tate
debts incurred since the revolt, for the purpose of overthrowing the
Government, will, of course, have no legal existence. Under the Federal
Constitution, no State Legislature can have any lawful existence, except
in conformity with its provisions, accompanied by a prior oath of every
member to support the Constitution of the United States. These
assemblages, then, since the revolt in the several States, calling
themselves State Legislatures, never had any legal existence or
authority, and were mere assemblages of traitors. Such is the clear
provision of the Federal Constitution, and of the law of nations and of
justice. It would be strange, indeed, if conventicles of traitors in
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.

Next to maintaining our finances and the public credit, followed by
decisive victories in the field, the speedy success