New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-25

In
follow the general tendency, To leave taxation un
diminished In such case would BIO alike unwise and nn.
Just Take s gT eson o. @ pou AZ tie
of the century England passed through gigantic war;
hs we Kali was Imposed and state Of aars was
produced similar 70 that which our country Is now OK,
closed nearly fifteen years even after specie pay ment
had been RESUMED, and even when t'xation haa been
thai the expenses OF eultiving the lad we're more
war: Sef in 1885, the price wheat less than in 1870
WHAT let inquire, was tho ssEnlncnneo Oh these
fsctsi They siguled that the income OF the English
farmer or producer less and lis outlay greater Ia
Is9J than IN l79o that IN word he was burning ,ho
best the changed conditions growing largely ont Of the
placed him ut grrat dlsnd, AZ ,nS ai' S
lesson that us partial compensation for these dsHavant
ages and In orcr to save tho agricultural Interest lro
grave disaster 1t the duty OF The Government 10 re-
eyc she burden ne far practicable by reducing TAXA
on TO the lowest possible limit consistent WAN otter
obligations. We may not witness The exact reproduction
Of tic ease in our own land but wo shall surely see
condition TO which u bears general amadoRy, nhu
which win teach the same lesson While prizes
are falling, and receipts are diminishing, there
are elcmeuIs IN the account OF production ana
expenditure which have grown with Tho war but wIch
viii be slow to follow the general decline In all such
cases. especially hardship must ensue. Takation i,se
is OF these elements, but happily one when y with
the control Of tho Government There are Others nvss
Of economy aud other Influences aud which VIII Iess
upon the entire agricultural ana Dunne - ne
effect 10 Prevent the cost ~ living from dcching
the same ratio as profits. There is one CONFEDERATION
aoue which, 10 seems 10 me ought to he conclusive on
from Income, and IL is sound maxim that taxation
should be laid IN such way rs 20 eneroneh on cap
prudut ton IL should not trench upon tho cap ~ NhIue
ofproporly. but only upon rs revenue " Should GhE
sngIanf mud all nciiyirics aTe somewhat DORMANT 20
maintain the high degree OF taxation "onid eh'ai
tho most serious baiisllps.
OUR CURRENCY SHOULD APPRECIATE.
There Is another important consideration bearing upon
tbis matter. II we make any progress toward sound
financial condition II will be accompanied by an appre-
citation Of tho currency Such Nh appreciation Is seu
evidence ~ progress In this direction But. after all ths
Is pruetcaly an increase ~ taxation Taxes wiz tcn
be paid IN currency when has lncieh-,d ~ nsus anu
which possesses greater purchasing Iower. For ,Anl
pie premium on g" las declined about ~ pr ch
n the ut ytar or ~ other words. the currency has mp
prciated nearly 10 per ccnt NOW, the iec'iP's lIni
n,erral rrvcruc for st ns,ai year we've Ia round
numbers slCDu01o0, aud u We suppose the currency 20
have appreciated 10 Per cent We practically Increase ~"
tlr law 10 remain unchanged. We actually augment me
burdens Of the people, and TO ieian ia" sne yII'ns
ttnfion vc uiu.' decrease the nominal raiO. For ny
own ruft would siill iuttbcr Believing as do that
the iLcres's ct the people demand positive fs'ieton
with those Of The people would diminish not ohy the
| nominal but the virtual rate 90 taSaton.
For iGn sane reason TIE system should BE- simpiihtd
iana,,on an "'y cron y ~ m,ilod Tho true pocy u
taxation applies to few sources aud selects those
sources pertaining 10 the luXurc- rather Than 70 The
nec'nri,s ~ he. IL touches rs lightly rs possible mo
Individual requirements 81 the people IL makes ~ iilo
demand a. pus-tc upOu the productive forces They
aie ~ more lrss unihriiy taxes snys Adam Slli
That Increase the rtyruuo 81 the sovereign, Nsg sat
dnm mHuulns any bur nnproducuVe iabCies' ~ ihr OK
rse Of tlg e ~ ,ng Is 6g gh ~ shorie state
! rcut which Low rrcCiNes utNtIsd usttht' op hiEo
tIat nj. lrf of tie general policy ou this sul0 Ct THO
sr'i,st .rre of s iInca Ion should be enforced and
the items ~ taxation which are nOrc NrhtOns 10 tCr
character Than Profitable IA tnoir Ie,uiIS, should 30
| bolI why's. 30 objects 20 b. gained by maintaining
a isli rate can compensate for s insepaIahle cvil.
! I'rS tic rapid extinction OF the debt furnishes
no efficient Ircuulclr. And contains measure az m
in.t., eould pas s0Cnooo year, but hry ond Inst 7
! would not go 1ho grown 81 every year reduces the
| burden - developing mOgo anp" means 81 pa hlyhL
ticn b. !mlo.iI plu q % upon another g.ncuiion'
which share equally WIN "nI'es yo - ~.
DE- essential - tic es,b.Au.'Lt 81 public circuit.
othrr elements mp,l,'Ht ~ ln.' sl'., ~ wy
question and more Important IN a'h'r aspect .u'.'
ia tAr .-s. a. j. rot ices dcerab' even VIA trr-
,loc 10 tLr public credit mat Tie p9oo snouH no, p
r,.tl,e nuf,r ucYpus taritnn. IL l. 10 les ,rinl
fi.f sound monetary condition sLaN bo restored upon
which Doe umiotH h,au'c. cen rctosc. SLOW 90 NJ .
~: sLoN ho world hat ~ spto ~ ni seducliyc IN
mem, "a, ~ sba borrow Without dintuIy upon
favorable terms aud rgiuud Without embarrIsameut al
! hover rates.
! ruI lIsuESTs or Iur TINANciAL rRoBGrn Defend on
| ZACH UIIftH.
Much as We may choose to separate the clements OF The
financial problems ard deal With them sugly there IL
! conuec elton aud mutual dependence between ihom
Neither can be adequately rDarcd without more or os'
eorrllcgiug tho hcari - % Oh fthoash tho deb tax
elton, end the currency distinct "a HER shsrncte
he ,l1t ,lsia GONG G !. gin 80 some degree viii
tbr oinsmen Of tho dghf iht question ~ banking 4.
blended with BATH In rsisauus upon subject it j.
successful rebuilding ~ the debt upon the best term.
requires healthy monetary bnsiA DO not cay That
eauot br placed 80 lower ratio bat 70 u oOSl0ur
mat Ne we're Fcsins niln ,'eg.e ioa.dnuon more
tcgont captass aud nnaucors depends not only upon
| perception of our ability To pay but upon rcCOgi-
uon Of hat sound ~ aucal condition which Is not liable
10 Do thrown into violent CONFUSION or panic ly any
light ar Temporary shook Tho dagger OF our present
situation lie not much In the debt as IN the disorders
81 the currcncy to tiaWe most OF tho evils
which menace u " It were corrected II would clearly
the confidence aud sense OF security which have
so much to do with the disposition Of lenders.
indiana. or. M"Itohl SHOULD see conphi auNcD lie
difficulty IN tho work before Ne. In following my re-
had former occasions maintained, that the country
| has none too much currency IL Will be remembered
that had admitted this upon the assumption that tho
present abnormal order Of things 10 continue ndci
ton VI the gold basis must assume that he means wo
have none too much currency Tor TIE resumption aud
~rnves S * our aatSn Would at once sa
pear. The essential conditions Of tnanclal strength
simply be The proper proportion of gold with which
| begin redemption. Aud u We have none TOO much cur
rency hoat on tho gold basls THIS proportion ought
readily lind its way mere. Upon that theory there -
10 reason why It should be stendlly novng abroad II
there we're redundancy OF currency Ia drive away
should Mt least be no difficulty IA securing The pro-
portion necessary TO resumption II tho currency Is not
deprecated FROM excess there no reason why The ten
dcncy toward equilibrium should constantly draw gold
Again If the Senator correct In supposiug that re-
sumption could take place upon Tho ptesent volume Of
are wholly Imaginary aud should not deter for d mo.
ment could be decline of prices with change
IN the standard On the contrary 10 preserve the pres
ent volume and throw In large quantity Of gold besides
would according To oil laws OF currency prices
and nplrt buOyancy 10 business. Instead ~ Rppre-
cag the paper TO the level OF gold gold would
precatcd 10 the level Of paper. Merchants would not
lind goods falling upon their hands nor would tho oh.
cations Of debtors be augmented In word the diff
cnt,s which make the country shrink from resumption
| would altogether vanish.
| now MUCH HARD MONTY Is NEEDED TO SUSTAIN sPEcII
PAYMENTS.
II has been well said thar thu nmonnt NJ snana