New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-29
OUR FINANCES and TAXATION
LETTER rnOM NATHANIEL SANDS, ESQ, TO THE
SECRETARY OF THE TREASURY.
VI 49,

LETTER rnOM NATHANIEL SANDS, ESQ, TO THE
SECRETARY OF THE TREASURY.
EEw.YoRK Oct. "a, 1869.
Hon GEORGE s. BOUTWELL,, Secretary Of he Treasury.
Washington, d. o.
DEAR SIR: The undersigned respectfully in
ves the attention of the Honorable Secretary OF the
Treasury, 10 the facts and suggestions herewith sub
mtted:
After the exciting and exbausting struggle through
which we have passed, struggle without parallel In
history for its magnitude and cost In blood and treasure
and the numbers Of men suddenly withdrawn from indus
trial ewe need rest to recuperate our strength and re-
rest which wise rulers will know how to give.
The country has undergone severe strain that ls
condition demands tho most careful consideration OF
every subject connected with taxation and revenue
total expenditures General Government from
the commencement OF the until the close OF the nsca
year. June 1865 amounted S96s 995O3, or in round
numbers SSOOOOO0OOo besides some ESoOOOOOOO which
have been raised by the various States
This enormous has been fully paid, except $780,
sOe which was at the above date the entire amount OF
the public debt
This is wholly Irrespective OF the waste Of
blood and treasure on the part OF the Rebels Nearly
t6OOOOOOOOO. then raised and paid by the loyal
States within the above period Nor is this all OF
the 100000 owed by the country the 3Oth Of June
1885, all except the portion held abroad had been raised
and paid by the industry Of the country.
This truth cannot be too forcbly impressed upon the
public mind 'H|
There may be- there undoubtedly are occasions when
resort to loans the part of Government is alike
and udcous Especially is this the case when
the loans be obtained abroad not to abstract
the capital of the country from industrial pursuits but
when the with the greater part of our loans
they only be raised within the country Then only in
and should resort to loans be made
Such rare and extreme existed during war;
It may Do conceded that these loans afforded en-
poymen for the capital Of those who could spare to lend
It lat me moment tohen on NE or a large portion
al
hbanoe tcotid otheise hare been oecaSOned aording
relief others who would have been greatly nconven
fenced by being called TO pay in taxes the amount
produced by the lOans and thus it happened in effect
that the loaned lent those who could spare
II to those who could not But must not be forgotten
that the amount thus raised by lOau and for which the
country remains indebted in so far as 1t was
raised within the country, actually drawn from the then
existing resources Of the country exactly much
though it had been raised by taxation. and when the
citizen soldiers returned to productive industry the want
Of the capital which had been expended to preserve the
Union was, and is stiI, severely felt ..
These considerations to show that the holding Of
our DEBT abroad instead OF beng calamity is the thing
so need and which can be employed much profit
ably here than In countries where labor and consequently
fhs enormous sums raised and expended by the Gov
eminent during the war TO 30th June 1865 pro-
vided by the following sources; LIN.
Internal Revenue-...... yO7s
Customs fS s552ss,sis
Public Lands. ............. ........... 5O77,OSO
lOaus aud Treasury Notes ............ 5,87s,iMsS5
But these figures large they are reality represent
of men engaged on SOS both ~ s sd war ana S s5G
men were not only withdrawn from productive industry
)ccaslonlng thereby an enormous daily loss, they
not only continuing consume the corn grain cotton
rice tobacco CLOTH IRON lumber. coal and other minerals
which they ceased to produce but they were nearly all
converted into active and energetic destroyers Of what
ever they could not otherwise consume Railroads. mills
nlnons OF yes and by which future labor should have
been se1nomzed were rutessy destroyed expressly to
PsfSe came at last the country had to from
June 1868, only twenty six hundred and odd millions
mencement OF the war up to the same date was some
twenty-five hundred millions IT is obvious that large
treasury notes represent borrowings and renewal Of
loans With all the waste aud expense attendant thereon
compared to that extensive reservoir into which
had been flowing for many decades with scarcely
any outlet But suddenly there comes a heavy drain
upon 1t far exceeding the rate of Owthe level s rap
idly lowered day by day until the supply almost or
the time benRl exhausted, the heavy drain must be
stopped and time allowed for the waters to how into the
long years prosperity country had accumu
latng wealththe war with ts immense cost, and
our accumulated stores were rapidly exhausted. We
now need rest for regeneration and relief from measures
TO frame budget with the direct object of paying off
the national debt to take any special step based on the
idea Of it's early liquidation needless and unwise; the
sacrifices entaied by the expenditure OF 30 mneh wealth.
borne by the nation when the debt was lncutred
charge the efforts Of Congress should be directed The
question not how much can be wrung from the people
is the smallest amount with which Government can pc
carried on ana w1S me Srncpa of the
will present themselves without any special ehort
The following tables exhibit an accurate statement,
compiled tho official returns presented TO Congress
the Slt December IN each year. OF the receipts ana
expenditures OF the Government from the fiscal year
ending aOth June 1860 to the Soh June 1855 both inelus
i've with approximate statement Tor tine fiscal year
ending SOth june, 1862 ....