New-York tribune., 1867-05-30
OUR FINANCES.

Secretary McCulloch has been invited by the
solid men of Boston TO visit their city and help
them eat dinner The Secretary Declines for
excellent reasons. The Finances are not so
flourishing as he could wisl-in fact, not mt all:
so that there is great danger that the National
Debt will be increased rather than lessened
during the six months beginning with the
present May. Congress last Winter. burnt its
candle at both ends-cut down taxes with one
hand, and enlarged appropriations with the
Other-hence the Treasury is now rather making
sternway than otherwise.
We heartily concur with the Secretary in
this view. What Congress could mean, unless
it meant to eternize, if not absolutely repudiate,
the National Debt-we were unable TO cOmprc-
hend then and we have gained no new light
since. We are obliged to presume that the
members did not clearly know what they were
doing We have understood the Speaker to
say that according to Treasury estimates, the
reductions of income made by the legislation
of last Winter would amount to but Twenty
six Millions per annum. We believe they will
amount to nearly or quite One Hundred Mil
liOns--that is, the revenue for the next fiscal
year will be $1OOOOO,0O0 less than it would
have been had no reductions or abrogations of
imposts been made by the XXXIXth Congress
at its last session. And we hold this reduction
at time when so large portion OF our
National Debt requires speedy funding or
converting, and when villains dare to threaten,
for their own base ends, wholesale repudia-
ton of that Debt-palpably, grossly, faganty
impolitic and unwise.
Still, we do not regard the financial prospect
with dismay. We believe the revenue is now
at its lowest point, and must speedily and
largely increase. We shall probably have
much larger crops this year than we had last
year; and these will produce improvement in
every department OF business. Incomes will be
larger; consumption will be more generous;
railroads, &C., will have larger receipts, and
OF course will pay more money into the treas
ury; while we hope for beneficent change in
the assessment and collection of the Liquor
Excise In our judgment, if Congress were to
reduce that tax to fifty cents per gallon on The
utmost capacity Of the stills respectively and
compel every man who should be found in pos
session of liquor to he able at all times to
prove that it had paid the excise there would
be an increase of Twenty to Thirty Millions per
annum on this item alone. And there might
be other changes made to general advantage
and satisfaction. 81, 20 -...~t.f--
Mr.. MeCulloch is very right, though very
trite, in insisting that the only safe recipe for
improving finances, personal or general, is-Earn
more and spend less More workers and fewer
idlers or cOrmorants-mOre production and (rel-
atively) less consumption-more gold mined or
earned and less irredeemable paper floated-
such is the whole story. We do not 50 readily
concur when he says
The views Of majority OF the members of Congress-
as sindicated by number OF votes last Winter ad
verso to immediate contraction and have not felt at
liberty TO uacc mvsef In practical opuosition TO tho law