The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-08
The Finances.

tn. Housetneets tomorrow at 10 o'clock, m
The Finances.
Tho one treat practical question OF the present crisis
What Eg,siation, by Congress, rW best sustain the
.r.dt of he country IN the money marketf
v.ryfew words will make this clear The country
ala loly for the vigorous prosecution OF the The
Government calls for money 30 to prosecute it. Men,
,bauko the noble patriotism Of people--are ready
,bhdant numbers and if the Recommendation of the
Fr.dtve to emboiy them in regular regiments be not
sAarded these men viii soldiers till the end
= z war; under the most efficient and available organ
;zhon Money alone is wanting To raise this money
.Sast as it will be needed by any taxation, is wholly
ii Of the question. 1t must be got bya loan; and il
In 80 be got once, and easy terms. if Congress will
egislae to put and keep the government in good
credit.
| This being the thing 10 be done, now how is
III 10 be dones The democracy OF the couary
have just established on just principles a revenue
system as a peace system, and looking to per-
manence Taxing for revenue. and within the rev.
enue limit taxing according to value. and taxing lux
ues highest that system leaves articles untaxed
time OF war of course demands additional taxation
Those who hold the principles OF our present tariff to be
Just viii OF course agree that the required additional
taxation should involve little departure possible
from those principles Still. since lay taxes excu
siyey in the form of dutes those articles which, under
the present tariff pay duty rhaterer naturally present
themselves the first objects of axaton.when additional
taxation required for temporary purposes Hence
awar tax tea and coffee and perhaps upon 9TH
articles OF the free list seems to us to be in the case
"a a..
sustain the credit Of the government not questioned
That would be heavy burden upon the country,
upon any section OF the country, upon any class OF
the people, has not been proved and cannot be proved
The argument against such tax tea and coHeecome
from what quarter may, must proceed and does pro-
coed upon the assumption that the of the people
will not sanction slight war tax which is to be paid
during the by the OF the people This assump
ton believe in spite Of the vote OF Congress
upon the matter to be wholly erroneous and unfounded
II is an assumption not creditable to the people.
Next to the articles Of the free list those articles which
commonly considered Injuries present themselves
according the principles of the tariff OF 1916, fit SUBJ
jects OF additional taxation during the war; We hope
such will be laid to the extent necessary for the
credit of the government The collection at the GUS
tom-houses of all taxes laid by the general gov
ernment is so well established in the usage OF the
country and in the popular sentiment, and is in it.
self and within due bounds 80 convenient and inof-
fsasiss form Of taxation, as to make il desirable
that our additional taxes upon uxues should
be collected exclusively in that way II. however. a
sufficient amount of money cannot be SO raised to
tain the credit Of the government there remains for
sideaton the other and more doubtful resort OF an Ex-
r
plan has already. and we think, prematurely been
presented by member Of the House Of Representatives
and in direct connexion if we remember, with another
project Of which, as measure, trust for the
credit Of the country, that shall hear We
refer to the proposition respecting the reduction of the
salaries paid to public officers Omittng much that may
be said about this proposition, have only to OBJ
serve. that, in our judgment, pod tend financial
war measure to raise the credit OF the government in time
Of war.
The principles of the tariff OF 1s46 leave open to
still another to be pursued in answer to the fl
nancial demands Of the war; We refer to temporary
increase for purposes Of the ad paem of duty
established in that BILL where such increase will clearly
augment the revenue collected under it II temporary
reduction of the rate Of duty imposed upon any articles
by the tariff OF 1896 will increase the revenue that
also open under the principles Of that bill, at least in
so far as it can be adopted without coming in conflict
with the established principle OF highest taxation upon
lurures The resolution adopted by the Senate yester-
daydrectng the Secretary Of the Treasury to report
what articles the existing duties be increased
duced augment the revenue, and what articles Of
the free list can be best taxed the same cnd-seems
US, therefore, ntatory well adapted to meet
the exigencies Of the present crisis. The amend
ment to this proposition, requiring the Secretary
to state the effect OF any such increased duties
upon the price paid for the articles by the consumer
seems to be wholly uncaled for the views Of the Secre
tay upon tina: point, having already been laid before
Congress- and the country explicitly possible. We
doubt not that these inquiries will be promptly answered,
and trust that udcious Legislation upon the subject
will be had with the least possible delay. Not moment
Of time should be lost.
The bill for raising additional troops will probably
come to question tomorrow in the House of Repre-
sentatives Meantime, the debate is continued but il is
going of principally upon other matters The most prom
nent OF these Is the proposed provso concerning sla-
very In an evil hour il brought into this discus
sion. troublesome question at all times, it has been
unOx hrou in