New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-23


will he abolished together with the direct tax.
Special taxes not enumerated. ........-s 0C,"o
Tax q" ON ISgaccs and SUGGESTIONS .... 2ooooo
Tax gas. carriages, Watches Nc''-'''' Zoo 01n
Tax on incomes. ....'''----.'
r, ......... .s5,coCocO
In this brief summary. the saving IN the cost Oh
Collecting the revenue has not been adVerted TO-
doubtless il amounts TO several Millions hoi "a"
there be an adequate representation OF the loss ="
the publc in the time extorcd from the taxpayers
scattered over an extensive INTERIOR III tho pay
of their various contributions; nor of the annoy
onces and yoxaions incident to the searching ihVeS
tipations He who has studied the systems OF taA"
tion in Europe cannot help contrasting the seduIouS
care with which III this respect private rights are
shielded there, and the mproyisional harshness OF
fine arbitrary assessments and processes pre'ahhs
here That people so welded to liberty should
hove suhmitted so long and should still submit to
such wrongs, is a matter Of surprise which can only
be explained by thcir binding prosperity. lheSe
are the grievances which ultimately end III iepndia-
ton If the geographical character of our country
and the sparseness of its population, are thus hostile
TO a policy of keen internal taxation 1t Is obvious
that they are especially favorable to the system OIL
revenue chiefly TO be derived from the customs
Isolated from the foreign world, remote from foreign
markets and as yet with little variety Ill tho pro-
auctions of industry, this revenue Is necessarily
large and easily and choapy collected, ploDaDiy 1T
half the cost of the collection Of the internal revenue
and Tins IL is that our traditional policy speaks tne
pnblc sentiment. To each mutation III the aScellu-
ercv of politica parties the alienation of taxes has
been a prompting motive while all have cohcuiicu
in ayowed preference Of revenue of imposts. soon
after tbe olasi war with France the internal taxes
wore rcpcaed and so il was after the last war WIN
Great Britain These ought TO be regarded by al
MONETARY lessons TO the great party which has just
achieved the triumph of nations reconstructIOh'
Let the next and the immediate triumph be hDela-
tion-a liberation from burdens only warranted
by the high necessities OF state of war; ana Wnlch
will be hailed with joy 10y the great masses oil tue
people. and is due to them as just reward Tor inc
patriotism with which the burdens were originally
sanctioned aud have been thus long, too long Gu
durcd
This Liberation most happily involves no sacilhce
of principle no sacrifice of any important hatohal
interest no discrimination of classes, and rs the
proper frut of our great Union which in its power
to lay and collect uniform taxes. duties imposts'
and excuses, can provide for the common defense
and general welfare of the United States" and IN
its power ito regulate commerce with foreign
nations and among the several States.' assures froo
trade among q Republics, constituting this vast
conservative Union
One topic only remains for consideration. IL is
how to restore the general standard of value through
out the civilized worldi Here again the past eX-
pcrence OF country teaches the lesson aud fur
nishes the precedent. careful examination of the
earlier laws authorizing the issue of treasury notes
shows the provision that the holders of such notes
shall be entitled to receive from the treasury of the
United States. from certain specified officers
therefor the amount of the principal OF the
said notes in q certificate or certificates OF
funded stock bearing interest at six per centnm
from the date of their prcsenment. and the stock
thus to be issued shall be transferable on the books
Of the treasury"
This provision was not made in the act previously
referred to as of the 18th Of July 1851. but the
soon succeeding act Of August s. 1861, the Secretary
of tho Treasury was authorized to issue an equiya-
lent amount of bonds for the treasury notes bearing
the same amount of interest 4 5-lOthsD For the
treasury notes bearing less interest such provision
was made In the act of the 18th of February, 1862
now known as the lcgal-tcndcr act. similar pro-
vision is made but this prudential policy was not OF
long duration, is IN tine act of March D. 1868.
By this act no provision is made for the right of
conversion Of the treasury notes the issue of which
is authorized but provision IS made that as to tho
previously issued notes, the right to exchange for
bonds before stipulated ceased after lapse of four
months! Thus was initiated policy in rash viola
ton of the previous system for the support Of public
credit
I" Er tpsu f,nfc deriraa clddes
our IN pdtriuH, pdDtHUDt JtUTL'
Subsequent acts authorizing increased issues of
notes left at the discretion Of tho Secretary their
conversion into bonds.
But for this unhappy legislation the question Of
the validity of legal-tendcrs would have been
avoided, for the motive to The question in the small
& Al. l. :. a..
notes from their par value, would have insured an
acquIcscence. The question has arisen, and the ex-
tent of the resulting difficulties is not yet developed.
The true inquiry, however. now is, what is to be
dOnci The answer is, return in antiques rids' as
sumo the policy Of our earlier legislation Let Con-
gress assert the good faith Of the nation by author
zing conversion of the existing. socallod, legal
tender treasury notes, into five per cent stock or
bond. and let them decide that not another dollar Of
such notes shall issue The only question that arises
is how TO prevent conversion too rapid or. if judged
best conversion that shall not diminishthe amount
of circulation.
For this purpose two processes may be resOrted to
either limit the rate at which the stock or bonds
shall be issued To ten per cent above par else vest
in the Commissioners of the Sinking Fund.- discre-
ton with the appreciation of the President. as to
the rapidity Of the conversion, authorizing, at the
same time the issue, ut their discretion. OF bank
notes to be secured as at present in lieu OF the
rendered Treasury notes.
VIII a recurrence 10 the lOng-eStabshcd and APP
proved system Of American Finance take place
VIII its lessons be needed The widespread and
growing discOntents of this country show that the
relief ought to be prompt and solid 1t may not be
so. That those who are fond of their own empirical
novelties will disregard the suggestions of most
instructive valuable experience, is to DO expected.
But when the failure Of their teemng schemes shall