The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-21

Morton gives expression. MIR. Wells presented
view substantially the same in his last
report to the Treasury, and 1t is one that must
commend itself to the Judgment of those who
study the exigencies of the time rather than
theory and speculation. So far as the debt is
concerned, no necessity exists for immediate
action, save in regard to inconsiderable
amounts. A long time will elapse before the
absolute maturity of the great body of out
standing obligations, and it is the part neither
of economy nor patriotism to anticipate their
payment In the interval between to-day and
the dates when the various forms of bonded
indebtedness will become due, we may hope
THAI the question of paying in paper or gold
Will be settled by the gradual return to a
specie basis. To make that topic an element
in political warfare, as General Butler pro
poses, is, then, gratuitous folly. The difficulty
he combats need never come, If we but suffer
the whole subject to rest until the adjustment
OF 1t becomes an actual duty. Just now, there
is no excuse for any discussion whatever con-
corning it. Only give up the notion of dis
charging the debt before the creditors dream
of presenting the bonds for payment: growth
and prosperity will make the matter easy
when that time arrives.
Mr.. Morton appears to consider the pending
measure for funding the debt unnecessary and
impracticable. Its convenience to the holders
Of the bonds, and its tendency to strengthen
their value abroad, are points which deserve
careful consideration. Nor is it improbable
that the holders would consent to a long-d
bond, payable abroad, if necessary, with all
the advantages in the market which would
accrue from fxedness and increased facilities
of negotiation. This, however, is point which
does not affect the general scope of Mr.. Nor
toms argument.
The immediate benefit resulting from this
aspect of the national debt is the enlarged
power acquired for revising, readjusting, and
reducing the system of Federal taxation. One
of the pleas upon which the present burdens
are maintained is, that the Treasury should
be enabled to acquire the means of steadily
diminishing the debt Discard this costly
fallacy-recognize the fact that a country
emerging from colossal struggle for its ex-
istence requires recuperation-and from that
moment Congress will be able to tighten the
load of taxation to an extent that would infuse
new life into every branch of industry and
enterprise. Mr.. Morton's conclusion is on the
right side. 81 would reduce the rate of taxa
tion to the lowest point that would defray the
expenses of the Government, economically
administered, and pay the interest and matu-
ring obligations, and leave the principal of the
bonded debt to be discharged in other and
better times"
The present system of taxation will not be
tolerated much longer. The necessities which
gave it birth excused its rudeness and even
palliated its injustice. But the time is over
when these can be urged in justification of a
system which violates all sound principles OF
fiscal economy, and imposes burdens to which
the strength of the country is unequal. Sim
plifeation and reduction cannot be safely post
poned. The former will no doubt be facilitated
by the results of Mr.. Wells European inves-
legations; and the latter may be carried to a
most satisfactory extent if the view pressed
by Mr.. Morton with so much force be adopted.
.<rg.-
ton with MIR. Chase, and the Probable
ReSults
From The ". y Herald
The political campaign in Ohio, in view of
the coming October election, is becoming very
lively and intensely interesting. From our
observing correspondents in that field, and
from the discussions of the party press on
both sides throughout the State, it is abun-
dainty manifest that, while the Republicans
are considerably frightened, the Democrats are
highly elated with the prospect before them.
Chief Justice Chase, we conclude, shares in
the apprehensions of his followers; for it APP
! pears that he is en- route to Ohio, and will re-
main there till after the election. And why
not, when his interest in the result is greater
than that of any other of our aspiring and
scheming politicians He holds now the whip
hand of his party for the Presidential success
! sion; but if his own State, with its Republican
| udJOIlty Vi SOulo ldSJ
year, is turned against him, he must be with
drawn, as a horse too badly crippled to be
entered for the Presidential sweepstakes.
Naturally enough, therefore, Mr.. Chase goes
to Ohio to do his best to save himself in labor
ing to save his party in this impending Octo-
! Der election. Doubtless he has not only been
thoughtfully calculating the bearings of the
| late California and Maine elections, but has
| had call from his friends to come up to the
rescue against the threatening hosts of the
Philistines, the Moabites, the Amalekites, and
the Egyptians-a truly alarming coalition of
! hostile forces.
The issue of the great Constitutional amend
ment, upon which the Republicans last year
swept the North as by a whirlwind, has been
! cast aside by Congress and the party, and the
| new national issue has been substituted of
universal negro suffrage, with all the danger
! GUS consequences which must surely follow
| the experiment of negro supremacy in the
Rebel States. Various side issues have also
| sprung up, including some financial PROPOSE
| tiops looking to the overthrow of Mr.. Chase s
slipshod, unjust, oppressive, and corrupting
| paper-money system, and embracing, too,
| some hostile movements within the Republi-
can lines against those Puritanical liquor
laws which interdict the dispensi of lager
beer on Sunday. The Democrats of Ohio,
upon this Sunday lager question alone, expect
| German reintorcements in this fight to the
numfer of thirty thousand, and from the
| vote Of New York city in the last November
election, involving the lager-beer interpola-
tion, we should not be surprised at similar
| manifestation in Ohio.
/