The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-01-04
THE TAXES AND THE DEBT.

From the NJ 7. TSnes
The cry still is, "Reduce the taxes!" The
trading class is literally unit in favor of
reduction. The farmers are compelled, by
falling prices, to pray for it as measure alb
solutely necessary. The mechanics and la
borers, who bore the hardship of high prices
without murmur while they were incident
to great national struggle, protest against
that continuance ofhigh prices which proceeds
from exorbitant taxation. On no other
subject are the people half SO united or half
SO decided. They complain of the taxes as
burden beyond their strength. They know
that much of the depression which affiicts
industry, and much of the bitterness and
peril of the trial which every branch of
trade endures, grow out of the present
system of taxation. We are sustaining the
fiscal strain of war in period of peace. We
are paying the penalties of war years after the
necessity for their exaction ceased Hence the
depth and universally of the demand for re-
lief East and West, North and South, insist
upon 1t as a measure of justice and expe-
diency-of justice, because this rate of taxa
tion is in excess of the legitimate require
ments of the Government; of eXpediency, be-
cause diminution of the load is essential to
the safety of great and varied interests, enter
ing into the sum of national prosperity The
journals which oppose the demand are for the
most part advocates of monopoly they would
withhold relief from the people for the ag-.
grandizement of special interests, and the
promotion of policy that would precipitate
resumption of specie payments at any cost.
The mistake of Mr.. Boutwells policy is
that it aims at concentrating effort upon the
reduction of debt long in advance of its ma
turity, regardless of the suffering and loss
which that effort entails upon commerce and
| industry. 1t is persisted in, moreover, with
strange indifference to the fact that the
nearer we approach resumption the heavier
existing burdens become, and that if resump-
| ton were effected the collection of these bur-
dens would be simply impossible. Values
are falling, but taxes remain the same The
farmer receives less for his products, the
merchant less for his goods, the workman
less for his labor, while the exactions of the
Government continue unabated. Supposing
specie payments to be restored without pre-
vious reform in the matter of taxation, the
result would virtually be an increase of taxa
ton; for though the rate remained the same,
| the available means of the taxpayers would
| be reduced. The effect of such condition
Of things cannot be doubted. Such taxes in
| such circumstances could not be collected
There would be falling off in the revenue
at time when its prompt and full collection
would be of the highest importance to the
credit of the Government.
Gle payments is a work of years than that its
accomplishment must be preceded by large,
well-considered, and eminently just reduc-
ton of taxes. Ne prudent fnancier dreams
/ Of hurrying resumption. Charlatans may
talk of its feasibility, and interested classes
| will, for reasons of their own, foster the
delusion; but practical persons, who have
studied the experience Of other countries,
and know the difficulties which beset the
trade and industry of the United States, are
content to await the influence of time upon
the national resources, and the operation of
natural laws upon all the elements of pro-
ductive wealth Theories are worthless in
such case as this. Departmental or legis-
lative declarations in favor of Immediate re-
sumption are mere legerdeman. The thing
cannot be fastened without imperilling vast
interests. But it may be facilitated by thrift
and prudence on the part of the Government,
and the country may be prepared for its
action by tightening the load Of taxation.
The Secretary of the Treasury fails to COM
prehend the course of public opinion if he
imagines that the story of what he is doing
with the debt will reconcile the people to the
burden he would perpetunte. They are in
earnest in the cry for reduction of taxes
And if there is not to be reduction, large and
immediate, the country will hold Republi-
can administration and a Republican Con-