The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-12-06

indeed, might furnish nothing tangible IN justaca
on o. ne as 30 TOO ~ t custom nSnses OF col
meet just expectations, although no dishonesty may
be traceable to any person connected with the
ONCE. In Bach the interests OF the govern
ment demand change and change must be made
without o hearing OF the parties concerned
may DC warranted In saving, In THIS connection,
thar the evil OF oirceseeking, although great. ~
proba0ly exaggerated IN the public mind IL ~ true
that there are more applications for appointment 10
once In the DEPARTMENT than can Ue met, Dut tho
number OF applicants who are well qualled, VINO
couid pass any proper examination IN not usually
very large. Outside OF the department. and III the
several states and districts or the country the mum
Der OF applicants for local services does not often
exceed three or four 10 each ofce, and occasionally
JGerc are not more than two who are really so pre-
scented as 10 be considered Ia connection with the
In justification OF the present tenure, ana az u
proper recognition Of the services OF the officers ana
clerks employed in this department. / express the
opinion that the business, upon the whole, Is not
emily done In satisfactory manner. but that II Will
compare IN accuracy ana efficiency with the bust
| by corporations or individuals
TAxArIoN-rHE PUBLIC DEBT.
In my annual report OF December last ADVISED
the continuance OF The existing system OF taxation
rs an essential condition To the OF the pro-
| Dssed loan. The circumstance that war was de
| cared between France and Prussia simultaneously
with the passage OF the Loan Dii put IL out
OF the power OF the department TO make
the negotiauon, as had been expected. The large
| revenues, however, OF the government continuing,
without material abatement, until the present time,
| improved the credit OF the country, enabled the
/ Treasury Department, by weekly purchases To re-
| duce the amount OF Surplus bonds offered Tor sale
and contributed TO depreclate the market value OF
! gold
also expressed the opinion that rhe settled policy
| OF the country should concentrate a revenue An mi.
Client 70 meet the ordinary expenses OF the govern.
meDt, pay the interest on the public debt ana from
twenty I'VE 70 fifty millions OF dollars OF the princi
| pal annually. The reduction OF the public deot
| since the Both day OF June last has been 80
great "a TO render II certain that The total reduction
Tor the present fiscal year WIN exceed 500 600 600
The natural Increase Of The business OF the country
during tie next eighteen months Is likely TO be such
as to show surplus for the fiscal year ending June
80 1872 OF about $40, 000 900 The principal OF the
public debt on the last day OF November,
or ,Hs amount sae aaaa
| represented by United States notes and frac-
tionai currency not bearing interest,". the banks
OF the country acting within the authority
OF existing laws Will require ABOUT 1898 00O 900
bonds 70 be placed on deposit as security for their
circulation. Should the present system OF furnish
| ing paper circulation for the country partly by
the Treasury and partly by the national banks be
"a .ne NV ne oe nc ~
United states win be the security for the redemption
OF the notes. From TINS view OF the policy Of the
OF the public debt win remain unpaid,
existing either in the form OF Treasury notes In
culatisn without interest, or In bonds owned by the
banks ana held security for the redemption OF
their notes, and mat only about GOO or the
financial prospect, although highly ravSrable is moi
such rs to Warrant important changes In the reve-
nue. system At the present session OF Congress-; but
| should the result during the coming year meet my
| expectations It Will be possible at the December
session OF the Forty second Congress to make very
material reduction In the revenues without pair
ing the ability Of the government TO make satislac.
tory payments OF the pubc debt.
The reduction already made has been advap-
tageous TO the country not only In the particulars
indicated but In other respects hardly less lmpor-
tanL There IL much evidence tending To show that
no other event since the conclusion OF the war has
contributed so much 70 the diffusion OF republi
can opinions in Europe. The spread Of these
opinions stimulates emigration from kurope and
establishment OF free Institutions on thai
Continent. Nor can there be any doubt tha
policy accepting the debt as permanen
the reading ana rejecting classes Whatever ergu
neAts may be adduced whatever theories may
be advanced the fact must ever remain that q pub.
lc debt Is pubic evil 1t Is especially burdensoms
to the ab0r1ng classes, and IT 10 therefore In lheiI
interest provide for the reduction OF tie
such changes In the revenue system rem time 4
time viii eQualiZe The inevitable burdens OF Oul
present condition. and within comparatively shor
period The taxes may be removed from many artl
cles OF prime necessity.
1t Is the occasion Of satisfaction that no ethe
nation ever passed through great war with 81
slight shock to industry and business. Specific
Information ana general Intelligence from various
parts OF the United States show that all classes ant
especially the laboring classes, are IN the enjoymen
the experiences 81 THIS country or by III
present condition Of other nations. No reaso
can be found, however In the favorable condition
public and private affairs for negleOtng any prop,
, means Tor equaizing and diminishing the burden
taxation; but 1t does justify statement that II
manner recommended without embarrassing It's II
dustry or retarding Its progress.
| GEO. g BOUTWELL,, Secretary OF the Treasury.
TIE PRRsIDENT.