The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-22

Report Of the Commissioners Of Revenue.
The annual report of the Special Commis-
sioner of the Revenue, which was recently
submitted to Congress, and which has been
heretofore noticed in our columns, is now LAID
before us in the form of neat pamphlet. Mr.
Wells treats not only the subject OF revenue
fully, but gives us comprehensive treatise on
the industry, trade, commerce and progress OF
the republic. His figures will prove both in
teresting and suggestive, though in some
instances they need explanation and qualifca
ton.
He starts out with the fact that the revenue
receipts of the Treasury have been largely in
excess of the expenditures every year since
the termination of the war, and that the wealth
Of the country has been greatly in
creased SIN short, he says, "the experience
of another year reafirms the principle before
announced, that the progress and growth of
the country, through its elements of vitality
viz, great national resources and an inherent
spirit Of energy and enterprise in the people
is, in great degree, independent of legisla-
ton and Of the impoverishment and disorder
which the occurrence of a long war has neces-
sarily occasioned." Adverting to the happy
condition of the people at large he SAYS
''There are few who, exempt from physical
ailment, need hunger from scarcity of food or
be idle for the lack of some opportunity for
remunerative employment" These are facts
which are attested by the experience of all.
NJ WcHo oC1J ptso
and contraction dogma, and, in face of the facts
represents showing the wonderful progress and
prosperity of the country under paper cur
rency, makes the contradictory assertion that
this state of things is ''false appearance of
wealth and vigor; that it has been succeeded by
condition Of Depression that contraction of
the currency, direct and undisguised is tho one
necessity of the situation, the only remedy tor
existing evils, so far as the currency has rela-
ton to them, and that the nation cannot
emerge from its embarrassments and difficult
ties until the makers and administrators Of
the law have the honesty and courage to take
it Contraction up ard carry it forward to the
end" Here is a curioSs middle OF IDEAS
about prosperity and suffering, SPOUT progress
and depression, which shows that Mr.. Weiis
abstract theories are stronger than facts or his
judgment.
The Commissioner has some scintillations Of
light on the true cause of the difficulty in the
way Of resumption or of maintaining specie
basis, could resumption be forced. He admits
that there is no such thing possible as the
resumption and continuance of specie pay
ments with continuance Of the abnormal sys-
tenn of foreign trade and exchanges against
u.s." He says, truly I'VE settle the adverse
balances by the purchase in the first instance
Of bills of exchange on England, paying
bankers profit, and probably effecting such
a purchase to q greater or less extent by
selling at discount the nations obligations
of Indebtedness" In another place he
estimates our foreign Indebtedness at ST. ,465-
50O,O A thousand millions of this, he
states, are In United States securities. At
an average Of six per cent we have to pay
to Europe an annual interest of near eighty
eight millions of dollars. Estimating the total
balance against us, and taking the account Of
the United States with foreign countries for
the fiscal year ending June 30, 1869, as the
basis Of his calculation, he makes out that
we have to pay, probably, at the present
time an average of two hundred and ten
millions per annum to balance the account
with foreign countries Among the items
enumerated are twenty-five millions year
spent by Americans abroad and twenty-four
millions as excess Of freights carried in
foreign bottoms. OF course there is not
specie production enough to settle this adverse
balance, and therefore our bonds and other
securities continue to 60 abroad to make up
the large annual deficiency.
Mr. Wells remedy for this state of things is
contraction Of the currency, to force specie
payments, and cheap production, in order that
we may be put on footing in the markets Of
the world with the cheap labor products Of
other nations. But what will our farmers and
laborers generally say to this extraordinary
proposed remedy? Can they be put on foot
ing Of competition with the pauper and ill-paid
laborer of the Old World? Is that the price
we are to pay to reach specie paymentsP We
do not imagine the products of the country
would be increased, and, as consequence,
the exports, by such low prices as Mr.. Wells
wants TO bring us to. On the contrary, we
think large portion Of the crops, particularly
in the West, would rot on the ground. 1t
would not pay to gather and transport them.
Any sudden or great change in the present
condition Of the currency or Of the price of
gold could not fail to be terribly disastrous.
We see indications of this in the present
decline Of gold. The government itself, with all
its desire to reach specie payments, has become
alarmed. The only true and safe policy is to
let things alone, and to leave the laws of