on the whole matter, which was
then new and very complex, England had to judge without having her
usual materials for judgment, and (since the guidance of the "City" on
political matter is very quietly and imperceptibly given) without
knowing she had not those materials. Of course, this error might have
been committed, and perhaps would have been committed under a
Parliamentary government. But if it had, its effects would ere long
have been thoroughly searched into and effectually frustrated. The
whole force of the greatest inquiring machine and the greatest
discussing machine which the world has ever known would have been
directed to this subject. In a year or two the American public would
have had it forced upon them in every form till they must have
comprehended it. But under the Presidential form of government, and
owing to the inferior power of generating discussion, the information
given to the American people has been imperfect in the extreme. And in
consequence, after nearly ten years of painful experience, they do not
now understand how much they have suffered from their inconvertible
currency.

But the mode in which the Presidential government of America managed
its taxation during the Civil War, is even a more striking example of
its defects. Mr. Wells tells us:--

"In the outset all direct or internal taxation was avoided, there
having been apparently an apprehension on the part of Congress, that
inasmuch as the people had never been accustomed to it, and as all
machinery for assessment and collection was wholly wanting, its
adoption would create discontent, and thereby interfere with a vigorous
prosecution of hostilities. Congress, therefore, confined itself at
first to the enactment of measures looking to an increase of revenue
from the increase of indirect taxes upon imports; and it was not until
four months after the actual outbreak of hostilities that a direct tax
of $20,000,000 per annum was apportioned among the States, and an
income tax of 3 per cent. on the excess of all incomes over $800 was
provided for; the first being made to take effect practically eight,
and the second ten months after date of enactment. Such laws of course
took effect, and became immediately operative in the loyal States only,
and produced but comparatively little revenue; and although the range
of taxation was soon extended, the whole receipts from all sources by
the Government for the second year of the war, from excise,