The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-06
Tho Treasury Report - Financial Condition
OF the United States.

we Cannot uwel loo long on the uopaSaielei
condition Of our national finances, nor prove
adequately gra eful to Providence for the ex
rsoroinaiy prosperity they indicate. Whiis
the national debt Of Fog and is four thousand
mil ions, or one hundred aud fifty dollars per
head Of her population tina. OF France twelve
hundred millions, or over thirty dollars per
head that Of Austria nearly one Thousand
millions, or twenty-five dollars per head that
of Spain about eleven hundred millions, or one
hundred dollars per hs I'd ; and that Of Russia
seven hundred millions, or en- dollars per head,
our national Indebtedness falls short OF forty
five millions OF dollars, and would be discharged
by tax of one dollar and three qaarters per
head of the population Of the United States.
Again, while England and France are moving
heaven and earth to obtain fresh loans, while
Spain is preparing for inevitable bankruptcy,
while Austria is endeayoTing by dins OF arbi-
trary laws 10 compel her citizens to take her
trashy paper money, and Russia il employing
Mr. Belmont TO raise loan in Holland, the
United States government is buying up its own
securities at u premium o. twenty one per Cent,
AMI Congress is earnestly adjured to take some
measures to check the accumulation Of money
in rhe treasury.
These are facts startling in themselves and
unparalleled in history.
Ii any nation of past times had occupied the
position that we do, the chances are that il
would have conquered the world. The genius
Of this age is pactc it remains to De seen
whether Astounding wealth be not fraught with
Is much danger as national penury. Corrup-
ton it is sure to bring in its train; witness
the Gadsden treaty, the frauds in the north
and ra lroad bills. Whether other and greater
evils are to follow, very short while will
tell.
Certain it is that, with such an Overfowing
Treasury and increasing revenue as ours,
financial skill is . luxury with which the coun-
try seems able to dispense. Mr.. Guthrie, al
honest practical man, who is 80 little OF q
inancier that he buys up the Uaited States
acceptances before their maturity at twenty
one per cent premium, thus returning besides
the interest Sl2l for every 500 advanced to
the nation, m IMAGES the Treasury in such .
way as to leave little room for censure. He
has, in fact, nothing to do but to receive the
over the pleasant spectacle Of constantly in
creasng surplus. King Log would have made
capital Seer tary Of the Treasury at the pre-
sent time
Mr.. Guthrie earnestly recommends in his
report that "tbe revenue from the customs
be reduced 20 that no more money shall be
received into the Treasury than is re-
quired for an economical administration
OF the government" In this suggestion all
but incurable protectionists will concur.
Fortunately for the country, the number of
those who advocate the taxation of the whole
people for the benefit Of a few privileged class
es has now become almost Insignificant. In
face of the broad tact that the public revenue
exceeds the expenditure by twenty millions of
dollars, nine men out Of ten will approve the
reduction OF that revenue in the only way in
which reduction can be maie-namely, by
abolishing OF tightening the taxes. Mr.. Gath
RES scheme for remodelling the tariff was
considered III these columns twelve mouths
ago, and there appears little to be added to
alterations which have been since adopted by
The department are in accordance with the
views expressed by this Journal. That the free
list should be made as large as possible, and
that the duties on sumptuary articles should
be fixed at 40 instead of rs per cent us origin
ally proposed, will not be denied by any en-
bghtened economist. With regard to wool, the
statistics furnished by the report Of the Tres-
snry afford strong reasons for arguing that the
coarser as well as the finer qualities should Ike
admitted free Of duty The annual consump-
ton Of wool amounts to 800, 100000 lbs, OF
which only 10000, 600 lbs. are produced in this
country on what ground ia it sought to retain
a tax which must be so onerouss As we un-
derstand the report, it is the intention of the
Department to include salt, tea and
coffee in the free list. To this we
trust that coal may be added IN committee.
All articles Of general consumption should
pay as little as the wants Of the government
viii allow. Reciprocity with the British pro-
vinces will answer the same effect IS free trade
in some cases, Us in lumber, and some dcscrip-
tons OF coal. But it will not suffice alone.
Canada cannot supply over one fortieth the do
mai Tor manufactured woods.
The balance in the Treasury at the close Of
the last fiscal year was upwards Of twenty-one
millions. 1t now amounts, we believe, to some
thing like twenty-seven. This is just thirty
one millions less than il should contain. With
in the past year seven millions of gold have
been distracted from the public Golfers on the
frivolous pretext of purchasing land from Next
CO, but in fact to enable Santa Anna to estab-
fish a despotism on our southern borders; and
three more are to follow as soon as the bound
AIRY line is drawn. Twenty four millions and
upwards have been spent in purchasing twenty
millions worth of the public debt. There was
no necessity for this purchase. The credit Of