Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1848-05-06

of the noble lord Well. sir, he did not pro.
pose loan, nor did he propose to meet the
deficiency by a reduction or re.renchmenl,
but he asked for an increase oftaxes. He
an increase of the income tax
That was received rather coldly, though,
between the two, would prefer to have
loans. And therefore, think the noble |
lord occupied higher ground than my friend
from New Hampshire, the representative
of the Treasury here, who has brought for
ward no proposition to give life or vigor TO
our revenue, but has proposed to drag along
under this system of borrowing, with an
deficit from year to year, until
the credit of the Government must eventu-
ally be broken down. There ia where the |
thing must end. AS with private individ-
uals, SO it is with the public; there is no
stopping point where relying on system
of loans for supplying the public wants.
There is no end to it, but you are constant
y sinking into debt deeper and deeper.
wish my honorable friend, or those who
have the care Of the finances Of the Gov.
eminent, would have inflated the excellent
example of the FRS, Lord Of the Treasury
in another country, and have come forward
with some measure that would afford some
sort of stability, relief, or hope for the flu.
ture, that we might see some delverance
ahead from this wretched system Of drag
ging on with deficient revenue, and help.
ing it out by loans-a revenue known 10 be
deficient, admitted to be deficient in time of
peace, but still more deficient in time of war.
And yet we go on, depending on borrow
ing, and thus rapidly increasing the public
debt, without any provision for its redemp-
ton, even on return of peace. This is
state of things unprecedented in this coun.
try. 1t is plunging headlong, recklessly, un.
necessarily, into a public debt. | cannot
approve of any such policy as this. l pro-
test against it in every view which can be
taken of it. hold that it is no more JUS
,ifable TO run up debt unnecessarily in
time of war, than it is 10 do so in. time of
peace. Iprotest still more against remain
ing with a deficient revenue whilst that
debt was accommodating. My honorable
friend did allude 10 one source of relief
wish there was more substance in it. He
says this debt is not enormous or alarming,
because our population, and consequently
our resources, are increasing, and that our
wealth quadruples in 20 years. But will
our revenues increase faster than our ex-
pendituresl That is the question for US TO
consider. Whatever may be the increase
of our population; whatever may be the in
crease Of our revenue; if our expenses 60
on increasing in corresponding ratio, we
get no relief from that source. That this
has been the case hitherto, every one, be-
ieve, must be aware. The results of this
war must necessarily add greatly TO our ex-
penses after lis termination, and were it no,
for the increasing ability of the country
we should be entirely unable to sustain our
selves for single year. The resource to
which the Senator alludes affords no fur.
Their encouragement than this, that as fast
as our expenses increase our ability also
increases; but it does no, lip us out of the
existing difficulty.
| prefer taxation TO debt. Taxes before
debts, think, is sound maxim. 1t is, ]
think, democratic doctrine. But it does
not seem to be the democratic policy of the
present day. On the contrary, The maxim
seems to be, debts and loans for the present;
taxes for the future. This is The policy, ap
parently. Unless indeed the debt is TO be
paid by reputation, taxes must follow. Il
il not the part ofwisdom TO provide prompt
" and in season for these difficulties, which
are not far distant, but already upon u.s.
We have had, as said a deficient revenue
from coslums for the las, fifteen years. Al
though the opinion has been prevalent in the
country that we could get along more salts
factory and receive more revenue with {
low rate of duties than with higher duties
20, toll ovnarionoa Ipa
not support this doctrine. We have triee
il. 1t is no new experiment. And car
say in regard to the act of 1916; that it il
much less an act Of low duties than it wa
represented to be when ii was passed.
now think much better Of it than did then
We have tried extreme measures. We hav'
tried fifteen and a half per cent, duties, Blu
we did not find that they filled our Treas
ury to overfowingly. 1t is no new idea
it has been thoroughly tried. We canno
supply the wants of our Treasury, even il
an ordinary state of demands upon il for
peace establishment, with any thing shor
of about thirty per cent. of gross revenue
or twenty-five per cent. nett revenue. An
vet we are going on with this debt on Oh
hands, and that debt accommodating, with
nett revenue system of only twenty-one pc
cent. We must have resource TO som
other expedient than loans before a grea
! while, and the sooner the better. II is on
duty not TO contribute 10 delude the put
lie, for believe gross delusion has gon
| abroad that all is WELL and that when IN
war is ended our finances will be in SCUM
/, state, while the fact is not so. They wi
9 be in a deficient, embarrassed condition