The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-20
TUESDAY, JULY 20, 1869.
THE NATIONAL FINANCES.

oions and statisticians during the last Presi-
DENTAL campaign, in regard to the condition
of the national finances, have all been falsi
fed by the actual results of the last few
months Secretary Boutwell, steadily meets
oil liabilities. and continues the reduction of
the public debt, at period when, if the ma
lign predictions of Andrew johnson, Horatio
Seymour. and Delmar, the former Democratic
statistician of the Treasury Department, had
beon well founded, there would be pressing
necessity for a resort to large new loans. The
national credit has been nobly maintained in
spite of the most insidious attacks, and the
country has happily escaped the dangers
which we're not only threatened but a8gra-
waited by the last administration. Andrew
johnson is an avowed advocate of reputation
He recommended q reputation scheme
in his last annual message,
and he declared in his recent
speech at Washington that no large national
debt ever had been or could be paid, and that
the holders of national securities formed an
aristocracy more odious than the old slave
holding oligarchy. When we couple this
declaration of principles with his conduct as
an executive in retaining in Office men known
to be connected with fragrant frauds upon the
revenue, his affiliation with leaders OF the
whisky ring, and his abuse of the pardoning
power in behalf of notorious counterfeiters
and illicit distilers it is difficult to resist the
conviction that he was infinitely more anxious
to destroy the public credit than to maintain
it. The wish is often father to the thought,
and the aspiring politician who proclaims re-
pudiation to be a necessity will not be choice
of the means he adopts to prove
this proposition. While Johnson was
President various interpretations were placed
upon his repeated pardons of counterfeiters,
but since his subsequent espousal of repudia-
ton, there can be little doubt that his real
object was to throw discredit upon the ma
tional currency and the national bonds by
facilitating fraudulent issues. This is an old
trick of the enemies of national credit. Dur
ing the Revolution the British Government
flooded the thirteen colonies with counterfeit
issues of continental money, for the express
purpose of destroying its value and under
mining the credit of Congress. 1t is now
historical fact that Pitt pursued the same
policy during the French revolution, and
flooded France with counterfeit dsSigpdtS, for
the purpose of bringing the currency of that
era into disrepute. During the late
war in this country, the circulation
of millions of counterfeit Confederate notes
in the South, by Union soldiers, exercised an
important influence in fastening the financial
ruin of the Confederacy, which precipitated
its military overthrow. In the light of subse-
quent events, it is not at all improbable that
Andrew johnson added to his other crimes
the fearful sin of conspiring against the
credit of the nation which he ruled If this
theory be accepted, his official acts are fully
harmonized with the opinions he shamelessly
expresses, and his advocacy of reputation
explains his leniency to the criminals whose
dishonest practices might in time have rem
dered reputation national necessity, or at
least debauched public sentiment.
The gratifying condition of the Treasury is
largely due to a complete reversal of the
Johnsonian policy. Instead of encouraging
counterfeiters, whisky rings, and other depre-
dators upon the Treasury, the most earnest
efforts are constantly being made to expose,
arrest and punish these dangerous criminals.
The detectives are busily at work, fragrant
custom house and internal revenue frauds
are constantly being unearthed, and gangs of
counterfeiters broken up. Without subject
ing honest citizens to additional taxation, the
Treasury receipts are largely increased by the
precautions taken against evasions of legal
taxation. A new spirit has been infused into
all the varied ramifcations of the Treasury
Department, and by the exercise of vigilance
and honesty on the one hand, and of economy on
the other, the administration is quietly but
surely demonstrating that the American
people can not only bear the burden of the
present debt, but rapidly liquidate it.
Among the desirable results of this reform
which is probably not very distant is another
reduction of taxation, and in no form would
this be more acceptable than in modifca.
tion or repeal of the income tax. A British
statesman, in commenting upon this method
of raising revenue, said that theoretically ne
plan seemed more equitable, but that in prac
tice no plan was more odious and unjust Tn,
operation of the system in this countr,
confirms this opinion; and the tax is espe
cially obnoxious here on account of the aver
sion of American citizens to an exposure n
their private business affairs, and the eas
with which the tax can be evaded by falls
returns. While the necessity for this form O
taxation continues patriotic citizens wi
cheerfully submit to it; but if, by efhcien
management of the Treasury, sufficient sun
are realized from other sources to justify i
abrooation. all parties will gladly hail sue