The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-06-14

80 boxes, at full prices Coffee quiet Freghts
quite steady while engagements moderate and
without change of moment To Rotterdam, 5000
| bbs rosn werc engaged a. 2s Cd To Lverpoo-Grain
| flour and prOvisions we're moderately taken.
The Financial Crisis OF the United States
Government.
The United States government has by this
time got over all the difficulties which some
time ago were its principal embarrassment
The Mormon war is at an end, and that without
any bloodshedding, or unhappy collision. Peo-
pie are at this time witnessing the last of the
long protracted struggle of Kansas; in short
while it will be heard of no more. There is
every prospect that the government of Great
Britain will embrace the earliest opportunity
to apologize and grant reparation for the alb
surd blunders of its naval officers in the West
India seas, in boarding United States vessels As
to Mexico and Central America, the only thing
that can at present be done in their regard is
to leave them to work out their own destiny;
this they are doing There remains, however,
all these endorsements overcome, another diff
fculty of graver moment than any foreign ques-
tion-the crisis in the government fnances
This difficulty, 80 far from being settled, grows
every day more troublesome and more difficult
to settle.
On Saturday last, Mr.. Buchanan sent a mes
sage to Congress, earnestly urging upon that
body the necessity of providing for the wants
Of the country before the adjournment, and
stating that until the appropriation and private
bills are passed, it will be impossible for
him to say how much money will be needed,
over and above the s37 100000 estimated by the
Secretary for the two first quarters of the ensuing
fiscal year. Ii ispossible that the delay to which
the President referred may protract the session
for several days. However this may be, one thing
seems certain from the debates Congress is
going TO persevere in the foolish and corrupt
plan of raising money to supply the deficiency
| 10y means Of loans.
This is positively monstrous. II is absolutely
unheard of that government like that Of the
United States should run into debt and contract
loans In time Of perfect peace. If there was
great war pending with England or France-if
even II became necessary to carry on hostilities
against any Of the States of this continent. ii
would be reasonable and just that at least
portion Of the cost Of such military operations
should be betrayed by loans. For the cost Of
war is obviously an unusal expense, and the
gain to be derived from II will presumably be
shared by the postcrity Of those who wage it,
as well as by the generation which carries il
on. But for q government like that of this
country TO borrow money, in peace time, for
the payment Of its ordinary expenditures, and
thus to throw their burthen on future genera
tions is utterly absurd, and is only worthy of
the imbecility and corrupt tendencies Of the
present Congress.
Fortune has subjected Mr.. Buchanan 10 the
same ordeal through which Van Buren,
passed. lie has inherited his troubles from
his predecessors. The government deficit,
which Is the browning embarrassment of his
administration at the present crisis, Is legacy
| from Pierce and Fillmore. II is the
fruit partly Of the corrupt and imbecile extra
vagance into which the government was led
during their Presidencies, and partly Of the
late revulsion, which, by destroying for time
the import trade Of the country, took away
| from the government the revenue on which II
had relied for support. How should IL be met
There are but three ways in which deficit
springing from theee causes and embarrassing
the government Of the United States in time Of
peace can be met and repaired. The first Il by
an increase of customs duties This is the ma
tural and obvious course. Rightly or wrongly
IL is the practice Of this government to derive
lis chief support from the customs revenues: tho
rate of duties Is VIGOROUSLY based-not on any
theory Of protection or free trade-but on th,
wants of the government When, therefore
those wants exceed that revenue the naturs
and logical course 10 take is TO increase thcs'
rates-to add to the duiable list several arti
cles now on the free list, and TO increase tn,
duties now paid by dutiable articles. Any skill
full statistician and economist could 20 remode
the tariff as 10 make II yield, with the presen
import trade enough 10 support the government
This would I've plain. easy, consistent an,
honest way Of meeting the difficulty.
The second way in which the deficit could b.
overcome is by direct tax. This to man,
minds would seem a clearer fairer and NOR
straightforward way Of raising money than Al
increase in the customs duties. The genera
advantages of direct taxation are notorious
in this instance, with the proper machinery
the amount necessary for the support Of gov
eminent, and which the Congressional dema
goeues want to raise by loan could be obtaine,
g without difficulty or delay and without beinI
! felt by the people.
J IL, however, IL we're feared that IL would b
, too tudden departure from routine TO rails
= the whole amount required by direct tax,