Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-06-24
national Responsibilities.

N aLtOnaA AGBpOnBiDAAANAOS
Some journals seem to take adesponding
view of the financial affairs of the nation,
and ask where we are tending? We re-
ply that as public confidence is regained,
as we take a hopeful view, and steadily
apply ourselves 20 the work before US, We
are tending to peace and national prosper
ity. A brief resume of our responsible
ties will form a text on which to shape
ideas. On the first day of the present
month the government owed twenLy-six
hundred and forty-three millions Of dol
lars, the interests of which amounts TO one
hundred and fifty millions yearly. The
Pension List costs thirty millions yearly,
and governmental outlay, IN yearly total,
may be set down as three hundred millions.
This gives the fullest range, and on which
basis it is possible to work some degree of
accuracy.
Twenty millions have gone by the repeal
of the cotton tax, sixty millions by the re-
peal of duties on manufactures, and other
taxes are gradually being reduced at the
urgent request of the people. The conse-
quence hes been stoppage In reduction IF
the national debt for We cannot kill the
goose that lays the golden eggs and be as
rich as when that famous historical bird Is
alive and in full feather.
We take the statement that the debt
will, for q few months, remain without
further reduction, allowing for q loss ofa
third of the yearly income-one hundred
millions, by the way of repeal of the cot
ton tax and repeal of the duties on manu-
factured articles, we cone back to the
4 f-aafr1naRN Of The e. ,r~bs-t-,-- . hoe
become almost aximatic 10 tax luxuries
and allow necessities to 90 free. We
showed, on Saturday, from reliable author.
tiles, that only thirteen millions were col
lected last year from the whiskey tax,
which tax should, governed. by consumF
ton, had honesty been the rule and not
exception, have yielded two hundred mil
lions. Congress, therefore, in the reduc-
ton OF one hundred millions of taxes on
articles Of necessity, may have relied on at
least half the collection of the tax on whis-
key, which would have compensated, for
all other reductions. To resume the ar
gument; if BY a tax of seventy-fiVe per
cent. we can obtain seventy five millions
instead of thirteen millions we shall have
hfty-seven millions to cover the reduc-
tion Of the sixty millions lost on the re-
mission Of taxes on manufactures. The
treatment of the whiskey tax therefore be-
comes imperative. Every day that fur
ther legislation on the subject is delayed
is day of loss to the country; further
demoralizes those concerned in a fraud,
and also tends to give croakers on our
finances opportunity 70 expatiate on what
they are pleased to term our deplorable
condition.
We admit that our national debt is
heavy; that we owe sufficient for it to
form weight on our enterprise. Were
it ten times as large in view of our posi-
ton compared with ma tions whose respon~
sibilities are greater than ours, we could
bear 1t and honorably discharge qkliga-
tions to creditors.
The debt Of England is forty hundred
millions Of dollars in gold and the work
ing expenses of that country yearly may
be roughly stated at nearly four hundred |
millions of dollars in gold. England
therefore, owes thirteen hundred and fifty
millions of dollars more than America,
and works her Goverpment at one hun
dred millions of dollars more yearly than
we are doing, allowing wide margin for
the whole of our yearly expenditure.
1t is natural for people like ours, unused
10 bear heavy fiscal burdens. 10 be little !
startled at the prodigious load the nationhas
TO carry; yet IN comparison TO England, |
Dur debt IS but as the weight of straw, to /
the burden of an elephant. Much Of the /
weight we have to bear proceeds from the
fact of the ordinary pressure under which
were contracted. That was 4
l time of the nations extreme trial when /
existence was imperiled, and the means /
anything that could be devised. just as /
the most fearful poisons are in extreme /
cases of disease given to sick patients. so
that the poison in the system may be coun
.eracted by another more potent, and the
patient recover his health, Is the admins
.ering of funds under extraordinary na
ional pressure. If the nation had sue
tuned to the poison of rebellion, those
who staked on the enterprise would have
ost all, and it needed extra hberahty to
induce men to speculate in the time of our
great disaster. High rates of interest,
may be poison to those whose
enable them to trade without bOr-
'owed capital To the pinched and needy,
even at high rate of inter-
st, is for a short time, the greatest of bles-
ings.
We take this hopeful view, from the
acts that yearly, not much less than half
million Of the bone, muscle and sineY of
he Old World are coming to deyelOpe
lar resources. Our population is ineTeas-
ng in greater ratio from national natura-
i increase than emigration. Property is
rising in value. Vast devel-
,Pements are constantly being made,
whereby our agricultural and mineral
iches are available. The nation ownes
more land than weuld if sold at their fig
Tres, suffice to psy our indebtedness.
We're we to only pay the interest of the
resent debt, the increase of the nations
wealth would, within period not difficult
o determine, come to be equal to the debt
tself.
Our position, in comparison to England,
5 that Of q man who ownes vast estate
o cover his responsibilities, against one
ThO has eompari tavely nothing: By wise
egislation, taxing and collecting from the
l<uries of life, we may replace the hun
ired millions of dollars we have shown ]
ave been reduced, and keep on diseharg-
ng our obligations at the rate we have
itherto done, whereby we have astonish-
d the world.
1t is natural, after the fever has LEFT
atient, for him to require strengthnIng ,
let, air and gentle exercise. 1t would
OF do build the patient up too quickly. ]
fhe ate strong food at every meal, rode ex~ /
5ssively and grew fatigued, his full health
-ould be delayed, and fever might return.
he nation has passed the worst stages Of /,
aver, and is in fair way to eonvalescenee
quacks will have time and patience, and
to have their way.
To the wavering and weak, we say con-
denee. The national financial position {
much better than mere solvency. We 8
ave splendid heritage a nation that 81 l
instantly developing in wealth from the T
tlantic to the Pacific. A people that are
loyant and capable and the producing {
ealth of the Old W World is the tribute civ /
zations more aged, are paying to broad t
and more popular institutions. q
The tax bill under consideration in the t
ouse Of Represen tatives, early passage of t
hich we have reason to expect, is not the Q
ast hopeful even in this come nection. 1t /
nbraces as much of remedial measures q
r present evils as it is possible to embOdy 3
tn our experienee.-Pitts. Com. a
-
The Senate judiciary Committee has I,
ported against the amendstory bank a
pt bill passed 10y the House two Il
onths ago, and advised its indefinite s.
No action was taken c