w in their
malignant envy hope for the permanent dismemberment of America, will
then hail her resuscitation with a zeal which will be none the less
advantageous to us for being forced from them in spite of their present
hate and detraction. If the division of our country would destroy its
influence abroad, and subject the parts to constant intrigues and
interference from foreign powers, the restoration of the Union with even
more than its former glory will give us unexampled weight in the
counsels of mankind. Our unexpected and astounding exhibition of
military power, our thorough command of the American continent, and its
immense resources, hardly yet begun to be developed, and the unlimited
prosperity which the future will assuredly bring us, cannot fail to
strike the minds of European thinkers, and to awaken deep interest among
the European people. The stream of immigration, interrupted by the war,
will be renewed with at least its former fulness, and will keep pace
with the demands of our country for labor and population. The South may
then be expected to receive her full share of this increase by people
from abroad, and will then commence that process of condensing and
permanently fixing her population, without which she can never attain
any high position in the scale of civilization.

The large public debt destined to be incurred, may be expected to have
some influence in preventing immigration and improvement; but unless the
war shall unfortunately linger far beyond the period at which its end is
now anticipated, the liabilities of the Government will not be so great
as to prevent the speedy return of our usual prosperity. A different and
far better system of taxation will be required--one more favorable to
commerce and at the same time equally productive, or at least
sufficiently so to meet all our liabilities and provide for the
extinguishment of the debt within a reasonable time. One of the
advantages attending this great debt and modifying its certain evils and
burdens, will be the necessity of devising a stable revenue system,
intended solely to provide means for sustaining the Government and
meeting the public obligations. Periodical changes, often depending on
party ascendency and popular elections, have hitherto marked the
financial policy of our Government. So long as the sources of revenue
were superabundant and the demands of the Treasury very moderate, we
could well afford to make experiments, and eve