revolted States, could legally or rightfully impose taxes on the people of such States, loyal or disloyal, to overthrow the Government. Indeed, if justice could have her full sway, the whole debt of this Government, incurred to suppress this rebellion, ought to be paid by the traitors alone. With a restoration of the Union, the prosperity of all sections will be enormously increased. The South, with peace and with ports reopened, relieved from rebel taxes and conscription, will again have a profitable market for their cotton, rice, naval stores, sugar, and tobacco; the West for breadstuffs and provisions; the North for commerce, navigation and manufactures; and our revenue, from duties, would be vastly augmented, soon justifying a reduction of internal taxation. There is one item of almost fabulous value that must not be omitted. The cotton now in the Confederate States, of the unsold crops of 1860-'61, 1861-'62, and 1862-'63, exceeds 5,000,000 of bales. This cotton, sold at present prices, payable in federal paper, would be worth $1,800,000,000, or $1,134,000,000 in gold. If we diminish this one-half, as cotton might fall in price from time to time by the gradual reopening of our ports, this cotton would still be worth $900,000,000 in our paper, and $567,000,000 in gold. This cotton, while putting all our spindles and those of the world into full operation, would turn the balance of foreign trade at once immensely in our favor, and bring back streams of gold to our shores. We would at once commence the liquidation of the national debt, with a large sinking fund, as a sacred trust applicable to that important subject.