New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-14

government but to manufacturing and
mining corporations. In other words,
revenue reform" means approximate free
trade. The old protectionist cry that high
duties are necessary in order to supply
the wants of the government, is thoroughly
refuted by the experience of England. IN
which country the laws of finance are at
least measurably understood. In 1871,
Great Britain raised 921, 1893, S45 by q
tariff on 1163 articles. In 1862 she raised
s24, O63, 900 (the figures are given by the
Chicago Tfi5une) by a tariff on forty-four
articles. And the business of the country
had been so much augmented during
an era of comparative free trade, that this
increased revenue was produced by re-
duced rate of duties. The English rule is
to reduce taxation whenever there is
surplus of revenue. Our rule seems to be
to extract as much as possible from the
industry of the country in order that we
may accumulate a large surplus in the
Treasury, where the only thing that can
be done with it is to pay off the public
debt. It may seem that this is desirable
object, but it is an object for which we
may pay too dearly. We pay interest on
our debt at the rate of six per cent, and
this much We save by anticipating pay
ment But the aggregate profit on capital
in this country will average more than
six per cent, SO that the difference
is lost in the mere process of col
lection for purpose of prepayment.
Moreover, the amount of indirect taxation
lin the shape Of enhanced prices on pro-
tected articles), probably exceeds the total
revenue collected by the government. and
this amounted, for the year ending June
30, 1870, to SAIL, 255, 900. The expenses
of the government for the same time, in
Guiding interest on debt, were 1909, $685.
600, so that the country actually paid
more than $500, 600, 900 in excess of the
actual needs of the government This
system is radically vicious, and the ''true
principle of revenue reform" aims to re-
model it so that the energies of the country
may be left free to exert themselves in the
great process of administered and COM
mercial development.
Some time since number of bonds,
suspected to be counterfeit, were pur-
chased by leading New York houses, and
some of them were redeemed at, Washing
ton. When the fraud was detected the
government made reclamation on Jay
Cooke & Co., and others, from whom the
bonds had been received. These con-
tended that the bonds were not counter
felt, but only duplicates; that they had
been printed from a genuine plate, and
that they could not be made to suffer for
the negligence Of the government. Suit
was brought, and the case Of Jay Cooke &
Co. was, by consent, made test. The
case turned on the question of counter
feiting, and it was proved that the bonds
were really counterfeit and not duplicates.
Judgment was, therefore, given for the
government.
A special dispatch to the st. Louis Re
publican, contains the following in refer
ence to Pacific Railroad securities
The remarkable business developed on
the Central Pacific Railroad since its COM
pletion continues to crafty the holders of
its securities. The gross earnings of the
main line for the years 1869 and 1870
amount to about $4,000. 900, although the
road was operated between San Francisco
and Salt Lake for eighteen months only of
the period. The net earnings for the same
two years will reach $7,0OOO0O. The cur
rent dealings at the Stock Exchange in Cen
trail Pacific gold bonds show q steady adj
vance, and it is known that the bonds are
being gradually taken by capitalists for
permanent investment both in this country
and in Europe.
At meeting Of the new Board Of
Directors of the jefferson City Gas Com
pany, held last evening, J. H. Oglesby,
ESQ.,, was elected President. The affairs
Of the company are in prosperous condi-
ton, and there is, consequently, consider
able demand for the stock.
Yesterday was not signalized by any i'm
portant, or even interesting event in the
financial world of Carondelet street. The
standing of the various stocks may be
seen by the following list of offers and
bids at the board last night:
ss CT, &c
C,,1v>I M.v,iv,<p NA,vp-