The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-21
AMERICAN FINANCE.


Paying HIS Own Debts.
AMERICAN FINANCE.
fFrom the London Times Dec. 10.
The financial position OF America has been presented
10 the world with singular concseness but In one re-
spect. with proportionate obscurity Nothing caa 90
clearer than the amount Of the obligations now sus
tanned by the United States The people pwc
8doo 0Oo which debt they have 70 pay an ANNUAL
amount OF the whole public expenditure OF tho Union
before the civil In addition to this deadwelght
sasy Of wSeS about Belong
army and navy andA the remainder 70 the civil and
miscellaneous services But this is far from being
the limit OF their views They propose, " at
least their Finance Minister is proposing, for them,
10 commence at once. not only tho payment Of
debt and upon 50 bold scale that Ameioan icha
the bsgining Of NE civil may tive % see the end te
Of opinion that in the budgets of future years less
sum than 40 600 may and should be exclusively
appropriated To- he liquidation OF the puddle aeo! r.
pal The proportion available for the latter purpose
would Of course gradually increase until at the et OF
comparatively brief period the national deb, wou be
exnguished altogether All this, far AZ Intentions
go, quite clear, and, indeed, tie means contemplated ore
plain the ends proposed For the execution Of his
purpose Mr. McCuoch only asks that the taxation II the
United States shall be maintained at It's present rate II
is certain that revenue Of $50 600 be raiscd
from the American people for IL is almost forthcoming
already and these receipts are bat pre'ecd he rsots
transaefo~ usu be accomplished at Nc spes.fed ame
Now, however, comes the question. Is this revepuo
OF ESQ 600 900 raised such principles and In such
manner that may expect 10 be endured from year
or remonstranceY We can only say, IN reply, tnsI II
such should be the the Amsrcdns nus resemble 40
oer people ia the world for IL appears TO US, az FER ~
comprehend the Incidence or multitude Of fm
posts that scheme Of taxation could be more pr1euc
tive OF rrationsands annoyance has its ihnlls ID
another way for protective tariff expresses bad public
economy but that from present point OF view 10
perhaps the smaller defect OF the two What We can
hardly imagine is that people like the Amer'cans Will
submit a of years N demands such those 0f
which Mr.. McCullochs chief item OF revenue is dom
posed This side of his balance sheet Is concise in the
treme. 1t runs thrs:-
Customs. ............ t20 oooO0o
Internal revenue ...................... 90 0ovVW
The rst item explains Itself the third Is in no need Of
explanation But what is the import Of the second
How is that enormous sum 20 be reaizedf II 10 Gear
that upon the merits, or In other words, the compsi
ton OF this item the whole. scheme depends sndths
question Is obscure precisely In proportion this askre
gate is left undstribncd and unexplained We cam row
give some information on the point-enough perhaW 10
for accounting less than half Of the total sha
seem 20 be exhaustng the catalogue OF financial vesn-
tons In the year which ended last nidsuminerthe
actual receipts from internal revenue did not much ex
ceed Gao 600 O00 instead OF reaching r65 600 600 but
10 that amount the contributions appear almost ntntc in
number AMI variety To begin with direct taxation, We
nnd only "a 900 900 entered under the head or
Income tax' pure and simple; but property vas
assesscd under many other foms. Bank dividssds,
made to pay though not all At the same rate, so that
from bank property generally the state oo'snse
Ee50 600 I'M from Investments in Insurance cAces
about half - much. Besdss this, tho salaries OF gov
produce Of than half million. 80 far. there
ioss income aud pIvyerg 'ogetnsr confpuie pcs~sen
5Io1eo oVo ana aseO0so or sooa. ~ nn'.n Nv
at home. Then slarnps; but although this npos
nas ueen 80 eAenSaysy app ,sp ~ p'os s a,h.,,. 80
nua.Ins sta stamp A IN his % mouth % The whole Weld .
only S2,OOO,o 600. Trade licenses, imposed at yaskos
rs,ss ~ e. upcn .asoHs Ssus ssn .a,rrr ~ E
special contribution Of a. 80 frvu nsnrfactYo Of
IRON ana sesei and Of 600 IVY more ron pssfo,en
m CflIufll
in which cass tobacco fguros for 2co ooo and seoi
IN its various forms for ~ 100 o0 1A cDs5 aPesee %
.1..ss % mss s,y Se''ISs s .psa, 20 ors Ssi
esp 0nse ~ sss~es ~ rsrense snss ~ .rar c.eeh -.
- - snssd1sa gvssasazs 2 Sanss9 =, any nv, ~
nat 'tAnDegea, btii.xu n1I9f vmseE ~. ~ 49,
wt0 product ~ only sioO,0 ,0oe ncv, y ne ~
nave gwen are addcc soge,nsr y VII % Iosnn wes.
nm sossi y w ABOUT - slvvyv'uSv 49,, % s.s' S
y ti5noh WIZ mect1 .y~'l. ~ yos " nt-S 49, ~
this aggreeAte on internal revenue y rrAnhcs 80
49, eaaano s.'s'1 s so - @.,S ~ -
susfss5
nSs - uncn ~ ~ So vn W. " ~ :, ~.
aesrsbie - roduce ssuon.i oeot. snn, 20 sy ~,
u tns Amsf.xns sIo ~sscu ~ py ss -. -, sasrC~
rh r,a ms n, ,sres s ,hss w. te DC va-x
with borrowed money and " tne,e'o'. ,ns p,sss
The Finance Minister may very nsiursiy oohsae. , ~
=. % M ~ Jurs ~ ~ 90 ao 400 o' w. 81, .,r,ov fa,
turn out $50 700 y.ar hs may esl sanpuy ~ ~! ~,
year or two.st any rate tln ,he peopo ~. A'.a ~ =,
u s n". ~ III y na ussn ~ 80 ~o no, ~ a. "a S5,siv ,,.s
" nafuy IN lun opcI''ion 'Eeh uC"i ~li. p -.
proportion oi the Internal reSenue hO' seconnLsr ~
our summary seApecsen IIohi ,ns ~. 49,
~ .ne sys,em oonles wen w. .rsSs,S h.rsr-@
ZION teis IN ahothet way .i.n ~ - psrnsslt. -
the hIgeiicshs nay. no, o. 1e III va ~ 49, ~ ~
non that they .shipli tn' Pllehcs " "n.n
,uhocn .nuoinynsa a 70 p'vio-"e .s Ia a. -. y.
venue oi tp~VW yeu oVet nm . epD.v % s"-s =,
CURED ior the curIeht eNpeho.uI. y w A'sss s.,.
possibly pe IaiSoa NitnouI sno''i ns4uy, -
imasine without consisting nSs olp'".'ssh. y.
nl-ea an equVaeLa p",ai no "ouu' 49, ~.
consolation OF feeling that we are estiasshhs e.r
neuis y. ~ gIocerhi o, ~. onn = 49,
rsl-o L'vvyvv nv", sna - -ro r'... 80. s. - -
cans q, ths moiosnt VI aTser ~ ~ - -
m>rraoy w~ ~ g. P1v-N' go - -. .~.,
". Tsdwzbn G tdfafe~ oyt4e - neo'.Ss 49,
sh>H.e l"r pcy"g ~ y, 1890 , % aeI " ..s -.