New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-06-22
TEX NATIONAL FINANCES.

The fiscal year closes with the present month, and
it is already certain that the receipts from internal
Taxes alone will somewhat exceed Three Hundrco
Millions OF Dollars, or very nearly One Million IRON
each secular day. From Customs the receipts Oh the
first quarter were over Forty seven Millions. and we
presume those of the entire year will have exceeded
One Hundred and Fifty Millions; making an sggre-
gate of at least -Four Hundred and Fifty Millions oil
Dollars raised by taxation for the support oil the FED
eral Government alone during the year succeeding
the close of our great Civil War, and while third OF
the country lay exhausted ravaged desoIated by Tour
years of gigantic, desperate strife. In this year,
though large proportion OF our country mas con-
rbuted very little have more than met our current
expenses including Che interest on our great Debt;
for this Debt, which was over Twenty-eght hundred
Millions. has been reduced by at least Fifty Millions
And whereas we all spprehended, one year ago. that
the settlement Of ali outstanding claims would carry
our Debt up TO Three Billions, it is now morally GER
tain not to reach that amount
These facts should encourage while they sdmon
ish us Our people are very heavily taxed-perhaps
more heavily than any other on earth. Some OF tho
items which 60 TO make up the aggregate are tranS
tory; as for instance the support OF the suffering
poor of the South whom the War bere OF protectors
aud resources and who though their subsistence Is
drawn from the Freedmens Bureau, are IN good part
Whites This will not cost the nation half 40 much
during the next 1t did during the fiscal year now
closlng while it may probably be thcncciofth saved
altogether Then our Pension liSt-now heavy
will dwinde year by year as those enti'
tied 10 pensions shall be gathered to their
fathers blessing and blest by their rescued country
And if Congress would bat constitute an energetic
and fear ~ Retrenchment Committee and instruct it
TO abolish every usees, office. reduce every ezorb
salary or allowance and cura every expense we are
confident that many Millions more may be saved By
and.by we shall have Congress that will lay Judg
ment 10 the line and sever tho connection with the
Treasury Of every placchoder who does not give the
country her moneys worth. Let US never doubt It.
III, peril Of the hour is undue reduction OF taxes
We have vast sums of floating aud shor-time debt TO
fund; and we can do this at vastly better rates If
we are paying OF debt than while increasing it. We
estimate the clear value to the Treasury OF good
balance the right side Of the account ut fully One
Hundred Millions. In other words, can fund our
debt 30 that the annual burden Of it will be Of least
So 600 900 less # we are paying of aud canceling
-Four or Five Millions per month Of than if We are
shining and struggling against deficit.
Let Congress save wherever II can without Grip
ping the public service; but let it not fear to hold
on TO necessary taxes and let tho People be careful
Of imp0r,uning that this or that tax be taken of.
We can bear heavy taxltion--we know it by expe-
rience-and il Is wise economy to bear 1t till our
solvency is assured Ton years hence, our National
wealth will be double the present amount, reducing
the weight Of taxation by one-haf even though the
Aggregate to be- raised should remain undiminshed.
Let us endure and pay until We shall have returned
20 Specie Payment and funded all our Debt.