, 1867-07-12
Financial Matters.

More than few OF our exchanges have
been talking considerably of late about such
matters as national debt and taxation and
some of them have hinted at reputation
The suggestion of possible reputation is
made to hinge on the probable future general
unpopuarity of the legal provision that Ger.
tain government securities originated during
the late war are not subject to taxation
This provision has been complained of con-
siderably already and there is great proba-
bility that it will yet be still more complained
Of The holders Of untaxed government
bonds are regarded as privileged class, an
aristocracy of capitalists, who have and ex,
ercse the power to legally escape from their
share of the great burden of taxation.
1t is the tendency of capital to become
concentrated in few hands, but the tax pays
ers, the producers, those who do not hold
national bonds, but who have to pay taxes
for themselves and for those who are exempt,
are daily growing larger in numbers, and it
may naturally be expected that with their
increase of numbers and consequently of po-
litical power party may arise, as has been
suggested, which will adopt, as an important
plank in their platform, the principle of
equal taxation. The more generally the
government bonds are transferred from the
hands of their original holders, the stronger
may be the plea for equal taxation.
1t is quite possible that this question may
yet become an element of much disturbance
in the domain of politics. The exempt will
naturally endeavor to maintain their eminent
advantage, while the taxed multitude quite
as naturally will endeavor to carry their
point. Some of the more radical Con this
point) do now put the question in this shape
equal taxation or reputation.
So far as the present burden of taxation
is concerned, there is much dissatisfaction
and grumbling already throughout the cUun.
try, and some even of the very "loyal" papers
recommend the abolishment of UNEQUAL tax
alton and of the public debt by turning that
debt gradually into non-interest bearing cur
rency, which will really be paying the debt
by giving irredeemable notes for the same,
lrredeemable because as the currency wears
out such as is not lost, it will be exchanged
for new of the same sort, and so on nd infn.
ttina. This~gill not be reputation, but it
will be the next-thing to it. 1t may be
called liquidating, it is true ; that is, it may
be an everlasting and increasing dilution,
depreciation OF the original Indebtedness,
until there is nothing left of it. 1t will have
melted away, gone of in the shape of allu.
vium. There is some cause for sppreheu,
sion, however, that the ma ional debt will
be increased considerably by the new Indian
war on the plains. If SO, the difficulty will
thereby be magnihed.
One thing that causes taxation in these
United States to be felt as more burdensome
than in other countries, is the inexperience
of statesmen in levying the taxes. Like bad
packers, the burden for the animals back is
not only intrinscally heavy, but the weight
is apparently increased by unskillful packing
aud padding. Some of the papers say that
the country positively cannot continue to
pay the present rate of high taxes.
However, amid all causes for apprehension
of unpleasant times in the future, there are
well founded reasons for consolation. Much
of America is but very imperfectly deve.
oped, while her resources are immense and
magnificent. Furthermore her power 10 pay
becomes annually greater, both from fuller
and more general development and from in.
crease OF population at home and from
abroad. Therefore, however unpleasant the
immediate future may be, the future a little
further distant, with ordinary governmental
prudence, can scarcely fail of being satisfac-
tory and grand. If however, the nation
should continue to spend more than the
amount of its income, then the prospects will
be truly forbidding. Everlasting promises
to pay will hardly carry on the nation in
such case.-Sah Lake Telegraph.