The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-28
The RsvulsaOn-1rhs Financial and Rstrencii.
mont Policy OF the Administration.

The Rsv~lsson-Vhs Financial and Kstrench-
mont FOlicy OF the Administration.
Our Washington dispatches which we lay be-
fore our readers this morning, embracing, az
they do, the latest and most reliable information
OF the Plans, estimates and purposes Of the ad-
ministration touching Its financial and retrench.
ment policy, will be found to be of very inte-
resting and encouraging character.
We are glad to hear that Mr. Cobb expects to
be able to bring his expenditures within the limits
OF his receipts for the next fscal year. without
any suspension of the government sources of
employment, excepting upon mere lobby projects
of spois and plunder. We are grati6ed to learn
that in retrenchments Of this sort he anticipates
the saving OF ten or fifteen millions of dollars.
RetreCchment is the universal panaces for hard
times; and yet the anxiety of Mr.. Cobb to avoid
the necessity of loan may possibly carry him,
in his policy OF Ietrenchment, little too far.
1t appears indeed, that rather than resort to u
loan, Mr.. Cobb would, perhaps, in the last ex-
tremity, resort to a tax upon tea and coffee
to supply his treasury deficiencies. True, it
does not appear that be has determined upon a
tea and coffee tax: and between this tax and
loan be should, in auy event, as measure of
sound policy, recommend the latter alternative.
The credit of cur federal government is so
good and sound that it could readily secure from
EogaHd loan OF ten, fifteen or twenty millions
bard cash upon its own terms; and twenty, fifteen,
or even ten millions of hard cast thrown into the
business circulation of the country, at crisis
like this. would he of immense advantage to all
lis business interests A tax upon such prime
necessities as tea and coffee, on the other hand
would seriously add 70 the sudden and ruinous
pressure upon our working classes-a pressure
which it should be q primary consideration with
the government rather to Tighten than to in
crease. Besides, the revenues from the customs
may be more wisely increased, as indicated by
our correspondent, upon articles OF luA ury, or
upon such importa seriously cripple the opera
tions OF Cur home manufactures Better increase
the 6uty upon iron, for example, than TO put n
duty Of fifteen TO twenty per cent upon tea and
coffee.
Upon the whole, however our adyices OF the
plans and policy OF the administration, cconomi-
cal and financial, are good and encouraging. No
retrencbmonts are to be made 10 the various works
under progress in the public arsonsis or ship
yards, nor upon the public buildings commenced
beyond the suspension of those works which eau
not be prosecuted during the winter season. No
reduction Of official salaries is proposed. and no
duction Of the employees in the various cxccu-
tive departments. The iule Of rcttelchment
viii be directed against those lobby corruptious
and extravagauoes which constituted the most
fruitful source vi Generalization. stock gambling
and wasteful laziness under the last two admins
trations
Every honest man will approve these features
Of the economical ard financial programme of the
Cabinet But Why sbould Mr, Cobb he afraid Of
lcuu? II necessary, let BIN ask for IL without
far. u vii be better than any tax upon the ne
cessarie. OF subsistence. and infinitely better
tbpu the exptdient Of an issue Of treasury
notes. During the twelve months ending
with SEPTEMBER. we shipped 10 Europe
come fifty eight millions o. spccie, and supplied
lie place with any quantity OF French fnery aud
J.j0aer'e, and Of paper currency and paper obi
cations Now. We want .cmc OF this specie back
again. 10 restore our dismautled financial affairs
" sos'c'1'uG IN ~ spaAl4'Aiei- ~ Auis ehu
government loan would help Us wonderfully, If
necessary Tor the waits OF the treasury: aud ~
this tud, instead o. reducing, Toe example. the
useful expenditures Tor the navy, a new order
from Congress for bali a dozen or dozen new
war steamers. to b. built forthwith. would lie at
once an act Of public relief and OF public eco
nomy. our navy is sadly deficient in steamers
ano during the next year thcJ can be built cheap
for cash.
But VIC sre a mouth yet from the meeting Of
Congress, and we doubt not that in the interval
the deliberations Of Mr. Buchanan and his able
Cabinet will result in series Of wise and prac-
iical Recommendations for the benefit OF the
tfca,ury and The relief Of the country.