he Union, at eleven thousand millions of dollars," while he
remarks that "the yearly surplus earnings of the loyal people are
estimated at more than four hundred millions of dollars." A tax of nine
per cent, on this surplus would pay an interest of six per cent, on a
loan of six hundred millions. Now in this country, where we are so
little accustomed to taxation, such a tax may seem to be a very serious
affair; but the man who in times like these, and for objects like those
for which we are struggling, is not willing to pay nine per cent--of his
_surplus earnings_, does not deserve to enjoy the blessings of a
free government.

It is therefore a gross exaggeration to say that the country is
bankrupt, or on the verge of bankruptcy. Nothing more is true than that
the Government of the country--the legislative power--has not as yet
shown the sagacity and vigor to apply a moderate portion of its abundant
resources to the preservation of all we hold dear. The wealth is
here,--not merely what is locked up in the vaults of the banks, (for
this, though ample for all the purposes of these institutions, is but a
very small portion of the wealth of the country, not much over one-half
of the annual surplus earnings,) but the entire accumulations of town
and country, the whole vast aggregate of the property having a
marketable value or capable of being applied in kind or by exchange for
its equivalent to the public service. All this fund belongs to the
people, to be levied upon and appropriated to the service of the country
by the people's representatives and servants. It belongs only _sub
modo_ to those who are commonly deemed its owners. They are the
stewards to whom Providence has confided it, subject to the condition,
in time of need, of being employed, under equitable and equal laws, to
defend the life of the country. And when we consider how small a portion
of it is required to answer the demands of the public service, we cannot
but be amazed at the language of despondency which is sometimes uttered
at the state of the public finances. We call the individual man of
wealth a miser, who hoards his income, instead of spending a portion of
it in deeds of charity and public spirit, or even on his own comforts
and those of his family. This expressive use of that word, says Bishop
South, is peculiar to the English language. Although the word is Latin,
we have improved on the Romans, in the bitter sarcasm of this
application. But a Gov