Maryland free press., 1866-05-03
How we stand Financially.


Ess-Th Secretary of the Treasury has received
from the Hon. David 4. Wells, Chairman OF the
"U. S. Revenue Commission" u statement OF
the financial position Of the country, and the re-
lation its date bears 10 its resources and ability
to pay. II affords ssme idea of the enormity OF
the burthen which in II few short years OF ADOLF
ton rule have been fastened upon the people,
and which that party show, by their extravagan'
legislation an inclination to increase rather than
diminish Mr. Wells states that "the country is
now passing through critical pcried ofits hnan-
cial experience and it seems essential that the
proposition should be proclaimed and maintained
that the borrowing period for ihe nation has pass
ed, and hcncciorlh, and until another extraor-
dinary emergency arriscs, the national expendi-
lures 10 be met by taxatian exclusively.
Nothing less can sustain the national credit at
such standard us will keep open to the nation the
resource Of loans for further emergencies.
The existing public debt OF the Unitid States,
taking the accumulated welth and rate ofintcrest
into consideration, is now comparatively larger
than that OF any OF the states Of the old world,
and is only eXc,eCed, i'll actual amount by that
of Great Britain
The largest amount of revenue ever drawn
from the British people in any one year, irrespec-
tive Of loans has never exceeded $780, 90, 900,
States has drawn during the first thre quarters
of the current fiscal year, has been ll0, 0OO: 00O,
or ut the rate of upwards of S54O, 900, 900 per
annum. This immense sum, in opposition to the
settled policy of all other nations, and in def
ance OF their experience, has been taken mainly
from the industry OF the country. The present
large receipts OF revenoc cannot, however, be
accepted as any sure indication of the future
and SO long as they are drawn mainly from taxes
on il dustry, they are no satisfactory indications
Of the prosperity of the country.
For the next fiscal year, moreover, large fall
ing off in receipts, arising from diminished i'm
portat'ons, changes in values and quantities of
industrial products, and from other causes, may
be expected: This deficit cannot now be easily
estimated but that it will be large cannot be
doubted especially if the country, us now seems
probable is to be visited by pcstilencc. 1t would
seem if the mere statements of the facts ought
TO suffice as an argument against any immediate
increase Of the enormous burden Of debt and tax
alton.
If, howeAer, we further consider the manner
and distribution of the taxation by which the
nation is at present raising its revenues the ar
gument becomes even more cogent and unanswer-
lie. AS is well Known, the exemption from
taxation at present in the United States ofany
capital, or any process or result of industry, is
the exception rather than the rule. This system
n1 1ccssarily involves most extensive dupli, alton
an undue enhancement OF prices, II decrease both
of production and consumption, and, conse-
qucntly, of wealth, restriction of expectations
and of foreign commerce. and large increase in
the macheinery and expense Vt the reI enuc collec-
tiUhs.
1t needs no gift OF prophcsy or transcending
financial intellect TO determine the result Of II
persistence in such n policy; like individuals
have limits 10 their resources, and nations, like
individuals, may have their patriotism even taxed
beyond endurance. A reduction and equaliza-
tion of national taxation has, therefore, become
not merely expcdisnt but imperative. Circum
stances will not however, admit of reduction
sufficient to give all the relief demanded by tile
nation being made at once. Hitherto as has been
already stated, II very large portion Of the reve-
nue. has been derived from the taxes on industry
on the capital which directly supports industry
and comparatively small part from spirits
Tobacco, liquors, legacics and SUGGESTIONS, and
other sources which all experience has demon
Stratcd may be taxed most heavily without in any
way arrcstng the progress of national develop
ment Indeed it may bc assei ted that laws suff-
cient to insure the collection ofany large revenue
from these latter sources hare not yet been enact
cd, the existing laws being, in many respects,
imperative upon the statute-books. Until, there
fore, new laws can be enacted and their efficiency
proved by experience, many Of the worst features
of the present revenue syst IN must be retained
and endured.
Under the above circumstances, therefore il
would seem as if nothing but the salvation of the
crease of the nations liabilities or of the peoples
tax