The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-01


river higher than during the fresbe Of $780, and
the Sandusky river also flooded the trains 90 railroads
crossing ii being unable to run.
The boiler of brass factory in Cincinnati exploded
yesterday wreckng the building and fatally inurng the
engineer and wounding others.
The three story building known as the Commercial
College, at Hsdale, Mch fell on Friday morning,
buryng family named Dudley In the ruins. The
father, wife and one son were killed. and another son
had his leg broken.
Orr Foreign Relations and Our Financial
system.
We have the information from Washington
that the official statement Of the public debt
will be issued on the 9Th of October, that ii
will show considerable reduction Of the debt
and that the coin balance has increased 10 the
same extent that it did during August, namely,
about fifteen millions Other facts are also
mentioned, showing healthy condition Of the
Treasury, and that, all things considered, we
are getting along under Mr.. McCulloch's insn-
cial tactics as well as could be expected. Ac-
cording to his monthly report of September
there was net reduction of the public debt
for the month Of August last of $37 ,4l6, 108, .
s74,6O5,l99, and since August, 1865, when the
debt had reached its highest, there has been
total reduction of SlGl $40, lOs. AT the rate Of
the last three months it is estimated that the
whole debt can be paid of in nine years, and
that at the average Of the past year il can be
80 tiled in sixteen years.
1t Is thus apparent that with the continuance
Of peace our national debt, which, at the close
OF the war was accepted as burden that would
rest upon the shoulders of the people for per-
haps hundred years to come, may be removed
without any extraordinary efforts within the
next ten years. But here the question recurs,
IL this thing may be achieved under the present
loose and makeshift management OF our
national finances and under our present heavy
aud wasteful system of internal taxations and
tax collections, could not the same result,
under some easy reforms, be reached IS soon,
while tightening at the same time our general
schedule Of taxations internal and external Il
Is to the solution Of this question that we would
now invite the special attention Of President
Johnson. He hss il now within his power, by
carefully digested measures Of reform and re-
trenchment in expenditures and in taxes and
in the management Of the national 7. easury, to
open the way for the payment Of our national
debt within fifteen years. with reduction of
our taxes as we go on, beginning say at twenty
per cent, and still cutting them down from
year 10 year till they reach the standard Of .
peace establishment, relieved of debt, interest
and principal.
Something is due to that great body OF the
people who have borne the immediate burdens
OF the war, and the lessening Of their present
taxations, especially ON the necessaries OF life
may be pro6tably undertaken, even In view Of
some extension Of the time. when from the
present rate OF the quarterly or yearly surplus
OF the Treasury the whole burden Of our ma
tional debt will be removed. Ia this view .
reconstruction bill reported from The Committee
OF Fifteen at the last session of Congress- giving
to the lately rebellous States a margin OF ten
years for the payment Of their proportion OF
this debt, would be good thing for in ope-
rating TO the rapid development, OF The industry
and commercial products OF the South, this
measure would in every way operate to
strengthen the hands Of the North and TO in
crease the resources Of the Treasury. This
bill, as part u the reconstruction plan OF Con-
gress, should not he overlooked by the South
Let them come In at once under the amend
ment, and thet will get their ten years. credit;
for this Congress, amer proposing this induce
ment, cannot lately deny it,
But leaving the reconstruction plan Of Con-
gress to take Its course, we would urge upon
President Johnson the financial reforms and
retrenchments suggested as atYording him q
broad field for the greatest results TO his adj
ministratiou and the country. We have from
time TO time indicated some OF the specific
measures Of reform called Tor, including the
saving Of the item Of twenty five or thirty mil
lions now absorbed in the perquisites OF the
national banks. Then, again, the boundless
resources Of the government mineral lands OF
our new States and Territories from the Rocky
Mountains TO the Pacific, in some way, not 10
The prejudice OF miners and settlers. but to
their advantage, might be made 10 relieve ma
terially the burden OF taxes Of every taxpayer
ia The land. In oil these suggestions there il
Z Geld for such an executive message TO Con-
eress in December - Will clectrify the coun
try with . new inspiration Of confidence in
President johnson.
Equally inviting and not less to the credit
and glory Of his administration 10 the policy
suggested in the present state Of things touch
Ing our relations with England, France and
Spain, Msrico and Ne South Ansricsn States;