The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-19
THE NEW YORK PRESS.
EDITORIAL OPINIONS or THE LEADING JOURNALS
UPON CURRENT ToPlos-coMPLED EVERY
DAY FOR THE EVENING TELEGRAPH.
Our National Debt and Our National
Resources.


Bources upon which we may rely for the pay
hent Of the national debt. 1t was there showT
that the productive power of this country is
far greater than that of any other country il
the world-and it points out several directions
in which this power may be rapidly and in
definitely increased An increase of capital
and of labor, especially of the means of access
to the vast mineral and agricultural wealth OF
the central regions of the continent, are re-
ferred to as of special importance.
No man who knows anything about TINS
country can doubt its ability to pay the p9ouc
debt. There is no doubt that it can pay, poth
interest and principal, as they may lall que
But whether it WW pay or not IS quite another
question, AS things stand now we have no
doubt. The people are for paying it, and are
willing to he taxed as heavily as necessity re-
ouires. They are not for paying 1t at once;
tbev do not believe that a debt incurred tor
the good of the nation through all coming
time should be paid by one generation alone'
The war against rebellion was WaSeu qulIe do
much for the benefit of their posterity as for
that of the men who waged it; and posterity
therefore. should bear their fair proportion
of its cost But whatever may be needed to
nav the interest on this debt as 1t accrues,
and to reduce the principal year by year, will
be cheerfully paid in the form of taxes by the
people.
But they will do this for the purpose and in
the hope of providing for the ultimate eXtinc-
ton of the debt itself. So long as they see it
actually diminishing year by year, so long
will they acquiesce in any taxation that
may be required. They submit to taxation,
not because they like it, nor because it is
good or desirable in ITSELF but because 1t is
necessary to maintain the public honor, and
to pay the public debt. They will not submit
to it, if the money raised is to be squandered
on party schemes or applied to any other pur-
pose than that for which it is asked at their
hands.
1t depends wholly upon Congress whether
the public debt is ever paid or not. If that
body steadily pursues a course of retrench-
ment and rigid ecOnOmy-ifit it avoids inCFeaS-
ing the public debt-ifit adopts modes of taxa
tiOn which render the burden as light as pos
sible and adapts them to the ability of diff
ferent classes to bear them-if it consults the
public welfare instead of private interests in
all its financial policy, the people will respond
promptly and heartily to the demands it may
make upon them.
But the policy pursued by Congress for the
last two years will inevitably end in practi-
cal repudiation of the public debt; and it is
Just as well to understand this first as last.
And the danger is that this policy always ooW
be pursued, for it is the one dictated by the
personal necessities and aspirations Of indi-
yidual members. Every member desires a
reelection or promotion in public life, and he
can only get it by securing the votes of his
constituents. Every member has among his
constituents more or less soldiers-in very
many, perhaps a majority of all the districts,
enough to turn the scale between contending
political parties. Accordingly, every member
is tempted to vote, under one pretense or
another, large sums of money to the soldiers
"a vote which it is easy Ojustify on the score
of patriotism, and which few men have the
courage under any circumstances to resist.
Hence halfa-dozen members are already
running race to see which shall propose the
largest donations to the soldiers. General
Schenck proposes that the National Govern
ment shall pay the Western troops as large
bOunties as the Eastern troops have received.
Mr.. Blaine proposes that it shall refund what
the Eastern States paid theirs, and General
Banks proclaims that he will ego as far as he
who goes farthest" in voting money to the
soldiers, for any purpose or under any pre-
text whatever. And the mass of members are
afraid to say No to any of these propositions,
lest they should be accused of sympathy with
Rebels and traitors. And this is only one of
the many ways in which millions upon mil
lions are likely to be added to the national
debt.
On the other hand, private interests of
every class and description are AAmorous for
relief from taxation. In the abstract every-
body tayors the vigorous assessment of taxes,
but when it comes to particulars everybody
seeks relief from his specific share. In 1866
every kind ofmanufactuTe was taxed and urged
that taxation as reason why duties on com
peting imports should be increased. In 1867
these internal taxes were largely reduced. and
fba planOP for iuprnoGal
still further diminishes the revenue from i'm
ports is redoubed In 1866, while members
of Congress received $4,000 yearly salary for
their services, they taxed all incomes over
$4,000 ten per cent. This year, when they re-
ceive $1,000 each, and thus come under that
large ratio of taxation themselves, they repeal
it and levy only five per cent. upon all in
comes alike. This single item will cost the
revenue twenty millions per annum. And so
the process of reducing the income goes ON
wear by year in every direction, while addi-
lions are at the same time made to the aggre-
gate of the public debt Nor is this tendency
likely to be checked without an effort. Each
marty will strive for popular favor through
reduced taxation and increased appropriations
and all experience shows that in such race
the public welfare and the public honor arC
but little regarded.
n Great. therefore, as our national resources
NAV be, they will avail but little in redeemin,
the public debt unless Congress meets it
share of the responsibility with resolute an
unfaltering courage. The whole system
lavish appropriations must be abandoned
Retrenchment must be enforced whenevt
consistent with the public welfare; and tax
tion must be framed with reference to the puI
Tic good, instead of the interests of classes (
private individuals.
DiplOmRcy-ROnle.