The Conservative. (M'connelsville, Ohio) 1866-1871, 1866-12-28
FInaDciaI Breakers Ahead.


Financial Breakers Ahead.
The New York Sun, an independent
aheet, that has given the Republican
party 3 warm support for the past six
years, warns Congressthat a monetary
storm is brewing, and advises that sail
should be taken in and other prepare
lions made TO meet it. Among other
things 1t sRys:
"For months past there have been
indications pointing to = monetary re-
vulsion in this country. Shrewd men
have observed them, but the great
mass Of the people have given them
no attention. So Tar as Congress is
concerned, one would not suppose,
from its legislation, that there isa sin
gle ripple upon the surface Of the f.
n~anciaf waters, or that such q thing is
ever likely TO occur. The dRnger'is
ahead, however, and both Congress
and the people should ondeRvor to
make provision for it, No people ever
did, and no people can, long withstand
such q pressure Of taxation as that
which now rests upon the people Of
the United States. = = X y The
estimated amount Of revenu which
the Government proposes TO raise next
pear is S565, 000, 000-an average Of
Sl6 for every man, oma and child
in the United States. This, be IL re-
~membered, is simply tho revenue re-
quired for the use of the General Gov
srnmeut. In order to get at tho act.
ual burden of taxation, the various
State, county and other taxes must be
added to the above sum. Before the
war the expenses Of the General Gov
eminent were loss than $4,000 900.
We now have to makeup the addition
with greatly diminished.
y X X X Under such Circumstance
% it is plain enough that we must fall
unless relief can be had, and the signs
Of the times admonish us that the dan
ger is drawing near.
What 10 the remedy2 In the irst
place, the Government must not raise
a revenue Of $685., 100000, nor any
thing near 1t for the coming year. 1t
is q %ruinous policy which aims to col
iect an immense revenue with the OBJ.
isct Of hastily paying the National
debt. The proposed aggregate Of tax
alton, in view OF the threatening state
Of financial affairs, should be reduced
SO 90 to pay, next year, nothing more
than the current expenses OF II Gov
eminent and tho interest on the Ma
tional debt. By this means the weight
Of taxation would be decreased nearly
5000, 900, 900 for the coming year which
amount will otherwise apply upon the
principal of the debt"
It is-diheult TO understand how q
financial crash is possible with . cur
rency founded upon the faith Of the
Government, and made q legal tender
but which at the same time, the party
issuing it is not bound to redeem it II
coin. What is to produce the mono
tary revulsIon dreaded by the Sun ?
The frSt great step in that direction
would be loss Of faith in the intention
or capacity of the Government to pay
it's indebtedness. The next would b.
the inability Of tho people to pay theiI
taxes, ON account OF q reduction o
the volume Of currency, or on accoun
Of the taxes being so heavy as to con
sumo Allthe profits Of business and di
minish consumption. II would seer
from the view the Sun takes Of tn
matter that the dreaded monetary re
Vulsion will come through the pressur
Of taxation. Il declares that "no pee
pie over did, and no people can, lon
withstand such a pressure OF tsxstio
As that which now rests upon the pc.
pie Of the United States" One WouI
think 80, but the results Of the recel
Congressional elections incline us
believe that the people are Of a vel
different opinion. They 60 to sho
that there is no pressure from taxatiC
and that Congressional extrsvNgan
and profiigacy Of public expenditur
are not regarded as offenses, but rat
or evidences of a liberal spirit, to
encouraged by the people.
It would appear, from CongreSsior
indications, that instead ola contri
ton of the currency and a return
what, in obsolete literature, is kno'
as specie payments, there will be an
crease of greenbacks. 1t is claim
that the condition Of the country
such that q contraction of the currer
would ruin hundreds ~ofthousands wi
ont insuring, in any degree, the stall
iSy ON hpAHo~s and bs1 the o.