The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-01

welcome ana most umely IN the OeVeiOpment
of the vast resources of the country.
Peace and the National Finances.
Now that the war is practically ended, and
we look back upon the vast expenditure of
money as well as life which it has involved, we
find it difficult to over estimate the good effects
of peace upon our national finances. 1t is at
the same time gratifying and encouraging to
find the government prompt to profit by the
opportunity of reducing its current expenses by
the reductions which have been ordered in the
military and naval service.
Our four years struggle with rebellion
has already left US saddled with a registered
debt of more than twenty five hundred millions
of dollars, and before reconstruction is accom-
plished the total will probably be three thou
sand millions. How to manage this debt and
provide for the payment of the interest
with as little inconvenience as possible,
or, in other words, how to raise the
maximum of taxation with the minimum of
expense and burdensomeness will be the great
question which will absorb the attention of
Congress for long time to come, and be
likely in the end to influence important po-
litical changes. Political economy is still
young as q science, and before the war COM
menced at least, our legislators had not made
much progress in it. Our fiscal legislation was,
therefore, crude and laundering, and this
added needlessly to our debt by the subtle
process Of depreciating the currency. A well
devised scheme of taxation is Of vital inn
| portance to the credit of nation at
war or burdened with large national debt;
yet our present tax bill and tariff are tissue
of absurdities. Congress has thus far merely
tinkered with taxation; but in the future we
may reasonably hope to profit by the costly
lessons of experience and do better.
Every taxpayer in the country will hence
forward be interested in the fiscal administra-
| ton of the country, and something better than
complex Internal Revenue bill, which yields,
at an enormous cost for collection, less than
two hundred millions year, and tariff which,
in many cases, is prohibitory, or nearly SO, will
be required by the people. 1t is notorious
| that the internal revenue officers are inef1-
cient in the performance Of their duty,
and that evasions of the law are almost
as common as a strict compliance with it. All
that the government has or can have in the way
of income must come from taxation, and hence,
if that is defective, the public credit will suffer
in proportion, and it is useless to shut our eyes
to the fact that our system will require to
undergo considerable improvement to enable
us to emerge successfully from the financial
difficulties which have been for the last four
years gathering around u.s.
The currency is of little importance
compared with the whole debt in affect
ing the credit of the government or
the gold premium, although it's volume
is excessive, the Treasury issues being
nearly six hundred and cightythrec and half
millions, while the national bank notes in cir
culaton aggregate more than hundred and
twenty millions. A large portion of the former
can, however, be disposed of, when the proper
time arrives, into bonds bearing say three per
cent interest The confidence of the people in
the national securities was never stronger than
at present, and after its reconstruction the re-
public will enter upon new era of prosperity.
Thus more promising prospect for the future
of our finances is opened 10 us.
GENERAL. LEE AND Hrs VIEWS OF THE Flu
TURE-We are somewhat amused, and not at
ali alarmed or astonishcd, when we reflect upon
the views General Lee cntertains Of the future
OF the South, provided peace be not made upon
terms acceptable to the secession leaders in
that section. We shall have no such trouble as
General Lee anticipates The fact is, the South
as mass were never in favor of secession. No
State south OF the Potomac, except South Caro-
lima, was ever radically in favor of secession,
and South Carolina herself was only committed
to the folly because she conceived a still
greater one, and that was that she would be-
come an independent republic herself, or per-
haps erect pigmy monarchy on her own ac-
count. South Carolina was about the last State
in the South TO adopt the Confederate States
constitution, prof. ably for this very reason.
The people of General Lees own State (vr-
gina) were never in favor of secession, and that
State was torn out of the Union, or rather the
attempt was made to tear her out, under the
threats of mob violence. It was the pressure
of radical secessionists, outside of her State
Convention, that carried the vote in favor Of
seeding. We doubt very much whether ma
ioriy of the convention ever were in favor OF
secession. II was the same with Tennessee and
doubtless many other Southern States Hatred
of the Northern abolition leaders, intensified by
the election Of their candidate for the Presi-
dency in 1860, spurrcd the Southern radicals to
those fatal extremes, the fruits Of which they
ore now reaping, but for which the great body
of the Southern people are not and never have
been responsible We repeat that General Lee
need have no concern about the future. He
may grieve to acknowledge that the South has
been fairly overcome in honorable combat, but
II is the truth, nevertheless, and oil the grum-
bling or heart-burnings in the world cannot
wipe out the fact The best thing for General
Lee, and all the other Southern leaders who