Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-01-09
NATIONAL INTELLIGENCER.
SOUND PRACTICAL VIEWS.

OF those who alone have the power to carry its
suggestions into effect, Induces us to recommend it
to the particular attention of our readers:
New YonK, DECEMBER 10, 1916.
To the Hon. J. J. CRlrrESDEN, Washington.
DEAR SIR The Secretary of the Treasury has now pre-
scented his project for supplying the wants Of the Government
during the with Mexico and Congress must deter
mine upon the wisdom of his policy His scheme Of finance
borrowing public debt is his panacea for the financial
difficulties Of the Government His only proposition to in
the duty ten and coffee every thing
else is to be provided by loan.
In this emergency the true friends of the country called
upon to decide upon their course OF acton
Shall they by their the creation Of public
debt shall they call upon the administration provide for
the exgencics Of the public service by adequate taxation
must confess at the present time think resort loans high
B nexpeden and most injurious to the best interests Of the
country Not that loans at all times to be rejected In
a war with powerful nation where the whole force and
ability OF the country called into requstion, il may be
cessay this mode Of raising the requisite supplies
But hardly be pretended that the Mexican
of that character and when consider the disparity Of the
contending Powers cannot resist the conclusion that to
shrink from providing for the annual expenses by adequate
taxation must proceed from unwingness the part of the
ruling party submit their conduct to the decision of their
constituents in this mode and from unworthy desire TO
throw the burden Of the upon their No aid
should be given them in this unmany attempt evade their
responsibility. The people of the United States have the
right to have the conduct of their rulers submitted them for
their appreciation in the most distinct and pointed manner
and no way be clearly brought home to them
by the visits Of the gaherer If the war be just and ne
cessary-and in the existing state of the controversy, admit
that the with Mexico so-i improper dlstrust OF
the American people doubt their readiness to contribute
all that necessary achieve honorable and lasting
peace.
The Administration, then, ought not to be permitted to
sen upon the country public debt for the purpose of evad
ing the responsibility of their conduct All that may be
CURED the prompt and energetic prosecution Of the
should be granted should be raised from the resources
and upon the credit OF the nation The pecu
ay belonging to- and It's burdens should be borne by the
present generation Its expenses within the power Of the
United readily from annual taxes, and sound
policy dictates that loans should be resoed only in
of real emergency.
The present is not of that character The value of
real and personal property in the United States is not
than 81 00O 0o0 O00 estimated for taxation third
real value, and tax Of mills the $780, in direct
taxation be resored to- would produce $50, 900, 900.
The from the customs, according to the Secretary
of the Treasury, for ls47 will be s2s 900, and in
direct taxation be deemed nexpeden, will be easy by
udicoes augmentation OF duties raise the requisite
from imports.
a loan peculiarly inappropriate at this juncture. The
adoption of the Subtreasuy has alarmed banks and capitalists
and it will be practicable to obtain loan, except from
foreign capitalists without dispensing with its stringent pro-
The late loan seriously deranged the money market
and necessary effect the operations of business Taught
by the experience of that experiment. capitalists will
10 induced repeat their ndiscetion by subscribing for
second oan except by runous offers the part of the Gov
,ef
With its CONTROL usuou exacons to raise the necessary
supplies for Of moral courage to the emergency
fact the Government scarcely propose any terms that
will capitalists for subscription to large loan
The moneyed capital in the United States adequate
the business carried and hence large portion Of the bust
ness transacted loans from banks These facilities depend
upon the specie and depostes in those institutions When
these drawn out the banks call for repayment of their
loans scarcity Of money psvasoften accompanied by
panic; prices fall and all seek sesome from necessity
and others from mdiy-and thousands become bankrupt
from those evusons that 1892 have been common
in the United States revision Of this character cannot
without causing serious losses TO all engaged in bust
ness and the wealthy land find great reduction
the value and Of their property Considered in this
point Of view capitalists may well doubt whether any antc.
pated profits the loan would be than counter
balanced the loss necessarily consequent upon the derange
of the market produced by the withdrawal of so large
Of specie from the banks Instead of gain, they
would probably, not certainly meet with loss, and this
uncertainty prevent loan except upon most dis
advantageous TO the Government. As a financial
measure, loan the mode of raising money,
and would produce the results to the community.
tax, if indirect scarcely fell in the collection and if direct
spread large population, and estimated upon
such vast amount OF property be easily borne loan,
the contrary deranges the whole business community and
ruins thousands by its effects upon the currency.
too, leaves the country out of debt at the close OF
the war; and induces economy while it lasts. \ loan
couages extravaganza and wasteness expenditure and
leaves burden upon the future Not merely burden upon
the resources OF the Unon but what is equally If
injurious acts as lasting clog upon the progress and inn
provemen OF the county The past history OF the United
states has shown that in It's public councils there has al
ways been strong sectional party, hostile the adoption of
any policy that does not tend its local ACKNOWLEDGMENT
THIS feeling, always Jealous and active, is peculiarly niu
rous to the growing West This section Of the country re-
ques the fostering Of the Government for the protection
Of its lake and river navigation The care of this important
interest appropriately devoyes upon the National Govern
nent which alone has adequate for the performance of
that duty, and yet the naow-minded politicians OF the Viz
gna school have always arayed themselves against any aI
propraons for such objects and now, when they are quail.
ing before the anger Of aroused and outraged people in
dgnant such subteuges excuse their waste and NAL
appropriation of the pubic resources their gross TO
The best interests Of the country they TO award sany
of justice the Western on the absurd ground
that they inland while the lakes TO which their
sunted ideas Of national policy yet REACH tits TO be pre-
suned, elongated and the Hudson the only river
whose nayIgahe break the Allegheny range is to be