taxes were less than $42,000,000; and that, too, at a time when the expenditures were in excess $60,000,000 per month, or at the rate of over $700,000,000 per annum. And as showing how novel was this whole subject of direct and internal taxation to the people, and how completely the government officials were lacking in all experience in respect to it, the following incident may be noted. The Secretary of the Treasury, in his report for 1863, stated that, with a view of determining his resources, he employed a very competent person, with the aid of practical men, to estimate the probable amount of revenue to be derived from each department of internal taxation for the previous year. The estimate arrived at was $85,000,000, but the actual receipts were only $37,000,000.”
Now, no doubt, this might have happened under a Parliamentary Government. But, then, many members of Parliament, the entire opposition in Parliament, would have been active to unravel the matter. All the principles of finance would have been worked and propounded. The light would have come from above, not from below — it would have come from Parliament to the nation instead of from the nation to the Parliament. But exactly the reverse happened in America. Mr. Wells goes on to say:—
“The people of the loyal States were, however, more
