New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-15


the last quarter of 1865, was as follows:
Internal Taxes 49, 597,l56 Customs ..s'9'a S''
Total. .Sl4l, sl3,494
There are other items-Lands, Direct Tax,
and Miscellaneous but the two former are
trifing, while the Miscellaneous consists, we
Judge. mainly of receipts for vessels and sup
plies bought for War purposes, and now sold
because no longer needed. We judge the real
income of the Government little over One
Hundred and Forty Millions, or at the rate oil
Five Hundred and Sixty Millions per annum.
The receipts from Customs are excessive.
We imported far too many goods during that
quarter-twice too many. If we count Thirty
Millions per quarter as the proper sum to be
raised by a wisely discriminating Tariff, it is
quite enough.
If there had been no cheating the Revenue,
our Internal Taxes would have yielded at least
One Hundred Millions, or at the rate of -Four
Hundred Millions per annum. Let US suppose
that Congress will now reduce the rates by
one.third, while more efficient legislation and
effort shall reduce the aggregate of frauds on
this branch of the Revenue By one-half, ouf
income from Internal Taxes cannot well fall
below Sixty Millions per quarter, or Two
Hundred and Forty Millions per annum. This
will give us q total income from Customs and
Internal Taxes Of Three Hundred and Sixty
Millions per annum. Now the interest on our
Debt, when it shall all be funded, cannot exceed
One Hundred and Eighty Millions, while the
annual expense Of maintaining our Government
in time of peace must fall below One Hundred
and Twenty Millions: so that, on this basis,
we shall be able to devote at least Sixty
Millions per annum to the diminution of the
principal of our Debt. And this, if we allow
the taxes to remain as they are and keep out of
foreign wars, would pay off our entire Debt
within thirty years, or before the close Of the
present century.
Such are the auspices under which Mr.. Sher.
man Of Ohio submits to the Senate and the
country proposition that our Greenbacks shall
not be redeemed and Cancelled to such extent as
to reduce the amount outstanding below -Four
Hundred and Twenty Millions. In other
words, "the United States promise to pay "
81, SO, S5, $40, $50, $50, 500, $1,000, or
whatever may be the amount specified on the
face Of any greenback, is to be made a lie by
statute-the United States are not merely to
postpone payment Of these their voluntary
promises for value received; they are to declare
and enact that they wiH not pay them What
is this but the most fragrant repudiationl BY
what code of morals can it be justfedl
Most certainly, the idea of persistent, chronic
irredeemability was not involved in their incep-
ton and issue. Mr.. Spaulding of Buffalo, who
was on the Committee of Ways and Means who
first authorized them, states that it was the I'M
derstanding that they were to be at all times
convertible into twenty-yearS' six per cent,
whereof the interest should be paid in specie.
Thus the United States were to say to their
creditors, We have not money in hand; but
here is mortgage on the whole country, pay
able principal and interest in specie; take this,
and wait till VIC can do better by you"
The main impulse Of Mr.. Sherman's measure
is of course desire to retain the Greenbacks in
and thus keep the Currency abund-
ant, while saving the interest on -Four Hundred
Millions of Public Debt. Very well, Mr.. s.,
we will meet you and your school half way.
We will accept your proposition, with this
P,orided That the United States notes aforesaid
shall be always redeemed IN coin presentment the
Sub. Treasury in New.York."
-"Ol that will prevent the retention Of
$500, OOO, 900 in circulation"
No, it will not. The Government can pay
ont Greenbacks so fast, at least, as it will be
required to redeem them, provided it keeps
them at par. California, Nevada, Idaho, Utah,
&Ss WV ahs' ysalas Of them. and hold most
II