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


The Secretary Of tho Treasury is In worry
happy condition as regards his department. Of
the government He reports the receipts for
the hscai year ending last June to DO
~4ll, S26,477 and the expenditures $500. 653,
6bo, leaving surplus for the reduction Of the
public debt Of $40, SOL, 1856. But as the
income for the first quarter or the present fiscal
year, ending last September, was $ll5, loI,-
2SO, 1t Is evident that the revenue continues
to augment with the increase Of population.
wealth and business, and that although
there may be special reasons for tho
income Of that quarter being greater
than in any other quarter, we NAV
expect the revenue of the present fiscal
year would not, under existing revenue
laws, fall much short Of that Of last year.
We say this in the face of Mr. Boutwell's
low estimate. which anticipates the income to
be only $500, 49, 900 For example, the
income from customs for the first quarter Of
the present fiscal year was $57, 729, 47s, and
yet he estimates it at only $l28, 600, 900 for
the remaining three quarters. Now 1t is well
known that the heaviest importations are In
the spring and summer, and, consequently,
the revenue from that source is larger. Tho
income from customs the last fiscal year was
1874, 538,374 There is no reason to suppose
1t will be less the present year, and it will
probably exceed two hundred millions Mr..
Boutwell, always under estimates, and with q
view seemingly to keep up an enormous sur
plus revenue, in order that he may get the
credit of paying off the debt rapidly. The
changes that have been made in internal taxes
may reduce the gross income to some extent,
but we doubt if, with the present laws, il
would be much less than last year.
1t is not necessary to pay off the debt at thu
rate of a hundred millions year. or even at
the rate of forty or City millions. It is ON in
justice to the present generation, which has
borne the burden of the war andhas paid 80
much of the debt already. What we want
now is reduction of taxation to the lowest
possible point that an economical adminstra-
ton and sinking fund of twenty millisns or
so will admit. The estimated receipts for the
present fiscal year are over three hundred and
twenty millions, and they will amount doubt
should be brought down to less than threa
hundred millions, and then there ought to be-
a large surplus for the payment Of the debt.
We believe a hundred millions or 80 of taxes
could be taken off and still an ample income
be left for the government Mr.. Boutwell,
does not want the taxes reduced. Hs
tells Congress 80. Like miser, he wishes to
have his Golfers full, that he may gloat upon
the cash and say to the world, ''See how pru-
dent have been!' He argues, too that the
plethoric condition of the Treasury will inspire
confidence and enable him to raise loans
abroad for funding the debt. This is fallacious
reasoning. Every sagacious capitalist knows
already the ability Of the United States to pay
both the interest and principal of the debt,
and his confidence will not be increased in
the least by seeing unnecessary burdens
imposed upon the people. The President, In
his Message, has expressed the right view
where he says there should be ga reduction Of
taxes as rapidly as the requirements of this
country will admit, reductions Of taxation and
tariff to be SO arranged as to afford the great
est relief to the greatest number"
As for the other matters and details Of the
department in the Secretary's report they are
subordinate and of less consequence, and
they are on the whole, unobjsctionabls.
His remarks about the new Post Office build
ing for New York are judicious, and we hope
Congress will make the necessary appropria-
ton required Immediately. On the whole the
exhibit Of the Secretary of the Treasury shows
the country to be in condition that none
other in the world is, and that unnecessary as
Is the amount Of taxes raised the people ara
able and willing to pay them when demanded
by the government. Such is the patriotism
and conservative character of the nation and
the result Of our glorious institutions.