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For several years past the revenues of the government have been unequal to its expenditures, and consequently loan after loan, sometimes direct and sometimes indirect in form, has been resorted to. By this means a new national debt has been created, and is still growing on us with a rapidity fearful to contemplate—a rapidity only reasonably to be expected in a time of war. This state of things has been produced by a prevailing unwillingness either to increase the tariff or resort to direct taxation. But the one or the other must come. Coming expenditures must be met, and the present debt must be paid; and money cannot always be borrowed for these objects. The system of loans is but temporary in its nature, and must soon explode. It is a system not only ruinous while it lasts, but one that must soon fail and leave us destitute. As an individual who undertakes to live by borrowing soon finds his original means devoured by interest, and, next, no one left to borrow from, so must it be with a government. We repeat, then, that a tariff sufficient for revenue, or a direct tax, must soon be resorted to; and, indeed, we believe this alternative is now denied by no one. Abraham Lincoln

Tags:

For

several

years

past

the

revenues

of

the

government

have

been

unequal

to

its

expenditures



and

consequently

loan

after

loan



sometimes

direct

and

sometimes

indirect

in

form



has

been

resorted

to



By

this

means

a

new

national

debt

has

been

created



and

is

still

growing

on

us

with

a

rapidity

fearful

to

contemplate—a

rapidity

only

reasonably

to

be

expected

in

a

time

of

war



This

state

of

things

has

been

produced

by

a

prevailing

unwillingness

either

to

increase

the

tariff

or

resort

to

direct

taxation



But

the

one

or

the

other

must

come



Coming

expenditures

must

be

met



and

the

present

debt

must

be

paid



and

money

cannot

always

be

borrowed

for

these

objects



The

system

of

loans

is

but

temporary

in

its

nature



and

must

soon

explode



It

is

a

system

not

only

ruinous

while

it

lasts



but

one

that

must

soon

fail

and

leave

us

destitute



As

an

individual

who

undertakes

to

live

by

borrowing

soon

finds

his

original

means

devoured

by

interest



and



next



no

one

left

to

borrow

from



so

must

it

be

with

a

government



We

repeat



then



that

a

tariff

sufficient

for

revenue



or

a

direct

tax



must

soon

be

resorted

to



and



indeed



we

believe

this

alternative

is

now

denied

by

no

one



Abraham

Lincoln



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