The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-06-07
REDUCTION OF THE DEBT.
From the v. Y. Times.

From, the " Y. Times.
Let the dead have justice as well as the
living. The reduction of the debt carried ON
vigorously under General Grant, was begun
as vigorously under Mr.. Lincoln, and prose
cuted steadily under Mr.. Johnson. 1t is a
feature of it's policy to which the Republican
party may point with pride, and Mr.. Bout
well, in adhering to it, treads in the footsteps
of his predecessors. The net reduction of
the debt since the close of the war, has
amounted to $235, III ,06f, and the merit of
having effected it belongs to two administra-
tions. Dividing the sum among the four
years over which the reducing process has
extended, we have a yearly average of
$5S, 942, ,766, and we submit that this
rate is quite as rapid as comports with
the industrial and business interests of the
country The per centage Of reduction con-
templated in the act of 1862 has been more
than maintained. The precise plan indicated
has indeed been departed from, but the gene
raj object has in the main been accomplished
Any attempt to increase the rate will justify
the interference of Congress and the more
strict definition of the boundaries of the Sec
retary's action. Mr.. Wells, in his reports,
estimates the yearly contribution to debt-re-
duction with which the Government should
charge itself at fifty millions. This figure
has been attained and passed during the last
four years; and with this we should be salts
fed.
If it be found that the surplus means at the
command of the Government exceed fifty
millions yearly, case will be made out for
reduction of taxes The debt is not the only
legacy of the war that is entitled to attention.
The burden of taxation is a legacy still more
oppressive, and therefore one that calls still
more urgently for mitigation. A revenue re-
quired to carry on the Government has been
submitted to cheerfully; but the productive
and mercantile forces Of the nation are not in
a condition to contribute many millions an
nually for the payment of obligations long
before they reach maturity. Let Mr.. Wells
! fifty millions be added to the current expen-
ditures, if the addition be deemed advanta-
| geous to the public credit, but beyond this
| the Government should not collect dollar.
| For there is an interest to be considered more
| critical than that of the bondholders-the in
| terest of the American people; and the relief
| they require must be given through dimin-
| ished taxation. Let us not hear of the Trea-
sury being encountered with money acquired
| at serious cost to interests which are ldentlhed
with the national prosperity
| We look TO the present administration for
| relief to the taxpayers. Its energy and IN
| tegrity in the collection of revenue will do
much towards determining the measure OF Its
| productiveness; while continued retrench-
ment will widen the margin for a surplus.
| Next session. then, we hope Congress will be
in possession of data that shall facilitate a re-
duction of taxes to an extent required by the
people That is, all things considered, the
best method of dealing with any surplus with
which, at the end of its fiscal year, the Irea-
suy may be blessed.