The Atlantic Monthly, Volume 10, No. 57, July, 1862: A Magazine of Literature, Art, and PoliticsVarious
History
The Atlantic Monthly, Volume 10, No. 57, July, 1862: A Magazine of Literature, Art, and Politics
Various
American periodicals
According to returns made by the Census Bureau to the Secretary of the
Treasury, the gross value of the productions of the United States for
1860 was $3,900,000,000: namely,--the product of Manufactures, the
Mechanic Arts, Mining, and the Fisheries, $1,900,000,000; the product
of Agriculture, $2,000,000,000.
It is a well-understood principle of political economy, that the
annual product of a country is the source from which internal taxes
are to be derived.
The nation is to be considered a partnership, the several members
engaged in the various departments of business, and producing annually
products of the value of $3,900,000,000, which are distributed among
the partners, affording to each a certain share of profit. The firm is
out of debt, but a sudden emergency compels an investment, in a new
and not immediately profitable branch of business, of $1,500,000,000,
which sum the firm borrows. As the consequence of this liability, the
firm must afterward incur an annual additional expense as follows:
$100,000,000 for the payment of members not engaged in productive
labor, $90,000,000 for interest upon the debt incurred, and $60,000,000
for a sinking-fund which shall pay the debt in less than twenty years.
It is absolutely necessary for the future prosperity of the business of
the firm, that this immense investment, so unexpectedly called for,
shall be made to pay. How shall this problem be solved?
Large sums are confusing, and tend to prevent a clear understanding of
the matter; therefore let the nation be represented by Uncle Sam, an
active, middle-aged man, owning a farm and a factory, of which the
annual product is $40,000. The largest and best portion of his farm is
very badly cultivated; no intelligent laborers can be induced to remain
upon it, owing to certain causes, easily removable, but which, being
an easy-going man, well satisfied with his income as it has been,
Uncle Sam has been unwilling to take hold of with any determination.
Public-domain text, read in full here on John Shaqi.
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