The Daily empire. (Dayton, Ohio) 1865-1867, 1867-01-03

taxation Gar beyond ail the surplu. earnings
of the entire country, that has brought our I
troubles upon rs. aud which, if not speedily !
stopped or largely diminished, will surely
cndin ablcbankruptcymid hopeless
rcpudiation.
The Secretary, IN his anxiety to raise
revenue sufficient 10 sustain the credit Of
the lsonds on which his ihvoritc banks are
based, forgcts what every tyro IN political
economy should know. that no country on
earth ever did or can, for any considerable
time, bear annual taxation equal to 0no-
fifteenth OF all the taxable prOperty--the
entire accumulation ot the country since
its tirst discovery and settlement,
The Secretary mosi singularly confounds
cause and effect.
without this enormous issue of paper
money, the reyulsiOn would have come
long ago; when Il would not have been one
fourth its present vast proportions now
thrcatenc,l--so that before now, the people
pinchcd by the trials OF national bank
ruptcy would have demanded the restOra-
tion Of every portion Of the country to Its
rights under the Constitution so as TO have
secured the cooperation Of all the people
and directed the labor of all classes into
the paths Of industry aud the fields Of pro-
duction so that our exports would ere
now have overbalanced oitr imports and the
whole country would by this time have
| HltINN NAflNi NilN uAEH INNN W PRIV llNIlAN
Singlllarly enough, while the Secretary
recommends the withdrawal OF large
proportion of the paper money, which was
lrccklessly. uselcSsly and wickctlly crowded
into the channels OF trade, chiefly by Mr..
Chase. he insists upon the same continuous
taxation, to pay the interest and sustain
the bonds upon which National Bank is
sues are based, and Ia the face, too. Of the
fact, that the entire surplus productions Of
the country have fallen so far below the
1 taxes levied and paid rs tO have caused the
accumulation of SGO0OOO,00O the balance
of trade against us. within 4 short time
which, added TO that portion Of the public
debt thus far audited, viii increase the In
Idebtedness of the country at home and
| lions.
These beastly burdens that weigh dCSn
the people In the shape of onerous duties
aud oppressive taxes, are made doubly
weighty upon honest men by their evasion
| by some, and direct collision, with corrupt
public officers by others-and the higher
these burdens are, the greater the tempta-
ton to frauds, the commission of which are
daily chronicled to the extent of thou
sands, while the cunning, undecided par
ties are doubtless ten to one of those found
out.
| We repeat-it is the enormous expenses
of Government, the shameless squandering
lNl lilt ltODit > llbufNs INV ulipANNNhtHbtu
interest we are required To pay on apublc
debt--an amount unknown to any country
of like population and wealth on EARTH
while one-third of the people are despoiled
OF the labor that should cultivate the best
half of the ecXport-producing section ofour
lcountry.
Paper money was no doubt largely-we
might say almost the sOle-cause of u very
large part of our troubles Had there been
no paper money the debt would not have
reached one-third of what it now is, the
war would have been of short duration, the
balance of trade would not have been
against us, the South, with her labor sys-
ten, would have been in the tide of sue
cessful operation, our taxes would have
been paid upon specie basis, and the
prices of everything would have cores
lponded Herewith.
1t requires but little financial foresight to
see that the effect of any considerable re-
duction of the paper money by the CONVEX
sion of greenbacks into gold interest bear
| ing bonds, will bring about n financial re-
lvulsion that will forever settle the question
of paying the interest on the public debt,
IA well as of the debt itself.
| We have heretofore advised our readers
| that no resumption was likely soon to take
place rs, whatever may be the convictions
of Mr.. McCullOch, IL is quite safe for him
| to recommend the measure. as the present
age their schemes and ruin their thousands
of speculations; it has been promised from
time to time since the close of the war, and
the promise will be repeated periodically
to amuse the people-with the effect, per-
lhaps, to drive the business enterprises ont
of the hands of prudeut men, into those of
the reckless and unguarded.
Already n project has been introduced
into Congress by an influential member to
increase the circulation of the National
Banks tteo hundred millions, while another
has proposed an increase of legal tenders.
Mr., McCulloch's recommendation to re-
turn TO specie payments within eighteen
months-or, more probably dimunition
of impOrtS--has kept gold on the downward
scale since our last, it having averaged
from 1885, down to 1891 ranging on sat
lurday from l33S1 to l3i, with money mt
per cent. and Government securities heavy
d and lower while the latest by the cable left
money easy in London, with Consols up TO
100, United States Government 5-2Os, 72i4,
Illinois Central 10 and Erie at 40.
!, As evidence of the oppression of taxa
tion, Congress Is beset by nearly all branch
es OF industry applying for relief. Even
New England woolen manufacturers, who
have literally coined money out of shoddy
lduring the war, are asking for the aboli-
tion of taxes on their fabrics, and for adj
ldtional protection in the shape of higher
Idutics on imported goods that come in com
petition with theirs. Wool growers are
fl praying for increased duties on wool while
the manufacturers are demanding that the
present stipend on that article he repealed.
The friends of the manufacturers propose
= TO repeal all internal taxes on all woolen
goods. and duties on dye stutis and all ma
Iterials entering into the manufacture of
woolens. without any reduction OF duties,
the internal revenue is alarmingly falling
of recently, with indications of running
still lower while even Bennett of the A..
Y. Herald, and his financial colleague,
who, a year or so ago, ridiculed the public
debt as n trife to be paid of by private sub
= scription, are now joining In the huge cry
of "Relef from oppressive taxation"
Washington Corrcspondonce.l
u.p.sON pAnITA I'nGE