, 1867-08-02
Our Financial Prospects.

We hear from Washington H.. !,
retary of the Treasury expresses a. 'ue Sec-
very freely that no further redno,;0 0pinlon
pubic debt need be expected Al MI. VI 1as
indeed, the chances are that The ak. bsse1ti :Sti
increased within the next three moD,, WM DO
we lear we are approaching the 81
The agreeable delusions we have boon euu OF
In regard to our debt and taxes SSog
has been said Of the exhaustless ."h ~ ~Oeh
OF our country (our people bava syu.ees s'S
ted so gracefully to the taxes imnO.oS sSSOmtt'
them) and the actual reduction Of tSs pSa IN,
from month to month has been so eo..;s ,~s Geo'
able that we began to look upon ,bs b's'1eN ~1
thing as bagatelle. 1t has been s..' "uOls
that the debt was to be paid within ,Susa t~.us
or thirty years at furthest, and tb,, ."saly
without special effort or special barJs5;. 'C9
any quarter. All this was possibIs <.
while business in every department ~,
hourlshlng, while labor was abuudan, ana
well rewarded, while everybody was rettns
rich and could afford to pay heavy tsxe,
All this begins already to be reversed
The tide is turning business is dull .S' Dr;Ss"
are so exhorbitant that labor, which % com
mands enormous wages, can scarcely earn
living; the profits of all branches Of ;nSn'
feer comparatively poor. EluguvI. !,
are seen IN every direction. There is NOTHING
like the expenditure among business man
or in society and private life, that wa, VII,
messed year ago. The park is no lon,..
crowded with snowy equipages. Costly DIN.
ners; extraVagant displays of wealth al eve.
ming parties, lavishing expenditures for Inv.
ury in dress no longer characterize our fash
ionable circles All this is apparent sn5
indicates unmistakably very different state
Of things from what has existed hitherto
since the war. Men no longer look upoD
taxation as triae. They feel it as burden
growing heavier and heavier, instead FLIGHT.
er every day. The returns of incomes in
this city will not be one half what it was
last year; and the same thing is said to be
true throughout the country.
The action of Congress at the last session
tended to make things worse. 1t was utterly
impossible to get the attention of the major.
ity to the finances as a subject of paramount
importance. Political projects absorbed their
attention. Nearly half the aggregate 10,
come tax was deliberately thrown away
Instead of aiding aud fostering southern
| industry, so as to augment southern ability
to pay its share of taxation, everything doue
tended to depress and crush it. Not dollar
Of aid was given to repair the Mississippi
levees, though that measure alone would have
yielded millions through the sugar tax. Tbs
culture Of cotton was taxed. Capital 10 ths
south was loaded with exactous aud disa,
bilities which it was utterly unable to uear
The lessons Of experience and common serse
were deliberately sacrificed, in every direc,
tion, to political passion or personal interest
The adjustment Of duties on foreign imports
was made in utter disregard Of its relations
to the revenue, and became veual and dis.
| graceful scramble among special Interests
for government favor and protection.
Y All these acts are just now beginning 10
bear their natural fruits. The revenue Is
falling of heavily; progress in rcdeeming
the public debt must be suspended taxation
/ begins 10 be felt by all classes as heavy
burden, and there is every prospect that all
these evils will grow worse and worse, 10
stead Of being removed. Enormous claims
still unliqudated, remain to be added to The
aggregate of the public debt, and therebaI
least an even chance that the taxation Of tbe
Industry of the country must be increased
rather than diminished, to meet the exactcn
Of the impending future
These things prove the absolute necessity
OF greater economy in the management Of
our finances, and greater wisdom inthe adoF
tion Of plaus for developing our resources aud
alleviating the burden of taxation. Whether
we may reasonably hope for these aids, 'a
matter of doubt; but it is very certain tli'
without them, the country will plunge deeper
and deeper into trouble and cOniuslOn-
~ y Times.