The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-16
Mr.. Sherman on Finance.

From the Tribune.
The revenue of our Federal Government fer
the last quarter of 1855 was az followS-
Internal Taxes $50 597 15S Customs. $50 2l6,3SS
Total. ........,.S Sl4lSlS,4A
There are other items-lands, direct tax, and
miscellaneous; bat the two former are trihing,
while the miscellaneous consists, we Judge,
mainly of receipts for vessels and supplies
bought fer war purposes, and now sold because
no longer needed. We judge the real income Of
the Government q little over one hundred and
forty millions, or at the rate Of FIVE hundred and
sixty millions per annum.
The receipts from customs are excessive. We
imported far too many goods during the quar-
ter-twice too many. If we count thirty mil
lions per quarter as the proper sum to be raised
by wisely discriminating tariff, 10 is quite
enough.
II Inere had been no cheating the revenue
our internal taxes would have yielded at least
one hundred millions, or at the rate OF four
hundred millions per annum. Let us suppose
that Congress will now reduce the rates by one
third while more efficient legislation and effort
shall reduce the aggregate OF frauds on this
branch of the revenue by one.halt, our income
from internal taxes cannot well fail below sixty
milliens per quarter, or tive hundred and forty
millions per aBnum, This will give us total
income from customs and internal taxes Of
three hundred and sixty millions per annum.
Now, the interest on our debt, when it shall all
be funded, cannot exceed one hundred and
eighty millions, while the annual expense OF
maintaining our Government in time OF peace
must fall below one hundred and twenty mil
lions; SO that, on this basis, we shall be able to
devote at least sixty millions per annum to the
diminution of the principal OF our debt. And
this, if we allow the taxes to remain as they are,
and keep out Of foreign wars, would pay OF our
entire debt within thirty years, or before the
close of the present century.
Such are the auspices under which Mr.. Sher-
man Of Ohio submits to the Senate and the
country proposition that our greenb backs shall
not be redeemed and cancelled 10 such an extent
as to reduce the amount outstanding below four
hundred and twenty millions In other words,
''the United States promise to pay" ST., 80, So,
$40, $40, $50, 500, SlOOO or whatever may be
the amount specified on the face of any green
back, is to be made lie by statute-the United
States are not merely to postpone payment OF
received; they are to declare and enact that
they will not pay them! What is this but the
most fragrant repudiStion? By what code OF
morals can il be Justified
Most certainly the idea Of persistent chronic
irredeemabllity was not involved in their tncep-
tion and issue. Mr. Spaulding, of Buffalo, who
was on the Committee OF Ways and Means who
first authorized them, states that 1t was the un-
derstanding that they were to be at all times con-
vertible into twenty-years' six per cent,
whereof the interest should be paid in specie.
Thus the United States were to say to their
creditors, "We have not money on hand; but
here is MORTGAGE on the whole country, paya-
bic principal and interest in specie; take this,
and wait till we can do better by YOU"
is, of course desire to retain the greenbacks in
circulation, and thus keep the currency abun.
dant, while saving the interest on four hundred
millions OF public debt. Very well, Dir. Sher-
man, we will meet you and your school half
way. We will accept your proposition, with this
amendment
"rrovidcd, hat the United States notes aforesaid
shall be always redeemed in coin presentmeHt at
the SubTreasury IN New York"
-"Oh that will prevent the retention OF
$420, 900, 900 in circulation
No, ii will not. The Government can pay out
greenbacks so fast at least, as it will be
required to redeem them, provided II keeps
them at par. California, Nevada Idaho, Utah,
etc, will absorb resms Of them, and hold most
Of them, so long as they are at par with specie
in this city. We handle about $1,000, 900 pei
annum in our business, and we should never
think of sending in q dollar for redemption Sc
long as it was kept at par. And what is true oi
our business is true Of almost every ones.
Here, then is a fair ground wnereon the de
voices of greenbacks may meet us if they will
We want no better currency than greenbacks
provided they are kept Of equal value with coin.
With four hundred millions OF greenbacks, three
hundred millions in notes of our National Banks
and ut least two hundred millions Of coin, We
shall have a very abundant circulating medium
but we are reconci.ed to that. What we are moi
reCOnciled TO, and do not Intend to be- Is de
based Currency-a currency OF fog-a now you
see il, and now you don't" CurrenCy-a currency
of wilmlly broken promises and stereotypeC
lies. If Mr.. Sherman desires such a currency
had supposed him. Such currency will involve
us In imminent penis and invoke grave disas
ters. 1t will stimulate excessive importatons
no matter how high the tariff. 1t will iucite in
ordinate speculation and financial gambling o
all kinds 1t will lead this country by howery
paths TO q precipice whence we shall fall a
length into general bankruptcy and staguation
The track is q beaten one--those who follow i
have 10 right TO plead ignorance Of its goal
Either they know whittier they are leading us o.
they are out OF their depth altogether.
We move the previous queston-that concern
ing the right OF our Government to lie wheI
there is no need of it. In time of war; and o
enormous financial requirement, when nobod,
wanted to lend it money, the Government issue(
its own notes and made them legal tender
We hold it was perfectly right in 80 dong. Bu
you must not (says Burkel make the extrem
medicine of tie Constitution its daily bread
You cannot persist after peace in a suspension
OF the habeas corpus, nor in many other prac
tices perfectly iustihable amid the exigencie
of terrible war. II the Government shall al
dertake to maintain currency imitation afte
peace shall have been fully restored, il vii
fail, because it should, and because all exous
for such debasement will have utterly passe