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


which have boon piiing up enormous national
debts for centuries, through ambitious and dy-
nsstic wals. and which have 70 support expcn-
sive monarohical governments aad privileged
aristOcracies, are burdened a. II this young re-
public. The national debt Of England il larger
than that of any other nation but ours Is no less
weighty, because the interest u much HIGHER.
But when we take into account the debts Of
the several Sia'es, the counties and the cities
and towns, in addition to the debt OF the fed
eral government, the burden Is much heavier
aad the taxation far greater. We used 10
boast of our cheap government, and point to
tins people Of Great Britain, weighed down
with taxation, by way Of striking contrast.
Now, however, our taxes in the aggregate are
for each individual nearly If not quite a. much
AZ the people Of England have TO bear; and
almost all this mountain Of debt has been
accumulated within seven years
The question which the American people
will soon ask-whicb, in fact, they begin TO
asks, how has Il happened that such an
enormous debt was c0ntrscteds Admitting
the necessarily vast expenses Of war un-
parallel,d In history, we still cannot shut our
eyes to the fact that other nations have had
wars. Of vast magnitude aud Of much longer
duration without creating anything like such
. debt Well might Mr.. Stevens say, In his re-
markable letter which we published on Satur-
day, that 1--WE have thrown away our billions
and are still throwing away millions by mis-
management Seven years or less of
radical republican rule has piled up debt in
the aggregate Of over four thousand millions
of dollars. Expensive rs the war was, there
was no necessity for creating q debt one-hslf
or . third as large ss this. History furnishes
no example comparable with such ignorance.
corruption and Encouragement in national
finances az the party in power has exhibited.
Mr.. Chase iuaugurated this frightful system Of
finance, and Mr.. McCulloch and his other
friends and supporters have continued TO carry
II ou.. Not only did they create IN
necessarily . stupendous debt while the
war lasted, but they have. kept up the burden
since by reckless and extravagant leg station.
They have given us the most ruinous and costly
partisan Office holders, and thsn have permit
ted frauds upon the government to the amount
OF hundreds Of millions. They have estab-
lished military despotism in the South that
will cost another hundred millions at least,
and in the end, probably, several hundred
millions They have given us the infamous
national bank system, which robs the people
directly Of twenty-five to'thirsy millions year
and sbsorbs all the profits Of industry. The
Freedmen's Bureau. the Pension and Bounty
laws. with other numerous iuncalled for gratui.
ties and grants amount 70 an incr edible sum-
They have hcaped up burdens too grievous 10
be borne No other nation could have stood
under them so long. and The people of this
country cannot bear them much longer.
we look 70 history we shall see that nearly
all great revolutions have been caused by un-
just or oppressive taxation. Touch the pockets
of the people, tax them beyond measure. call
upon the laboring masses for the product Of
their sweat and labor to maintain an extrava-
CANT government, and there will surely be q
revolt In arbitrary or monarch:cal govern
ments there will be insurrection or bloody
revolution; under popular government like
ours the revolution will be effected at the bal
lot box. Our own glorious Revolution was the
result OF unjust and oppressive taxes imposed
by the imperial government OF Great Britain.
The first great revolution and succeeding revo-
lutions in France sprsng mainly from like
causes. So IL has been in England and other
countries throughout al! history, and even a.
far hack the revolt of the ten tribes Of Israel
under Jeroboam, because the yoke Of Reho-
boam was too heavy to be borne. Can any
one be so short-sighted, then. as not 70 see that
the Americans must soon revolt at The oppres-
sive taxation now imposed upon thcms A
people who make their own laws by represent
atives chosen every two years win not long
endure extravagant and oppressive legislation.
And II any moneyed cligarchy. in the shape
OF national banks, bondholders, or privileged
capitalists, think they have The power to con-
troll legislation, and endeAvor to do so, they.
will find out their mistake. Should thes,
classes seldshly push their own interests
against the interests and sentiments OF the
people they may come out OF the contest seri-
opsly damaged. There is no desire on The part
OF the American people to repudiate the debt,
but should the bondholdcrs attempt to force
specie payments before the weight Of the debt
be removed, and thereby pcrpe:uste the debt
and the burden OF taxation, public sentiment
may take shape that will make their securi-
ties less valusble than they are. We warn
them to beware Of pushing their selfish inter
ess too far. The taxpayers and lsboring
masses are The governing power 10 this
country.
The first and paramount object is W estab-
llsh an economical government in place Of the
recklessly cxtravagant one we have, and 10
both reduce taxation and pay or the bulk Of
the debt while we have an abundant currency.
The national bank circulation should he with
drawn, greenbacks issued in its place, and
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