The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-23
THE NEW YORK PRESS,
EDITORIAL OPINIONS OF THE LEADING
JOURNALS UPON CURRENT TOPICS.
COMPILED EVERY DAY FOR EVENING rr1renArn.
The National Finances.

From the Tribune.
The fiscal year closes with the present month;
and it IS already certain that the receipts from
internal taxes alone will somewhat exceed three
hundred millions of dollars, or very nearly one
million from each secular day. From customs
the receipts of the first quarter were over forty.
seven millions, and we presume those of the en-
tire year Will have exceeded one hundred and
fifty millions; making an aggregate OF at least
four hundred and fifty millions of dollars raised
by taxation for the support OF the Federal Gov
ernment alone during the year succeeding the
close of our great civil war, and while third of
the country lay exhausted ravaeed, desolated
by four years OF gigantic, desperate strife. In
this year, though large proportion OF our coun.
try has contributed very little, we have more
than met our current expenses, including the
interest on our great debt; for this debt, which
was over twenty eight hundred millions, has
been reduced by at least fifty millions. And
whereas we all apprehended, one year ago, that
the settlement OF all outstanding claims would
carry our debt up three billions, 1t is now
morally certain not to reach that amount.
These facts should encourage while they ad-
monish us. Our people are very heavily taxed
perhaps more heavily than any on earth
Some OF the items which go 10 make up the
aggregate are transitory; as, for instance, the
support OF the suffering poor OF the South, whom
the war bereit OF protectors and resources, and
who, though their subsistence is drawn from the
FIeedmen's Bureau, are in good part whites.
This Will not cost the nation halt so much during
luc uSAI dS III ulu uuTlnR lne uSCdl year now
closing; while it may probably be thencetorth
saved altogether. Then our Pension list-now
heavy-will dwlndle year by year as those en-
titled to pensions shall be gathered TO their
fathers, blessing and best by their rescued
country. And ii Congress would but constitute
an energetic and fearless Retrenchment Com
mittee, and instruct it to abolish every useless
otfiee reduce every eXorbitant salary or allow
ance, and cuTtail every expense, we are conf
dent that many millions more may be saved.
By-and-by, we shall have q Congress that will
lay judgment to the line, and sever the connec-
ton with the Treasury OF every place-holder who
does not give the country her moneys worth.
Let us never doubt 1t.
The peril OF the hour is an undue reduction
OF taxes. We have vast sums OF floating and
short-tme debt to fund; and we can DO this at
vastly better rates if we are paving off debt than
while increasing it. We estimate the clear
value to the Treasury OF a good balance on the
right side OF the account at FULLY one hundred
millions. In other words, we can fund our debt
so that the annual burden of it will be at least
S6,OOOOOO less 1t we are paying off and cancel!ing
tour or i've millions per month OF it than il we
are SHINING and struggling against deficit
Let Congress save wherever it can without
Gripping the public service; but let il not fear
to hold on to necessary tBXes, and let the people
be careful OF importuning that this or that tax
be taken Off We can bear heavy taxatioa-we
know 1t by eXperience-and it is wise economy
TO bear it till our solvency IS assured. Ten
years hence, our national wealth will be double
the present amount, reducing the weight of
taxation by one-half, even though the aggregate
to be raised should remain undiminished. Let
us endure and pay until we shall have returned
TO specie payment and funded all our debt.