The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-21
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hand down free INSTITUTIONS unlmpaueo 10
uosterity. It is simple justice that future
oen.rations should bear their share of the
burden, the more so because augmented popu-
Iation and wealth must render that burden
lighter upon them than upon us. In this
view, no enlightened statesman will entertain
the idea of paying off our vast debt at once.
The most to be desired is revenue sufficient to
meet current expenditures, to pay aocruing
interest, and to extinguish say fifty millions
Of the principal annually. The important re-
duotion of our debt during the past year has
convinced our people and the world that we
possess both the ability and the inclination to
meet our liabilities, and are fully able to
undergo any future demand which war, do
mestiC or foreign, may make upon our re-
sources. Then let the national debt be re-
duced gradually, 80 as to sustain public
credit, yet so as to remit to posterity its
extinction.
But to sustain this general policy we must
submit to taxation heavier than any imposed
before the Rebellion. What plan of raising
revenue, then, shall be adoptedY Three sys-
TENS have been tested in this and other coun-
tries = (1) The impost system; (2) direct
taxation; (3) the excise system. Each has its
distinctive characteristics and influences upon
the people. The first is most common and
least oppressive. It has this additional advan-
trade, and so contributes to the supremacy of
native commerce. 1t also enables us to impose
eountervailing duties, thus defending us
against any hostile legislation of any foreign
power. The tax, too, is often in effect par
TALLY paid by the foreign producer, who,
rather than lose valuable markets in this
country, will frequently, in the case of high
duties, reduce the prices of his wines, silks,
woollens, etc., so as to retain old customers.
He finds this course far more to his interest
than a surplus on hand to diminish home
quotations of his manufactures. Besides by
the increase Of imposts upon imported articles
which can be made here, powerful stimulus
Is applied to the home production of those
articles. The resulting competition between
domestic and foreign producers themselves
generally acts to reduce prices, in a short
period. Ci
This position is fully sustained by the expe-
Tience of this country. Let our tariff be in
creased ten per cent. on commodities which
can be manufactured in the United States
and rarely, if ever, do these articles advance
in our market beyond half the augmentation
OF tax. On the other hand, reduction of the
duties on such articles will seldom, if ever,
lower the prices in the same ratio. Thus it
appears that the impost system is practically
more favorable to the taxpayer than any other
mode of raising revenue. A direct or land tax
has no such redeeming features and should
be resorted to only in cases of necessity. An
excise tax, though less exceptionable, yet pos
sesses some Odious qualities. 1t must be more
or less inquisitorial, and being laid upon bust
ness, unavoidably discriminates against and
disc0urages enterprise. Moreover, it is a sys-
tenn the whole burden of which must fall
upon our own people.
Congress, then, in providing for raising the
necessary revenue, should impose the tax
where 1t can be paid with the least Injurious
effects The necessities of the future should
be studiously regarded. Such a system
should be adopted as will stimulate the in
crease of taxable property from year to year.
which shall make the burden lighter and
lighter upon the people, by developing the
resources of the country, and adding to its
ability to meet the demands of the Govern
ment. Every wise statesman will seek to
increase rather than diminish the sources of
revenue.
Now, which of the three systems proposed
will best accomplish these desirable results
1t is plain that direct taxation can never act
as q goad to productive industry. II is merely
a adead-weight upon the contributor. Rxcses
are little better. Will the taxing Of manufac-
lures increase the products Will the taxing
of business induce larger number of capital
lists to embark in various enterprises Are
not the tendencies all repressive upon indus
trial pursuits Take our home producers
almost every one of whom comes in com petit
ton with the foreign manufacturer; do not
excise taxes upon their products weaken their
ability to meet on equal terms their rivals
across the ocean 1t does not help the case
10 say that the consumer pays the tax for the
same can be said OF the imported article. Un-
less tariff is imposed upon foreign commodi-
ties, the excise laid upon the manufacturers
is likely to break them down, and thus
render us more or less dependent upon other
nations.
1t is plain that, to reach a high point Of
prosperity, every branch of industry should
De fostered. No single department can be
neglected without serious injury TO the others.
Depress manufactures and the mechanic arts
and you turn adrift swarm of laborers to re-
duce wages by competition in other employ
ments. This cheapening of labor OveT-stimu-
!ates production in the new calling to which it
Is applied, and finally reacts upon the pro-
Queer with prostrating influences. The diff
lerent branches of industry are so closely inter
connected, that any policy which Injuries one
The enlightened statesman, therefore, in
Prouoing system OF taxation, will anxiously
inquire how he can best develop the active
Piouuc.lon OF the whole community. Though
ms oDJect Is revenue, he will be wisely
sOnOltous 10 make the burden as light as nos
siDie upon the people, by utilizing and vitali-
zing the resources Of the county He will
perceive at once that If he shouid raise his
impOsts to the point OF prohibition he viii
Destroy importation, and his tariff will Weld
no income should ne lay an excise dutv of
too high rate, he will break down mannfoc-
turers and thereby defeat his purnosa A
proper medium must be adopted both for the
advantage Of the revenue and of the people'
Neither free trade nor prohibitory tariff can
supnly the Treasury, or promote the 0anaral