The New York herald., 1866-07-24


Atrocious Financiar Lesislation in Congress.
There are ct present two financial measures
before Congress, ono of which was reported
from the Committee Of Ways and Means to the
House Of Representatives by Mr.. Morrill,, and
entitled "a bill to protect the revenue" while
the other, under the title Of "a bill for the pay
ment Of the public debt" was introduced in
the Senate by Mr. Sherman and has already
passed that body. The former is specimen
Of protecsionist trickery which could only have
emanated fsnn men who were conscious that
the cause in which they labored was bad
one and that they could only accomplish by stra-
tagem what If fairly described, would be certain
Of defeat The other is piece of patchwork
designed to facilitate Official jobbery and to
break faith with the public creditors, by re-
quiring holders Of seven-thirty notes to give
notice four months prior TO maturity Of their
intention to convert them into six per cent
bonds. thus curtniling by that length of time a
privilege which they already enjoy under the
act authorizing the issue Of these notes.
Let US first examine the Tariff bill, which was
nominally introduced after the defeat of the
former one in the Senate, to impose duty of
three cents per pound on cotton; Of So so per
pound, and fifty per cent ad valorem, on cigars
of all kinds, and on all compounds Of which
distilled spirits are component part Of chief
value, duty Of not less than that levied
upon distilled spirits. The provisions Of this
bill are SO far Of no great importance, utlying
in ambush, as it were, in it we find clause
which was evidently designed to escape obser-
vation, and which, without describing the arti-
cles in detail, virtually raises the duty on the
entire ad vslorem list, by adding to the cost Of
imported merchandise the expenses Of freight,
packing, brokerage, export duty, and all
charges incurred in the purchase Of such mer-
in order to determine the dutiable
value Of the same. This will increase the tariff
on . large portion ofour importations from ten
TO thirty per cent, and it will therefore largely
augment the rates Of duty on commodities
already too heavily taxed, the burden of which
will Of course fall ON the people, who, being
consumers, are the ultimate payers Of oil
taxes. Thus it is designed by the protection
lists to add outrage to outrage by smuggling
this infamous measure through Congress to
sggravate an already oppressive tariff
OF Mr.. Shermans Finance bill the less we
say the better for that gentleman's reputation.
In the nrst instance, by its proposition with
respect to the seven-thirty notes, before refer
red to, it trifes with and undermines the public
credit, and for this reason alono it ought to be
secuted by every honest man in Congress, for the
provision, il carried ont, would be simple repus
diation. Then, again, it provides hundred
and eighty millions per annum from the gen.
eral income for the payment Of the interest
and principal Of the public debt, entirely
regardless Of the contingencies and AuctuaD
lions to which our revenue and our expcn-
diture are subject. We see no reason
why Congress should legislate upon this par
icular matter, seeing that existing laws entirely
cover the same ground. The third section is
equally supcrauous, q 1t repeats . former
law, providing for the payment Of coin
interest out Of the receipts for customs
requiring the Secretary Of the Treasury to
sell the excess Of gold in the Treasury above
6fty millions for United States notes, after
which the same are 10 be cancelled. In view
Of . former act of Congress regulating the re-
duction Of United States notes, and also OF the
late Treasury gold scandal, in the investigation
Of which Congressional committee is now en-
gagged, this looks like an attempt to perpetuaie
Jobbery and leave Messrs McCulloch and Van
Dyke and their friends and gold brokers mas
ters Of the situation. The same heterogeneous
bill further provides that the reserve Of ma
tional banks shall after the 1st OF January
next not consist in whole or in part Of interest
bearing United States notes.
What Mr.. Shcrman's motive could have been
for introducing such an uncallcd-for, unscien-
tifc and discreditable measure, IL is hard to
divine, unless il was merely 10 allay the sus-
picions of jobbory which were excited by the
bill he frst introduced, and for which this is
probably intended TO pave the way hereafter.
But whatever the motive, the bill calls for
compendious condemnation. It is disgrace
to the Senate which passed IL, just - the
Morrill, Tariff bill is 10 the House. Both are
equally born Of corruption. and both are in
tended TO subserve party and personal in
terests; and they we're introduced st the
eleventh hour Of the session in order that they
might he rushed through without due investi-
CATION or consideration.
We therefore call upon the Western
States through their representatives, TO
enter decided protest against one At least OF
these Infamous projects. The Tariff bill aims a
blow AT them more than those Of any other
section Of the country, and II they neglect 10
do 20 they will neglect their duty. Finally,
should these measures pass tho two Houses Of
Congress, we trust the President will scan
them closely and veto the Tariff bin at least;
but ifhe vetoes both Of them be may rest assured
that he win have the support Of the whole
country, with . fev exceptions TOO worthless