The Continental Monthly, Vol. 4, No. 1, July, 1863: Devoted to Literature and National PolicyVarious
History
The Continental Monthly, Vol. 4, No. 1, July, 1863: Devoted to Literature and National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
Last year, even during a war, breadstuffs and provisions, reaching
$109,676,875 in value, were exported abroad, from the loyal States
alone; but, with these enlarged canals, the amount could be more than
tripled, the augmented exports bringing in increased imports, and vast
additional revenue. Can we not realize the certainty of these great
results, and have we not the energy and patriotism to insure their
accomplishment? Assuredly we have.
Nor is it only our revenue from duties that would be increased to an
extent sufficient of itself, in a few years, to pay the principal and
interest of the debt incurred in the construction of these works, but
our internal revenue, also, would be prodigiously augmented.
The census of 1860 shows our increase of wealth, from 1850 to 1860, to
have been 126.45 per cent. (Table 35). Now, if we would increase our
wealth only one tenth, in the next ten years, by the construction of
these works, then (our wealth being now $16,159,616,068) such increase
would make our wealth, in 1870, instead of $36,593,450,585, more than
sixteen hundred millions _greater_, or more than _ten times_ the cost of
these works; and, in 1880, instead of $82,865,868,849, over three
billions six hundred millions more, or more than twenty times the cost
of those works. The same percentage, then, of our present internal tax,
on this augmented wealth, estimated at only one per cent., would be
$16,000,000 (annually) in 1870, and $36,000,000 (annually) in 1880, and
constantly increasing. Add this to the great increase of our revenue
from duties, as the result of these works, and the addition would not
only soon liquidate their cost, but yield a sum which, in a few years,
would pay the principal and interest of our public debt.
With such works, we would certainly soon be the first military, naval,
and commercial power of the world. The West, with these reduced
freights, would secure immense additional markets for her products, and
the East send a much larger amount of manufactures, in return cargoes,
to the West.
A new and great impulse would be given to the coal and iron interest. If
the Delaware, Susquehanna, and their tributaries, and the Ohio and its
tributaries, especially the Youghiogheny, Monongahela, and Alleghany had
the benefit of low freight, afforded by these canals, they could supply
not only the seaboard at reduced rates, but also central and western New
York, the Canadas, and the whole lake region, with coal and iron.
Indeed, the increased demand, thus caused for these great articles,
would soon bring our make of iron, and consumption of coal, up to that
of England, and ultimately much larger. Freight is a much greater
element in the cost of coal and iron, than of agricultural products, but
the increased exchange would be mutually advantageous.
Public-domain text, read in full here on John Shaqi.
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