The New York herald., 1867-12-18

The several committees Of both houses ol
Congress ON Ways and Means Finance, Cur-
rency and Banking, the Revenus, and oognats
subjects relating to our national nnancss, are
busiIy ct work, with view TO regulate the
present disordered and oppressive stats oi
things They have great deal to perform to
accomplish this, but Il ID, ip great measure,
labor Of negative character, to undo and
straighten out the crude, entangled and oom-
plicatcd works done heretofore By Congress
and an incompetent Secretary Of the Treasury.
/ First, the revenue system, or rather want Of
system, should be thoroughly overbauled and
organized. At present Il 10 in great disorder,
very oppressive. ruinously expensive and full
Of corruption. II II hardly possible to dnd In
the history Of nations any revenue system 90
demoralizing both to the people and govera-
mont In time of peace, and nearly three
years after the war closed, we raise revenue
Of over six hundred millions Of dollars that is,
reckoning the gold receipts from customs in
lawful money a. well as the internal revenue.
Great Britain, France Or any other country
does not raise anything ike such revenue.
No people in the world are so heavily taxed.
Yet seven years ago sixty TO seventy millions
. year were sufficient to carry on the govern
ment and even that amount was considered
extravagant In seven years we have in
creased the revenue and burdens Of the people
nine fold. We should have thought this in
credible seven years ago, and il il fright
ful to contemplate now. It il war
revenue nearly three years after peace
was established--a revenue such as the
richest and greatest empires would hardly
venture to raise in time Of war. Every one
knows this stupendous amount Is mot necessary,
even with the hundred and thirty 10 forty
millions year required 70 pay the interest on
the debt With economy in legislation and in
the management Of the Treasury Department
half the present revenue should be ample. II
we calculste he decrease Of expenditure in
collecting revenue diminished by half. under
efficient management the taxes would be
reduced In greater proportion. Nearly two
thirds Of our present burden, probably, might
be taken OF with safety. But this Is not all.
The government loses or is cheated out Of
something like . hundred and iifty millions :
year by whiskey and other frauds, e the
evidence has shown. Never was known before
such loose, extravagant and complicated
revenue system. One Of the first things Con-
gress should do is 10 reduce taxation, to raise
on income from fewer articles and sources,
and that chiefly from luxuries. and to sim
plify tbs whole machinery Of collection and
Infringement Of this depaftment F-'' - :
Taen the entire debt should be consolidated
and bear dve per cent interest," We have now
. number, and variety Of forms Of indebted-
ness, making great confusion and creating all
sorts Of stock gambling In and ont Of the
Treasury Departments Secretary McCulloch's
policy has been as much the delight Of gold
and stock gamblers as disastrous to the coan-
try. The various forms OF debt might be con-
verted into one Of i've per cent consols This
conversion to uniformity, with reduced inter
est, might DO made without loss II the debt
we're payable at long period. Still, that
would NOS prevent the government from cstab-
fishing . sinking fund or Of buying mp the
debt from year 70 year with finds provided for
that purpose. Indeed, the debt might be made
payable any years hsnce, and yes all Of
Il sxtinguisAed before maturity. Lss us, then,
have . uniform consolidatsd debt - q lower
interest, and ct the same timc sinking fund
for iss llquidation within ~ short time as
may be practicable But the hrst step should
be 70 pay o9 a once fivs hundred millions or
% Of ths lnterest-bsaring bonds BY an hsus
of legal tenders in plaos Of Ne national bank
notes, and BY the surplus money In the Tree
ssry. The interest bearing dsbt might Be 70
dnced 10 aftesn or sixteen hundred millions
within year, and shis, d fve per cent, would
require only ssvsnty-6ve 70 eighty millions .
year 70 be raised for paying the intsress on
the whole debt.
I With regard 70 the currency, nothing shou Id
bs done except 70 make 10 uniform through
. .wishdrawing The national bank circulation
and issuing grssnbacks Ia place OF that.
There should be no further contraction.
The country has settled down % the
present amount Of circulation, aod all
values and transactions IN badness ars based
upon IL To contract would be most disAs-
sroasy q We have experienced lassly, and
wosld dry up shs ssurSs of indsssry and NE
rsvsdue of We government Tho Increasing
population and active industsy oi sths country
vill Absert ~ shs currency, y ~ Y WI
bScoS1o, ~ afIsr year, lss abundant and
morv sGxinstns relatively. ID Ms way W
shall srow. up gradually V speeds paynsnts
witheus aay sseioas rsvuhion Thsse ~ ~
higkly imp6etonl ssbjsch Congrsn should
sttsaa u dutlne ~ gssssnt sssuiea aad bsoses
shs suu1nomsnAo . III rsssidsntiAl sleslisa &C.,
msossk rAsy esa mo- b postpsasd wish'
osis ssrices hjsky. DInpas, plaia msnnres
susA = ssunsa 6un4s via cletsls, sss "A tha'
y isnssssnAry b plsss - sal1seal anansss O