The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-15

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now be done to arrest the disaster. Il must
run its course for awhile. The reaction in time
will sweep away the obnoxious features OF re-
construction. The day is not far of when the
people of the whole North--this proud Cau-
casan white race-will demand the emanoipa-
tion of their white brethren in the South from
the barbarous rule of the negroes. In the
meantime there are other questions of the
highest Importance looming up and requiring
skilful management.
Laying aside the question of reconstruction,
the one which overshadows all others is that
of our national finances. The expenditure of
the Federal Government is something like five
hundred millions of dollars year, with the
prospect that under the disorganized state OF
the South and costly military despotlsm
there, it will soon exceed that. This, together
with the burden of State county, and munici-
pal debts and extravagant local expenditures,
swells the aggregate amount of taxation to
thousand millions.
The local government of the city OF New
York alone costs over twenty millions of dol
lars. Reckless extravaganza is the curse of
all parties, for here we are under Democratic
rule but it is just to say that the stupendOus
debt and frightful taxation of the Federal
Government are the result Of radical Republi-
can misrule. A thousand millions of taxa
tion What people ever bore such weight
How can we continue to bear it2 We must
falls upon the North. Under the destructive
legislation of Congress the South will be less
and less able to aid in carrying this burden
twenty-five millions of people have to bear a
thousand millions Of taxation Forty dollars
a head for every man, woman, and child Or
for every head of a family from two to three
hundred dollars year How are the working
classes to endure such taxation 2 At least a
third of all they earn goes directly or indi-
GOUarpmant in ia
world are taxed anything like this. Even in
Great Britain, where they are more heavily
taxed than anywhere else except in this re-
public, taxes do not amount to half what we
have to bear. Our people bore this patiently
until the war was finished and the Union made
secure, but they will certainly not bear it long
in time of peace.
Yet we see certain class Of politicians and
journals, allied with the bondholders and the
national bank oligarchy, which would increase
the weight of the debt and make it perpetual
burden. They would reduce the currency and
thereby reduce the means of the people and
the revenue of the Government, so as to add
forty per cent. to the wealth of the bondhold-
ers, If the insane demands of these people
for specie payments could be complied with,
we could neither pay the debt nor bear the
taxation to meet the interest. We should be
bound down as securely and perpetually
under a stupendous debt as the people of
England are.
The first thing Congress should do, then, is
to reduce the expenditures of Government to
the utmost and to make a corresponding re-
duction in taxation. The system of revenue
should be simplifed, and the expensive ma
chinery now used to collect it abolished. All
burdens upon productive industry, as that of
the cotton tax, should be removed. Mr..
McCulloch should be stepped from curtaiing
the currency any more; and, if necessary to
stimulate production to reduce the debt, to
make money abundant and easy, and thereby
to secure a large revenue, an additional
amount of legal-tenders might be gradually
and prudently issued. But by all means the
national bank notes should be withdrawn and
greenbacks issued in their place. BY doing
this the Government could liquidate at
once three hundred millions of interest bear
ing bonds and save twenty-five millions year.
As much of the debt as possible should be
paid at once, and continued to be paid, while
the currency is deprecated.
interest bearing debt by substituting legal
tenders for national bank notes, and by using
the surplus money in the Treasury five hun
dred millions of the debt would be paid at
once. Theu, by following the course we have
suggested, another five hundred millions
might be liquidated in the course of a few
years. Thus, in less than five years thou
sand millions, OF one-half OF the interest bear
ing debt, could be paid All this might be
| done, too, with reduced taxation, if the
finances be properly managed and the Govern
| ment administered economically. This is the
| important work for Congress to set about
doing. 1t cannot be ignored or delayed long
without plunging the country into inextrca-
| bic difficulties. Let that body, then, drop the
| negro and attend to the national finances as
| soon as it reassembles.