Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-11-19
TAXATION, THE NATIONAL DEBT
AND THE CURRENCY.


We are more heavily taxed in this
country than the people of any other
country IN the world. Not even those
nations OF Europe which have been
piling up enormous national debts for
centuries, through ambitious and dynas-
tic wars, and which have to support ex-
pensive Monarchical Governments and
privileged aristocraeies, are burdened as
this young Republic. The national debt
Of England is larger than that of any
other nation; bat ours is not less weighty,
because the interest is much higher. But
when we take into account the debts Of
the several States, the counties and the
cities and towns, in addition to the debt
of the Federal Government, the burden
is much heavier and the taxation far
greater. We used to boast of our cheap
Government, and point to the people Of
Great Britain, weighed down with taxa
ton, by way Of striking contrast. Now,
however, our taxes in the aggregate
are for each individual nea-ly IL not
quite as much as the people Of England
have to bear; and almost all this meun-
tain of debt has been accumulated within
seven years.
The question which the American peo.
pie viii soon ask-whieh, 10 fact, they
begin to asks, how has it happened
that such an enormous debt was con-
tracted Admitting the necessarily vast
expenses of a war unparalleled in history,
we still cannot shut our eyes to the fact
that other nations have had wars Of vast
magnitude and of much longer duration
without creating anything like such
debt. Well might Mr.. Stevens say, in
his remarkable letter which we published
on Saturday, that 1--WE have thrown
away our billions and are still throwing
away millions by mismanagement."
Seven years or less of radical republican
rule has piled up debt 10 the aggregate
of over four thousand millions of dollars.
Expensive as the war was, there wSs no
necessity for creating q debt One-hslf or
a third as large as this. History fur
nishes no example comparable with
such ignorance, corruption and misman-
agement in national finances as the party
in power has exhibited. Mr.. Chase in
augurated this frightful system Of finance,
and Mr.. McCulloch and his other
friends and supporters have continued to
carry it out. Not only did they create
a stupendOus debt while
the war lasted, but they have kept up
the burden since by reckless and extrav-
the most ruinOus and costly internal
revenue system to support an army Of
partisan office holders, and then have
permitted frauds upon the Government
10 the amount Of hundreds of millions.
They have established military despOt-
ism 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 nation
al bank system, which robs the people
directly OF twenty-five to thirty millions
q year and absorbs all the profits of in
dustry. The Freedmen's Bureau. the
Pension and Bounty laws, with their
uncalled for gratuities and
grants, amount to an incredible sum.
They have heaped up burdens too
grievous to be borne. No other nation
could have stood under them SO long, aud
the people Of this country cannot bear
them much longer.