The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-02-01

Is q we'll established principle 10 political
economy that the expense of Che government Of
civilized nations 10 times Of peace should mol
exeed, ct least 70 any extraordinary extent,
their ordinary revenue. II Is otherwise, how
ever, in time Of war. When the stability and
honor OF nation are at stake proportional
sacrifices must be made TO maintain them. until
aggression and insult and interneclne commo-
ton and revolutionary conspirscies must be
opposed. avenged, and crushed. TO do this
extraordinary funds are required aud, accord
Ing TO the best writers on the subject, and 40.
cordiDg to the experience Of our day and In our
war, the question how these funds may be most
advsatageously provided is one Of no ordinary
Importance.
1t has been common practice in former ages
to make provisions in times Of peace for the ne
cessities Of war, and to hoard up treasures
beforehand as the instruments either of CON.
quests or defence, without Trusting to extra
ordinary imports, much less to borrowing, in
times Of disorder aud confusion. Unfortunately
this has not been the practice ID our country
Before the rebellion tho greatest trouble our
government had in relation TO money was
prior to the Mexican war, to dispose of the sur
plus revenue. There was no sasacious or far
seeing eye to look so far into futurity as the
present day, and to prepare for our future Re
cessities by laying up means to meet present
financial exigencies. II is doubtful, however.
whether mind less than suporaal could
have foreseen the unexamplcd state Of
thirgs now existing, and whether means
adequate TO the emergency could have
been reserved until the present day, no
matter how grcst the precedence or how vast
our resources. What we have to do now is to
sustain our national credit and integrity by en-
deavoring to find out the best and w;sest
means of raising money to carry or TIC war,
pay the interest on our accommodating indebt-
edness, and to leave to postcrity as light bur-
taen as possible, although the coming genera
ton will have nothing to complain of il the
present leaves them as alegacy strong, united
and powerful government and country, no
matter how heavy The debt this great desdera-
tum may entail.
What we have all along urged upon Congress
and the administration is the passage of q COM
prehcnsivc internal revenue tax bill that shall
give strength and permanence to our national
credit avoid the nocessity-as far as possible
of resorting to loans, and give the people
themselves "a direct an interest in supporting
the government as it is advisable aud proper
for them to bear. In order 70 effec. this we
have appealed to Congress so to regulate the
revenue laws as to bring into the public treas
ury. from customs and excise duties and mis-
celIaneous sources atleast Eve hundred millions
of dollars annually. By this means We shall
avoid being obliged 10 resort to loans at exces.
sive rates, If at all keep clear Of incurEing
eventually heavy load of foreign indebted
ness, and gradually establish sinking fund
which shall in time prove q formidable
means Of liquidatirg our entire national
debt. Four hundred millions OF dol
lars can be assessed and collected
with no greater expense to the public, treasury
than was required to raise Jess than lffty mil
lions last year. But will the>bill which has just
passed the House and Is now before the Senate
at all answer the purpose Of raising the amount
of revenue which we believe should be real
izeds 1t is difficult. to judge In what condition
the bill will pass the Senate; but as il now
stands il is manifestiy inadequate for'tLe pur-
pose which II IL desirable, absolutely necessary
to attain. But two amendments of consequence
have been made to the bill since it was pre-
scented to the consideration OF Congress by tho
Commissioner on Internal Revenue. These two
are the increased tax OF one and half cert per
pound on cotton making the amount two cents
per pound, and the increased tax of forty cents
per gallon on spirits, including the stock on
hand as well as that manufactured subsequently
to the passage Of the act. The latter tax Is PRO
nounced by large dealers in wh;skey arbitrary
and unjust as wcll az dishonest, inasmu ID az 1t
is retroactive in its operations, and il measure
not at all calculated upon when the spectators
were buying up and laying in large stores Of
the article. But this additional tax on spirits,
and the additional tax on cotton, with the other
articles on which 1t is proposed to levy sddi-
tional taxes, cannot produce more than one
hundred and City millions-two hundred and
fifty millions less than should be raised Con
gross might as well take hold Of this important.
question in the most liberal and enlarged spirit,
and by proper legislation place tic credit Of
the government where IL should be-amo tic
highest Of all the nations on the planet.
Navy SAILORS DIscHARcEs-IN Jrsncy TO Oua
BRAVE SEAMEr.-We are almost daily in receipt
Of letters written BY our brave sailors OF the