The large public debt destined to be incurred, may be expected to have some influence in preventing immigration and improvement; but unless the war shall unfortunately linger far beyond the period at which its end is now anticipated, the liabilities of the Government will not be so great as to prevent the speedy return of our usual prosperity. A different and far better system of taxation will be required--one more favorable to commerce and at the same time equally productive, or at least sufficiently so to meet all our liabilities and provide for the extinguishment of the debt within a reasonable time. One of the advantages attending this great debt and modifying its certain evils and burdens, will be the necessity of devising a stable revenue system, intended solely to provide means for sustaining the Government and meeting the public obligations. Periodical changes, often depending on party ascendency and popular elections, have hitherto marked the financial policy of our Government. So long as the sources of revenue were superabundant and the demands of the Treasury very moderate, we could well afford to make experiments, and even to depart from the true principles of taxation, or at least to do so without any very serious or ruinous consequences. Now, however, when the public expenditure is about to be vastly increased, and when it will be for the first time really felt by the people, it will become the first duty of our rulers to study the extent and true character of our resources, and to adjust the burdens of taxation, with all practicable fairness, to the respective capacities of all classes and interests. We may expect to have a system stable and permanent in its principles, if not in its details; and the basis of this system will be a wise arrangement of duties on imports, which must, from various reasons, ever form the great bulk of our taxes.