In considering this matter it must be remembered that the five or six States of which we are speaking are at present slave States, but that, with the exception of Virginia--of part only of Virginia--they are not wedded to slavery. But even in Virginia--great as has been the gain which has accrued to that unhappy State from the breeding of slaves for the Southern market--even in Virginia slavery would soon die out if she were divided from the South and joined to the North. In those other States, in Maryland, in Kentucky, and in Missouri, there is no desire to perpetuate the institution. They have been slave States, and as such have resented the rabid abolition of certain Northern orators. Had it not been for those orators, and their oratory, the soil of Kentucky would now have been free. Those five or six States are now slave States; but a line of secession drawn south of them will be the line which cuts off slavery from the North. If those States belong to the North when secession shall be accomplished, they will belong to it as free States; but if they belong to the South, they will belong to the South as slave States. If they belong to the North, they will become rich as the North is, and will share in the education of the North. If they belong to the South, they will become poor as the South is, and will share in the ignorance of the South. If we presume that secession will be accomplished--and I for one am of that opinion--has it not been well that a war should be waged with such an object as this? If those five or six States can be gained, stretching east and west from the Atlantic to the center of the continent, hundreds of miles beyond the Mississippi, and north and south over four degrees of latitude--if that extent of continent can be added to the free soil of the Northern territory, will not the contest that has done this have been worth any money that can have been spent on it?
So much as to the object to be gained by the money spent on the war!
And I think that in estimating the nature of the financial position which the war has produced it was necessary that we should consider the value of the object which has been in dispute. The object, Imaintain, has been good. Then comes the question whether or no the bill will be fairly paid--whether they who have spent the money will set about that disagreeable task of settling the account with a true purpose and an honest energy. And this question splits itself into two parts. Will the Americans honestly wish to pay the bill; and if they do so wish, will they have the power to pay it? Again that last question must be once more divided. Will they have the power to pay, as regards the actual possession of the means, and if possessing them, will they have the power of access to those means?
The nation has obtained for itself an evil name for repudiation. We all know that Pennsylvania behaved badly about her money affairs, although she did at last pay her debts. We all know that Mississippi has behaved very badly about her money affairs, and has never paid her debts, nor does she intend to pay them. And, which is worse than this, for it applies to the nation generally and not to individual States, we all know that it was made a matter of boast in the States that in the event of a war with England the enormous amount of property held by Englishmen in the States should be confiscated. That boast was especially made in the mercantile City of New York; and when the matter was discussed it seemed as though no American realized the iniquity of such a threat. It was not apparently understood that such a confiscation on account of a war would be an act of national robbery justified simply by the fact that the power of committing it would be in the hands of the robbers. Confiscation of so large an amount of wealth would be a smart thing, and men did not seem to perceive that any disgrace would attach to it in the eyes of the world at large. I am very anxious not to speak harsh words of the Americans; but when questions arise as to pecuniary arrangements, I find myself forced to acknowledge that great precaution is at any rate necessary.
But, nevertheless, I am not sure that we shall be fair if we allow ourselves to argue as to the national purpose in this matter from such individual instances of dishonesty as those which I have mentioned. I do not think it is to be presumed that the United States as a nation will repudiate its debts because two separate States may have been guilty of repudiation. Nor am I disposed to judge of the honesty of the people generally from the dishonest threatenings of New York, made at a moment in which a war with England was considered imminent. I do believe that the nation, as a nation, will be as ready to pay for the war as it has been ready to carry on the war. That "ignorant impatience of taxation," to which it is supposed that we Britons are subject, has not been a complaint rife among the Americans generally. We, in England, are inclined to believe that hitherto they have known nothing of the merits and demerits of taxation, and have felt none of its annoyances, because their entire national expenditure has been defrayed by light custom duties; but the levies made in the separate States for State purposes, or chiefly for municipal purposes, have been very heavy.
