The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-03
Can We Bear MO e Debte

From the Tribune.
The Secretary of the Treasury has addressed a
note to the Hon. David A. Wells, Chairman OF
the United States Revenue Commission, express
ing the opinion that the bill Tor the equalization
of bounties will require an expenditure of from
5000 100000 to $3.50, 100000, on which the
annual interest will amount from $4,000, 900
to S1S,00O,000. He requests Mr.. Wells
opiBion of the effect this increase of
the public, debt is likely to have on tt, the
finances and development of the country. The
reply to this question deserves attentive con-
slderation. Mr.. Wells, whose intimate know
ledge of the subject will not be questioned,
remarks that in the critical period of its fnan-
Cial experience through which the country is
now passing, the essential condition of future
prosperity is to borrow no more money, and to
meet meet all expenditure by taxation taxation excll,
Of the current fiscal year the amount
of revenue from direct aud indirect
taxation has been 1000 900, being at the rate
of $54O, 100000 per annum. This immense sum
has been taken mainly from the industry of the
country, and 1t can neither be accepted as a
safe indication Of the prosperity of the country,
nor relied upon as measure OF future returns.
1t is considered certain that the falling off for
next year will be large. Yet the exemption
from taxation at present of any forms of capital,
or any process or result of industry, is the eX-
CeptiOn rather than the rule; and the Increase
OF prices, and decrease OF production cOnse-
Quent upon it, show that reduction of taxa
ton, or a change in the method of it, has be-
come imperative. Yet circumstances will not
permit this reduction to be immediate, nor is
1t possible, under existing laws, to derive from
spirits, tobacco liquors, etc., that proportion ot
the revenue which they ought to be made to
yield. New laws must be enacted, and expert
ence in administering them acquired. In order,
theI efore to raise the amount ssary to pay the
SIS 1000 900 OF interest called for by this measure
for equallZing bounties, the present rate OF
taxation must be maintained upon long list
of articles least able to bear it without general
injury, among which are all sorts of wearing
apparel, salt, soap, paper of ali descriptions
books, and all printed matter, agricultural i'm
plenents, lime, stone, Stoves and window glass,
all articles which it Is for the interest of the
community should be relieved from taxation and
produced as cheaply az possible.
IF hewever," says Mr.. Wells, cit is urged that
the Government can afford to relieve all the
above enumerated articles, and many Others,
from taxation, and still pay the interest on the
condition of the revenue will not at present
allow OF an exemption of all the necessities of
life, and all the common forms of industry, from
taxation; and that no principle of political
economy is better established than that tax
upon one of the necessities or indispensable
forms ofindustry is in fact, a tax upon all. Under
the above circumstances, therefore, it would
seem as if nothing but the salvation of the
nation itself could warrant any immediate in
crease of the national liabilities or the peoples
taXes.r
It remains for the advocates OF this gigantic
bounty scheme t. reply, if they can, to this de-
mOnstration of the lnadequacy of the national
finances to meet its eXtravagant demands.