Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-07-01
The Revenue, Income Tax and
Financial Situation.

From the Now York Herald.l
The revenue of the Government is, in
round numbers, 1854, 900, ,000-that is,
from internal resources $l80,000,O00,
and from customs $l74,000, 900. The
leading and prominentmen of the domi-
pant and administration party in Con
gress assert that the Government can be
carried ON with an expenditure of a
hundred millions a year, or less, indie
pendent of the interest on the debt The
total interest ON the debt is, without cal
culating fractions, $l2I000,000. Add
hundred millions to this for current
expenses and this will give a total of
1927 100000. But suppose we add thirty
millions more, that is Sl30, ,O00, 900 year
for current expenses, independent of the
interest on the debt; we then have a
total Of $257, 900, 900, or about hundred
millions less than the revenue. There
is surplus Of hundred millions year
And this has been about the amount
which the Secretary of the Treasury has
had to apply for the purchase or liquida-
ton of the debt.
This is very gratifying state of things
for the country, so far as its resources
and the payment of the debt go. 1t
raises our credit abroad and at home and
makes the bondholder everywhere happy.
The Secretary of the Treasury and
many others believe that it will enable
the Government to fund the debt at a
DOVER rate of interest, though there may
be some doubt if the bondholders would
willingly relinquish securities which
stand SO high in the market and bearing
six per cent. interest for others bearing
four or four and half per cent. Atany
rate it shows the ability of the country
to pay the e.debt, enormous as tits, within
a short time. But the question arises
here, ought the present generation, or
the people of the present time, who have
borne the brunt of the battle for the
Union, and who have contributed so
largely TO the necessities of the Govern
ment, be called upon to pay the whole of
the debt? Ought not the next genera
ton, who will have suffered none of the
evils and immediate burdens of war, and
for whose benefit it was waged, contrib
ute something toward the payment Of
the debt? -......... -.
we 40 not agree Will tilc ohOib-oitheVu
financial theorists who maintain that a
national debt is national blessing. 1t
is an evil in every point of view in a re-
publican country. In monarehical coun-
tries, where governments depend for their
stability upon the support they may re-
ceive from artificial means, and not from
the strength Of the institutions or princi-
pies of selfgovernment, a national debt
NAV rally 10 their support, under any
circumstances, large class OF fund
holders; but we need no such expedient
here. We do not want to create a class
specially Interested IN sustaining the
Government for their own welfare. The
people Of the United States love their IN
sfitnfi0ns, aud need no exsraneOus OF ar
ti6eial aid 10 maintain them or 10 stimu-
late fheir patriotism. a national debt
here is not a blessing even in this sense,
Indeed. tits q curse anywhere. il helps
TO create or maintain privileged GLASS;
It keeps the mass Of the people in pow
ertO aud their noses TO the gFindstone,
and Il Is an efficient instrument IN per
petnating iyrannical and class goFeFr-
meufE. No stronger support probably
coald be- found, if debt be not abso-
luiely overwhelming, to . RonpFehieal