The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-26
The National Finnnces-TNe President
Forthcoming Message.

The National Finnnces-TNe Presidents
Forthcoming Message.
Although Congress will not meet for several
weeks to come, and the message of the Presi-
dent to that body will not be delivered till that
time, we are able to foreshadow what will be
the general principles which will be announced
as the policy of the administration with regard
to the national finances. The President and
his Cabinet are giving great deal Of atten-
ton to this subject and properly 80, for it is
OF paramount Importance and overshadows all
other subjects. The President sees the neces-
sity of reducing the public expenditures as low
as possible, and Of managing the debt in such
a way as to reduce the annual burden of it.
He wishes to tighten the weight Of taxation,
particularly upon articles Of general consump-
ton which are deemed the necessaries Of life;
but he thinks the interests of the people will
be better promoted by not disturbing the
present revenue laws at the next session Of
Congress or for another year.
The object is to consolidate the debt
at the lowest rate Of interest possible,
and therefore it is deemed important to
keep the Treasury in the most flourishing con-
dtion till that is accomplished. The wisdom
Of such policy will be seen at once by every
one for if the income Of the government
continues to be 80 much larger than the expen-
diture, and the Treasury has hundred
millions or SO Of surplus revenue year to
apply to the payment Of the debt, the credit of
the country must rise, and the consolidation or
Encouragement Of the debt, by loan or other
wise, could be effected on much better terms.
A man with ample means and fine prospects
before him can always make loan for any
special object on better terms than one who is
in doubtful circumstances. 1t is the same with
nations. After the debt shall be reorganized
and placed on a sound basis the finances will
be in condition to admit Of general reduc-
ton Of taxes. The first thing, as the President
wisely considers, is to adjust the debt so as to
reduce the ANIMAL burden OF interest on It, and
the best way to do that is to keep the credit Of
| the government up to the highest point. When
the debt is thus adjusted we can proceed to
| modify the revenue laws and take off the taxes.
| To cut down the income and means Of the
| Treasury before would be unwise and would
be o loss to the country in the end.
Quiet and unprctending as General Grant is,
he shows in this far-seeing policy relative tc
/ the national finances that in financial as well al
in military affairs he is eqnal to any emergency
| He is man Of thought, and when he brings
/ his strong practical common sense to bear
| upon any public matter he displays the quail.
ties Of statesman. The plain Western farmer
or tanner, who rapidly rose by the force Of biz
| genius and character to the command Of th'
largest army Of modern times, and who put
down the most formidable rebellion in history,
seems likely to master the difficult problems Q
national finance and civil government.
But while it may be wise not to reduce th,
income OF the Treasury till the debt is smpli
| fed, consolidated and the interest reduced
the expenditures can be very well cut down
II is gratifying to know the President has thi
desirable object in view. The expenditures II
every department are much too large for time
of peace. The total expenditure for the Gsca
year is estimated at about three hundre,
millions. Out of this nearly one hundred an,
thirty millions go to pay interest on the debt
The current expenses. then. apart from that pai'