may serve as a fair index of the resources of the loyal States.  In the American Circular of Messrs. Hallett & Co. of New York, for the 6th of November last, the value of the tonnage of all kinds annually moved upon the public works (railroads and canals) of the Northern and Middle States is estimated in even figures at $4,620,000,000.  This enormous sum, of course, represents only that part of the internal and foreign trade of the country which is moved upon the canals and railroads.  All that portion of trade which is not transacted in this way,—­all that moves exclusively on the lakes, rivers, and coastwise, without coming in contact with artificial communications,—­the retail business of every kind in the large cities, and all that is transported in moderate parcels by animal power in the neighborhood of the places of production, is in addition to this vast amount.

The Secretary of the Treasury, in his patriotic appeal to the country last summer, calculates “the real and personal values, in the States now loyal to the 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,