New-York tribune., 1866-05-02
CAM WE BEAR MORE DEBT,

The Secretary Of the Treasury has addressed note
TO the Hon. David A. Wells, Chairman of the United
States Revenue Commission, expressing the opinion
that the bill for the equalization of bountics will re-
quire an expenditure of from $780, 900, 900 to $780,
600 900, on which the annual interest will amount to
from 5000, 900 to Sl9OOOOOO. He requests Mr..
Wess opinion Of the effect this increase oil the puoc
debt is likely to have the finances and deyeopmene
of the country. The reply to this question deserves
attentive consideration. Mr.. Wells, whose intl-
mate. knowledge Of the subject will not
be questioned, remarks that in the critical
period of its financial experience through
which the country is now passing, the essential con-
diton of future prosperity to borrow no more money
and to meet all expenditures by taxation exclusively.
During the first three quarters OF the current hsca
wear the amount Of revenue from direct and indirect
taxation has been $40 0O0 being at the rate oil
$40 OOo, cooper annum. This immense sum has been
taken mainly from the industry OF the country ana IL
can neither be accepted as a safe indication oil the
prosperity of the country relied upon as measure
Of future returns 1t is considered certain that the
falling oil for next year will bc large. Yet the exemp-
ton from taxation at present OF any form OF capi-
tal or any process or result Of industry, is the
exception rather than the rule and the increase OF
prices, and the decrease Of production consequent
uppn il, show that reduction Of taxation, or change
in the method Of it, has become imperative Yet cir
cumstances will not permit this reduction to be I'M
mediate nor it possible under existing laws to de-
rive from spirits tobacco liquors, &C., that proper
ton of the revenue which they ought to be made to
Weld. New laws must be enacted, and ex-
perence in administering them acquired In
order, therefore to raise the amount necessary to
pay the Sl5,O0O,0O0 of interest called for
by this measure for equalzng bounties the present
rate of taxation must be maintained upon long list
of articles least able to bear it without general In
Jury among which are all sorts OF wearing apparel,
salt, soap, paper Of all descriptions books and all
printed matter agricultural implements, lime stone,
stoves and window gassal articles which it is for the
interest of the community should be relieved from
taxation and produced as oheaply as possible.
"If, however," says Mr. Wells, sit is urged that
the Government can afford to relieve all the above
enumerated articles, and many others, from taxation,
and still pay the interest the proposed addition to
the debt, reply that 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 taSauOn, ana thil no piihc'pio VI
political economy is better established than that
tax upon of the necessities or indispensable forms
Of industry Is, in fact, upon all. Under the above
circumstances, therefore, it would seem as if nothing
but The salvation Of the nation itself could warrant
any immediate increase of the national liabilities or
the peoples taxes"
II remains for the advocates Of this gigantic bounty
scheme to reply, if they can, to this demonstration of
the inadequacy Of the national finances to meet its
cxtrayagaut demands