The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-12
PraoticaI questions for Congress.

Practical Questions for Congress.
Tap reconstruction question may, for the time,
bo oopsidered as settled. The present law will
not be altered, at least until the action of the
Southern people under it shall have shown
some modification to be necessary. During
the progress of the experiment, therefore,
Congress may proftably devote its whole
attention to those practical questions of taxa
zion, revenue, and the currency, which come
home 30 closely to the pockets of the people.
That our laws upon these subjects are crude
and unsatisfactory is ack nowledged on all
hands. The taxes are too high, are unequally
Imposed, and are not properly collected. From
some branches Of the revenue which ought to
yield the largest returns, mere pittance only
Is received. This is partly the fault Of the law,
and partly that of its administration but, from
whatever cause, it is very distasteful to the
people. The tariff, too, needs revision, and
should be adjusted to the rate of internal
taxation. Many of our branches Of manufac-
turing industry are depressed, not merely
from the want of protection against, but from
apositive discrimination in favor Of, the foreign
producer. fundamental provision in the
tariff should be that all foreign goods what
ever shall, in the first instance, pay an impost
duty equal in amount to the internal tax
levied upon the same articles Of home pro-
duction; and then such additional duty might
be imposed as the circumstances of the case
should seem to justify.
Some definite financial policy should be set
tied upon and carried out. If it is determined
TO hasten on to specie payments as soon as
possible, then the different varieties of Govern
ment indebtedness should be funded into
long loan at low rates of interest, and the rate
of taxation should be materially reduced. If
o long period of suspension is contemplated,
then the surplus revenues should at once be
applied to the purchase and cancellation OF the
Interest-bearing debt. There is no sense in
the Treasury's carrying such enormous
balances, while at the same time we are pay
Ing seven and three-tenths per cent. interest
on so much of our public debt. The oficia
statement of Secretary MoCulloch for Novem-
Der LIST shows the enormous amount of one
hundred and thirty-three millions of dollars in
the Treasury, of which one hundred and
eleven millions are in gold. One hundred
millions of gold would, at the present rates,
buy up about one hundred and thirty millions
of seven and three-tenths notes, on which the
interest is nearly nine and half millions per
year. Unless specie payments are to be re-
sumed at an early day, it is folly for the Gov
ernment to be accumulating such hoard Of
gold. 1t makes it scarce in the market, and
keeps up the price. Either reduce the taxes
30 as to raise a revenue just sufficient to meet
the current expenses Of the Government, or
apply the surplus to the purchase of the
interest-bearing debt.
The national banking system needs per-
fecting. Experience has pointed out some Of
its defects. These should be remedied, and, so
far as the clamors against the system have a
foundation in justice, the proper notifications
should be made. AS system, we believe it
to be by far the best that this country has
ever had; and, in its essential features, it is
doubtless destined to permanence. Hence it
should be perfected and popularized as far as
possible. The limit set to the organization Of
banks under it is, in our opinion, unwise.
The South and the West need more currency,
and the system should be expanded to meet
the wants of all parts of the country.
If Congress will at once take up these great
questions and treat them in broad and states
nanlike manner, it will do much to reassure
the public mind and to win back the confidence
Of the people.