The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-11-30
sP1RxT OF xzn PRnss.
Editorial Opinions ofths Leading Journa ais
upon Current Topics DO implied Every
Gay for the Evening Telegraph

A GREAT MEASURE FOR THE OOUN-
TRY-REDUCTION OF TAXES.
From the ~ Y. HcrGld
The first thought of any sensible man of
business is to improve and extend his busl-
ness and to use all the resources within his
reach for that purpose. He does not cripple
his operations by taking up his notes before
thew are due. Indeed, be uses his credit
freely within the limits of his ability to pay,
in order that he may develop his trade and
resources. He both pays his way and becomes
richer by such course. The same principle
applies to the government. Ii 1t tax the
people heavily in order to pay of the public
debt rapidly, and when payment is not re-
ouired, the productive industry and trade of
the country suffer. The money taken from
the people in exorbitant taxes paralyzes in
dustry and retards progress. Every hundred
dollars taken by the government would, if
left in the hands of the people, produce
larger amount and make the country richer.
The hundred and fifty millions or upwards OF
surplus revenue now raised for paying off the
debt would add to the national wealth o far
greater amount annually if not taken from
productive industry 1t is false economy
it is the reverse of economy--to overtax the
people for the purpose of saving the SIX per
cent. interest on the debt.
If we had reached or approached the limit
of production in the United States we might
feel anxious about the debt; but when money
is in such demand to develop our boundless
and varied RECOMMENDATION every dollar eX-
pended in such development soon produces
two-our policy should be to increase the
national wealth rather than to burden the
people with heavy taxes In order to Hquidate
the debt in few years. Like The merchant
who uses his credit wisely, and becomes
richer by doing SO, the nation will become
wealthier and better able to pay by reducing
taxation and leaving portion of its indebt-
ness to be paid in the future. Should the
incubus of our present enormous taxation be
taken off the national wealth would be more
than doubled in q generation, and the next
generation, consequently, would be doubly
able to pay the debt.
We do not argue that national debt is q
national blessing. 1t has, no doubt, a con-
servative influence, and Is useful for the in
vestment of surplus capital and for securely
placing the funds of certain institutions; but
with us there is comparatively little surplus
capital, for there are so many ways of using
it in this country. We are in different
situation in this respect to England and other
countries of the Old World. Nor is q large
standing national debt agreeable to the ideas
of the American people or to our republican
institutions. We should continue to pay
something annually, but not hundred and
fifty millions or a hundred millions. From
twenty to thirty millions year applied to this
object would be sufficient. A permanent sink
ing fund, beginning with this amount, might
be established, and then augment it from year
to year as the national wealth and population
may increase. There would be no difficulty
in graduating the amount of sinking fund
in this way. The public would be satisfied
as long as this process of liquidation should
go on without interruption All would look
to the future extinguishment of the debt as
certain, while the burden of taxation to ac-
complish that would be light 1t would be
unjust to make the present generation, which
sacrificed so much blood and treasure in the
war and which has paid already hundreds OF
of millions of the debt, pay the whole cost
Our children and the millions of those who
will come to enjoy the blessings of the
Union ought to bear a portion of the debt
particularly as they will be far more able tc
bear it. The forty millions of population
will become eighty millions in the course OF
twenty years or SO, and the wealth of the
nation will be trebled.
The President and Secretary of the Trea
sury should recommend Congress to reduce
taxation so as to bring the revenue down to
three hundred millions. That ought to be
ample for the current expenditures of the
Government, payment of interest on the
debt and surplus of twenty-five millions OF
80 for a sinking fund. The revenue comes
in now at the ratio of four hundred and fifty
millions year and upwards. To reduce il
to three hundred millions would take off {
hundred and fifty millions of taxes. What
boon to the country this would be! How
industry would revive! Prices would &c
down; the condition of the farmers and labor
ing people would be vastly improved
we should be better able to com
pete with foreign producers in the
markets Of the world there would be more
production, and trade and commerce woult
revive If the object of the President ant
Secretary Boutwell, be to make political capi
tai by paying off the debt so rapidly, as i
seems to be, they could accomplish that mucl
better and become more popular by reducing
the taxes. Let us hope they may adopt thi
policy. But if they should not Congress
ought to take the initiative, and, as Genera
Butler intimated in his late address at Bos
ton, should overrule the administration. Hal
measures will not do. The country wants
sweeping measure of financial reform
measure that will reduce the taxes hundre
and fifty millions and that will be happil
felt in every household.