The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-14

to endure such taxationl At least third OF
all they earn goes directly or indirectly TO
government. No people in The world ore
taxed anything like this. Even in Great
Britain, where they are moro heavily taxed
than anywhere else, except in this republic,
taxes do not amount to half what we have 20
bear. Our people bore this patiently until the
war was finished and the Union made secure,
but they will certainly not bear 1t 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 1t 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 bondhoid-
ers. IF the insane demands OF these people
for specie paym.nts could be complied with
we could neither pay the debt nor bear the tax
alton 10 meet the interest," We should be
bound down as securely and perpetually
under stupendous debt as the people of Eng
land are.
The FIRST thing Congress should do, then, is
to reduce the expenditures Of government 10
the utmost and 10 make corresponding re-
duction in taxation. The system OF revenue
should be simpliaed and tho expensive ma
chinery now US I'd to col cot 1t abolished. ALI
burdens upon productive industry, as that of
the cotton tax, should be removed. Mr.
McCulloch should be stopped from curtailing
the Gu rency any more; and, if necessary to
stimulate product on, to reduce the debt, to
m TX, money a5und mt and easy, and, thereby
TO secure q large revenue, an additional
amount OF legal ten lers might be gradually
and pru ently Issued But by all means the
nation il bank notes should be withdrawn and
grsenbacks issueI in their place. BY doing
this the government could liquidate at
once three hunlrel millions of interest
bearing bonls and save twenty-five
millions year. As much OF tho
debt as possible should be paid at once, and
continued to be paid, while the currency
is deprecated. BY cancelling three hundred
millions Of the inleres bearing debt by sub
shutting legal tenders for nation II bank otes,
and by using The surplus money in the Trea-
sury. five hundred millions of the debt would
be paid at once. Then, by following the
course we have suggested, another five hun
dred millions might be liquidated IN the course
Of a few years. Thus, in less than five years
THOUSAND millions, or one-half of the interest
bearing debt, could be paid. All this might
be done, too, with reduced taxation, if the
finances be properly managed aud thu govern
ment administered economically. This is the
important work for Congress to set about
doing 1t cannot be ignored or delayed long
without plungiEg tho country into inex ricable
difficulties. LIT that body, then. drop the
soon ~ it reassembles.
Tho nIayoralsy Eicciisa-Wosd and Hon.
Mr.. Fernando Wood addressed large num-
Der ofhis political adherents at Cooper Institute
last night and "accep ed" nomination for
Mayor, the peculiar value of which was, Is be
declared, that il did not compromise his indie
peHdence. He seizsd the occasion to assure
his auditors, with that noble pride in personal
honor that is so beautiful part Of politi-
sian's character, that he would anever, no,
never" consent to be Mayor II he had to accept
the nomination and election to that Office from
Ga convention OF dwellings," and had to 20 into
his place bound to prosecute mere party
schemes. He addressed the public particularly
on the great advantage in point Of economy
that there would be in making him
Mayor instead Of Hoffman. He laid
great stress on the fact that he was go much
the cheaper Of the two. In working this point
to the utmost he was right A certain wise
saw expresses an Ineligible preference for the
devil we do know rs compared with the devil
we don't know; and in this expression Is enun-
ciated the only principle that tho most diligent
observer can inl in the contest now opening,
and Of which Woods speech. that appears
in another column, is part. Rascality must be
assumed as the universal postulate 10 politics
DO what we can, say what we may, argue, de-
nounoe, combine, reform agitations-or any
other sort of asitations-when all Is done that
Ia possible, we cannot help having rascal at
suo h"esA VI V"s 1au"a~aysa SVsChuACh6 AnA5
Is history and reason. Il Is the necessity of
the situation, and flows from our system as
naturally and inevitably rs taough determined
by . mathematical law. Rascalty assumed
tn ,refore, the only question to determine is,
Which rascal shall we hlvef So far, the con-
test seems to have sharpenei down to an
issue between Hoffman and Fernando Wood.
Wood we know. His terms are nine million
dollars. Under his administration the legiti-
mate city expenditure and the stealings Jumped
together had that limit But under Hoffman
nine millions was bagatelle. Expenditure
under this Mayor ran up to twenty-four hun
bred millions, and wien last heard from was
increasing at magnificent rate so that neither
prophet nor politician can say what IL may not
reach. Here, then, Is certainty on the one
- -~I ccrta ~ r.. r. ~