New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-11-09

its approaching Session. There are now something
less than Ten Millions in the Treasury which Is
dsbursing at the rate of $75, 600 coo or over per
annum and receiving at rate somewhat below
50, eco 900 per annum. Beside the moderate
balance steadily diminishing, its only resource 10
liberty to borrow an additional so, 900, 900 and
blind, Micawber.like hope that " something may
"turn up" to which Secretary Cobb appears still
TO cling. after every one else has abandoned it.
A very gave error was committed at the late
Session in comforting on the Executive almost un
limited liberty to borrow, and thus inhict needless
and unjust burdens on posterity. The independent
Members should have resisted to the utmost the
contraction of any debt for longer period than six
months. If money were needed to carry on the
Government economically, borrow it for so long
term as must intervene before new taxes can
become productive, but no longer. Allowing
this Administration to spend Seventy-fye Million
per annum beyond the POST Office receipts and
charge a third Of il over to the account OF the
next generation, lie not wise nor right. We are
confident that the Opposition committed grave
error in allowing the Executive to borrow far.
thing beyond the Twenty Millions of Treasury
Notes first authorized, and that, had they strenu-
ously resisted every application for further loans,
whether successfully or not, the defeat of Mr..
Howard in Michigan, Messrs. Lewis d. Campbell,
Nichols and Van Worries in Ohio, and Mr.. Billing
hurst in Wisconsin, would have been averted.
But The past is past. Only its lessons remain to
US. Whatever may have been hoped or expected
by the President and his financial Secretary last
year. it is now clear that the present Tariff not
only does not but will not afford Revenue sde.
quate to support the current rate Of Public tx.
penditure and pay off the existing Debt. Either,
then, the Expenditures must be radically reduced,
or the Revenue must be largely increased. The ex-
gences of the case do not admit of further hesta.
ton.
As to the mode Of increasing the Revenue, there
is much to be said. Many worthy citizens prefer
resort to Direct Taxation. We are not of that
number. Whatever may be urged in favor Of
Direct Taxation as the fairest and best mode Of
raising revenue We cannot see how any should Sc
riOusly advocate resort to that while adhering
to our present system. We have locust horde Of
CustOm-HOuse employees now charging us $4,000
than $50, 600, 0OO and We cannot think of employ.
ing another swarm to overspread the land, probing
the pockets of the People in quest of additional
contributions toward the support Of the Federal
Government. If We are ever TO adopt the system
of Direct Taxation, let us do 50 thoroughly. We
cannot afford to maintain two independent sets Of
ta1.gatherers, to hunt the people both by land and
tpatar hon Cane hall have
been sent out TO harass and depete the industrious
classes, it will be high time to close our Custom
Houses.
As TO the suggestion that the Federal Govern
ment should supply its pecuniary wants by simple
requisiton on the States for their respective
quotas CT the aggregate required, We hold the
project utterly impracticable. 1t would reduce us
at once to the feebleness and anarchy of the old
Confederation. South Carolina offended at the
practical exclusion of Slavery from the Territories
would this year refuse to pay her QUOTA next
year, Vermont OF Wisconsin might in like manner
take unlbrage at some new bred Scott decision,
and follow the example. The Federal Government,
thus reduced to utter impotence, would soon cease
10 be even name.
plate the imposition of Revenue duties on Tea and
Coffee. We shall not object to this, if it be part
Of comprehensive and generous system; though
we cannot forget the unworthy electioneering use
made by Mr.. Cobbs fellow -partisans-and we
believe by Mr.. Cobb himself-Of similar PROPOSE
ton by Mr.. Clay in ls4l-2. We should certainly
prefer to raise whatever amount may be required
H., Jut;a II
Glass, &C.; but If duties on Tea and Coffee are
included in general schedule which does Justice
to our Home Industry, We shall not be inclined to
oppose them.
1t seems to US that favorable opportunity exists
for closing the Tariff controversy by an adjust
ment which will at once repenish the Treasury
and reanimate the languii and suffering depart.
ments of our National Industry Our manuiac-
lures have made such progress and achieved such
= maturity that they no longer need any such du-
ties as that by which Mr.. Calhoun established
80 firmly the American production OF plain fabrics
Of Cotton. Give us moderate Specific Duties-du
ties which cannot be evaded by double invoices and
Custom. House perjuries-duties which viii not be
$40 per tun on Bar Iron when it is bringing good
price, and S. per tun when that same Iron has
fallen TO the lowest point and is scarcely
salable at all. In short, We need and
should have, not an exorbitant Tarif-not
Prehibitoy Duties-but Tariff of moderate and
wisely discriminating Specific Duties, which shall
at once restore solvency to the Government and
give work to the hundreds Of Thousands Of artisans
and laborers now standing idle in our cities and