The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-05-02
- .a;a 8
Money---Wages---Living.

Taxation aud, Revenue---=An Impor
tant tProbIem--.ShaII We Attempt tC
Reduce the Debt or Simply Pay the
Interest& The Present Generation
/ Versus POsterItYs
From Harper's Weekly. b
Before these lines are read the House
| Committee of Ways and Means viii
probably have reported the amended
Tax bill. The papers are full of cir.
Icumstantial accounts of the changes
(which are to be made. But Washing
| ton correspondents, like Homer, have
been known to make mistakes, and we
may as we'll defer criticism on the bill
until 1t appears in authentic form. In
the mean time there is no reason tC
question the published statement ol
4 the revenue for the fiscal year ending
3Othi June ne6t,s which sets down the
4 receipts of Government from customs,
/ excise, and miscellaneous sources al
S525. .OO0, 600; or the published estimate
of the public revenue for the fiscal
| wear 1867, which informs us that the
Income of the coming year will not be
less than that of the current year.
These are substantial, suggestive
| facts. This country, it seems, with a
population, including negroes, perhaps
i 5000, 600 more than that of Great Brit
ain and Ireland, and 5000, 900 less than
/ t0aUF fIanEt1 tSlSlhS Al 4SNShuGNLS
| Government fifty per cent more than
the public revenue of Great Britain OF
of France. The British revenue has
| for some years averaged $3.50, 100000
| per annum, and the revenue of France
| about the same sum. Our public rev.
enue this year will not be less than hal
as much more. Thus, while -inhabi-
| tants of Great Britain and Ireland pay
an average tax of about Sl2 50per head,
and inhabitants of France about 50 20
per head, inhabitants of the United
| States, including negroes, pay about
SI6 so per head. This is pretty well for
| a country which till within three years
was new to direct taxes, and of which
it was confidently predicted by observe
that the people would never ubmit to
the exactions-of the tax-gatherer.
The revenue, as we said, is not to be
less in 1867 than it was in 1866. ct
the expenditure is to be reduced nearly
one-half. In 1865 the expenditure
will be found not to fall far short OF
$500, ,OOO, 900. For 1861 the Secretary g
estimates are S2s5, 100000; and sound
authorities predict that unless Congress
throws money away the aggregate, In
cluding The interest on the public debt,
| will be within S275, ,000, 600. This would
leave surplus of $3.50, 600, 900, to be ap=
piled, as many suppose, to the reduce
|
An important problem is suggested
by this probable excess of revenue over
expenditure. Is it just or polite for the
present generation to undertake the
payment of the national debt, and at
the rate of nearly 10 per cent: per an
num2 On theJ oneJhand, it is urged
that, as there is no better possible tn-
vestment for an individual than the
purchase of his own paper, SO there can
| be no better use for the public funds
| than in the eXtinguishment OF the pup
lie debt. But, on the other hand, as fu-
| ture generations will benefit at least as
much as the present generation by the
war for which the national debt was
| incurred, it seems but fnirto many that
| they should bear their full share OF the
| burden. Or, to put the proposition in
| another shape, it seems unfair that the
present generation, which has contrib
uted its life-blood to work that IS to
benefit its posterity as well as ITSELF
should be further called upon to
taxes, the pecuninry burden which
naturally would devolve upon its
| successors, There can be no ques-
tion but that the war of 1864,
with the consequent abolition 5oi
slavery, will render the United states
far more prosperous in 1885, 1900, ano
| 1925, than they could have been without
| the war and without abolition. Should
not the men of 1880, 1900, and 1925 pay
| for the boon? Is it fair to struggling
thousands at the present day to ask
them not only. tolgfpe EtheirAblood tol
the great cause, not only to pay the IN
| terest on the national debt, but further
to pinch themselves in order to reduce
| the principal, so as to tighten the load
| that will tall upon the shoulders of &
pOsteFity to be so much adyantaged by
| the sacrifices they have already made j
/ Certain newspapers of unquestioned
Ilovalty dwell upon the advantage o.
reducing the debt to S2,50O, O0O, ,OOO by
I payment in full of some S205, 900, 600 o.
Snort date obligations. This reminds
one Of Pip,s fondness for round mum.
| bers in the statement OF, his debts. II
would be a great gain to reduce the
debt TO 80, 500, ,OOO, 900, u still greater gair
to reduce it to s., ,40O, 600, 900, or to 81 800
OOO, 600. The smaller the debt the light
er the taxes. But it is quite certain
Ethat there is no better way of using the
surplus of 1867 than in paying of
IiS205, ,O0O, 900 or debt certificates and DIN
Ter short date obligations?
L. Look at itheFsituation. Money is
4 lcirupt in Wall Street. 1t cannot be east
ly lent even at per cent, and the pros
i lpect is that 8 or a will soon be the rare
Fully Ss00,o00 900 IN currency, 4nae n
1 lipendent of interest-bearing legal ten
| ders. are afloat-four times as much a:
1--we had before the war; The numoei
4 iof banks is thrice what 1t was. All thi:
\ currency is seeking employment, al
these banks are ravenous for DIVIDENDS
! Cashiers and Presidents fall down a
the feet cf any one who will condescent
to borrow money of them. The conse
ouence is that every man who has pro
perty borrows moneyton it., and hoard'
itsin view of the initiation which ht
4 wants and deems inevitable; and, al
we showed last week, all kinds OF mer
j chandise and property are held nrmlJ
| for an advance, and the cost OF LIVING
l is at least as high as, j not higher thar
it was when gold was $50.
Now, how will the proposed appIica
i ton ofthe surplus of 1S66-6z to the. eX'
4 tinction Of or 10 per cent OF the pup
lie debt affect this state of things! i
will make money even easier than It IS
and yyiillrenderSa fresh imitation inevi
table. It will raise the price OF every
! article that is consumed by the poor
1t Will tempt men to run in debit 4
I live extFaVagantly, to expand thetl
1 commercial ventures. And, as MIR
/ McCulloch eloquently showed in his re
4 mort to Congress, it will lead, surely
Il and swiftly, to crisis which Will oyer
whelm thEee-fourths of the traqlInt
Community and involve the g whoi'
4 conntrvin disaster. All this it will dC
4 without bringing the national currency
X per cent nearer par ksee the course
4 Of the gold market since this sehem'
\ WINS mooted1. The only people whom
Il will benefit are the bankers and spec
4 uiatofs who bought at discount Tn
short date obligations which 1t is nov
proposed topay Oft at par. 80
II, on the other hand, this great sur
plus-the greatest. we believe, ever ac
n -. .,I,itoSj nv aY1TT nation in a singh