The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-19

eAIaVagant, ana rejected by the people in
consequence of an annual expenditure of
thirteen millions, and he feels anxious when
he recurs TO the fact that International debt is
now over two thousand five hundred millions
with an annual interest of about one hundred
and thirty-six millions to be provided for in
addition to the vast and growing yearly ex-
penses of the Government. Hence he is in
favor of policy which, in the language of the
message of 1865, without being oppressive
to the people, shall Immediately begin to effect
a reduction of the debt so as to DISCHARGE IL
fully within fixed number of years - He
believed when he penned that MESSAGE
that the whole debt might be paid off in thirty
years, and he was in favor of so reguIatino
the expenses of the Government and the
revenue system as to accomplish that result in
or about that space of time
In all this the President and the Horald
stand upon the same ground. We have de-
nounced over and over again the reckless
extravaganza of Congress, and have warned
that body that if it should continue in the
same course, burdening the people to the last
limit OF forbearance, the worst results NAV
follow. Nobody would think of reputation if
our financial affairs and the debt should be
managed right but we cannot tell what might
happen II the weight of taxation should be-
come insupportable and the public mind de-
morallzed by the reckless and corrupt legisla-
ton OF Congress. Unless the brakes be put
down, and that speedily, the most disastrous
consequences may be expected. We must
stop eXtravagant appropriations and practise
economy III every department of the govern
ment' We should also, as the President says,
and as we have repeatedly urged provide for
the gradual and entire liquidation of the debt
within given number of years, say within
thirty years. Thus the burden would be di-
mlnlshed from year to year, and a cheerful
confidence would be inspired in the prospect
OF seeing it entirely removed. Nothing short
OF this will satisfy the people and give hope
and security in the future.
In connection with the subject of our ma
tional finances, we have recommended the
withdrawal of the national bank currency
and substitution of legal-tenders in its place,
for the purpose of saving to the Government
the profits on that amount ofcirculation. We
have shown that the sum of twenty millions
year which is now lavished upon the national
bank associations could be saved by simply
taking away their currency, and buying UP or
cancelling their three hundred millions of de-
posted bonds with new issue of legal ten
ders. The volume of currency would not be
incl eased, and we should put check upon a
vast and really dangerous monopoly. As the
President agrees with the Her0idS views. we
may conclude that he will be prepared to
recommend this change. So also with regard
to paying our accruing indebtedness with
legal-tenders and the conversion of these at
the option of the holder, and at their market
value, into three per cent. bonds or consols of
long date.
We take it for granted, too, that the Pres-
dent tavOrs a system of revenue which shall
be derived mainly from a few articles of
luxury and general use, and which can be
managed at a third of the present cost. A
great deal of the revenue is now consumed by
our expensive and complicated system.
The President regards the cotton crop as an
important element affecting our national
finances. 1t is so, undoubtedly, for it not
only enters largely into cJlr manufactures,
commerce. and business generally, but it is
equal to gold in making our foreign exchanges.
But the prospect is not so gloomy as he seems
to believe. He thinks that the unsettled state
of the country will materially check the pro-
duction of this most valuable article. For the
time it has that effect, probably, to some ex-
tent; but there was a larger crop produced
last year than was expected, and the people
are earnestly at work this year. Prolonged
political trouble would have a bad effect,
doubtless; but we hope to see the Southern
States restored and that difficulty removed
before another year.
We are gratified to know that Mr.. Johnson
has such broad and comprehensive views in
the main on our financial situation. He is now
on the right track. We repeat the call we
made upon him few days ago, to make himself
master of the subject and to spread it before
Congress and the people in a message, and
with the same views he has expressed. 1t is
going to be the great question of the future,
and he is in a position to make the most of it,.