a cook. But he will never be made a cook by standing in the dining-room and seeing the dishes as they are brought up. The Chancellor of the Exchequer is our cook; and the House of Commons, not the Treasury chambers, is his kitchen. Let the Secretary of the United States Treasury sit in the House of Representatives! He would learn more there by contest with opposing members than he can do by any amount of study in his own chamber.

But the House of Representatives itself has not as yet learned its own lesson with reference to taxation. When I say that the United States are in want of a financier, I do not mean that the deficiency rests entirely with Mr. Chase. This necessity for taxation, and for taxation at so tremendous a rate, has come suddenly, and has found the representatives of the people unprepared for such work.

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