The Indianapolis daily herald., 1865-12-09

that viii produce an income % the governns Mt
exceeding it, expenditures. He say:
While II i capital 70 the holders Of the Sc
curities, IL i still national debt. and an in
cumbranee upon the national estate. Neither
its ady antagcs nor IL burdens are or can b.
shared or borne equally by the people IT. IN
fiuenees are anti-republican. IL adds - the
power Of the executive hy Increasing federal
patronage. II must be distasteful % the peO-
pie, because II nils the country with informcrs
and taX-gathcrcrs. IL /. dangerous 10 the
public virtue. because II inyolNes the collec-
ton and disbursement of vast sums Of money.
and renders rigid national economy almosf
impracticable. II j., in a word. a national
burden, and the work Of removing it-no mat
ter how desirable IL NAV be for individual in
yestment-shOuld not be long postponed.
The debt will lie about three thousand mil
lions on the 3oth Of June, 1ss56. After that, he
hopes 10 reduce it about one hundred millions
a year. by which process il will be extinguish-
ed in thirty years. His estimates are, for the
next year:
The receipts for the year end ng Jrne Do lar
Prom customs ........sIoo 90 600 90
Prom internal revenue. .275. 90 ODo 90
Prom r.i.c.Peu. .sarees -. Oe0ooo 20
- s59sOoo, 900 90
The expenditures, according 10 TIE Is
Inmates viii BE-:
Por the civil ssrvics......s 81 I65. s9s47
For pensions and Indian. p. u, sos Gao 20
For the war department. 80 fi7.4i6ls
For the navy department.. Is, 0s2 4J7 30
For interest On public
cebt lsl-543 C6s 90
Lssving a ssrplus Of osiimstedr re-
cepts over estmsec expenditures, o. III Csc SIS Il
These estimates are based, Of course. on the
assumption Of continued peace and prosperity,
and Of a speedy restoration Of kindly and con-
fidcntial feelings and relations between the
North and South.
lie insists that the United States bonds must
remain exempt from state and municipal taxa
ton, as an inducement to their being retained
at home; If thsy were taxed here they would
be sold i'm Europe and the proceeds Of them, of
course, be taxable by States and cities here.
He recommends indulgence towards the South
in the enforcement Of tax collections, and that
unstamped agreements existing there be legal
lied. On the
REVENUE
He desires our trade relations with Canada TO
be revised-discusses the subject Of our mineral
lands and marine hospitals; the national bank
system is eulogized. over nine hundred state
banks have been forced TO become national
banks; State power, on this subject, has been
| stricken down and Capitalization, 10 that eX-
tent, increased. There are now over sixteen
hundred national banks; he recommends that
they ohould be compelled to redeem i'm Eastern
cities, and that the present limit of their power
to issue, namely, three hundred millions be re-
tanned; the Government has made over twelve
millions by selling specie, and an increase OF
salaries Of clerksis recommended. Some other
topics are discussed. The report is able, in.
teresting and frank, and, barring its advocacy
Of national banks, there is not great deal OF
anti-Democratic doctrine in il, while there i,
much that meets our hearty approval We
have no doubt Of the truth Of the proposition
that,
TIE POOR MEN PAY THE TAXES.
The Secretary says we can never expect L
see prices down again 10 the old point, becaus,
Of the taxes. The landlord charges the take:
in his rent; the manufacturer in the price O
his articles; the merchant upon his goods, anC
thus the poor men in the end pay the taxes.
4