Expenses of the War

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As soon as the internal navigation shall be open, large quantities of maize, pork, and other articles of food, will be exported to Europe ; and cotton cannot 8 be held back much longer. Thus far every thing is yet sound ; but the high rate (at least one per cent, a month) at which money is borrowed on paper of undoubted credit, would alone be suffi cient to show that great caution is required on the part not only of the banks, but of all those who are engaged in active business. Notwithstanding... the great increase of national wealth, there is still a perpetual demand for capital. The circulating capital of the country is clearly the fund out of which the public revenue and loans must be raised ; and the effect produced by a demand of thirty millions within the next six months requires serious consideration.
Five-eighths of the revenue derived from customs are collected in New York, and nine-tenths in five or six Atlantic seaports. These duties are payable the moment the merchandise is landed or withdrawn from the public warehouses.


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