The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-01-26
Tho Income Tax Ropeal-The Stupid Polio,
Of Master Boutwell,.

OF Master Boutwell,.
Mr.. Boutwell,, Secretary of the Treasury,
was called before the Committee Of Ways and
Means Of the House of Representatives yester-
day. as it appears, for his opinion on the expe-
diency of the proposed abolition Of the income
tax. 1t further appears that he is opposed to
the abolition Of this tax because it yields
revenue of some thirteen or fourteen millions
Of dollars q year with only an additional
expense to the Internal Revenue Bureau of
half million Of dollars In other words, 80
much of the sum collected from this tax is
clear gain to the Treasury that the Secretary
cannot see the propriety, expediency or
economy of the proposed repeal. He is so
delighted with the idea Of hurrylng up
the redemption Of the national debt at the rate
Of hundred and fifty millions year, if pos
sible, and, at all events, at the rate of hun
dred millions a,year, that he cannot under
stand why our taxes, internal or external,
should be reduced while We have national
debt to redeem, and while the wealth, enter
prise and resources Of the country, compared
with the debt, reduce it to mere bagatelle.
This is General Grants idea, and it covers
| his financial policy, as indicated in his inau-
! gural and in his late annual Message to Con-
gress. It must be admitted, too, as we have
a hundred times admitted, that ia retrenching
| expenses and in raising larger revenue than
was raised by President johnson, and upon
reduced schedule Of internal taxations, and
| in cutting down the principal of the debt at
the rate of five, six, seven or eight to ten mil
agent in carrying out the Treasury programme
of General Grant, has been doing wonderfully
we'll. All the time, too, especially since that
grand smash-up Of the bull ring on that memo
rable s'black Friday" in Wall street, the pre-
MUM on gold has been going down, down,
down, until for month or two we have had
the gold gamblers reduced to the miserable
| margin of the fractions between ITO and Ill,
| while at the same time our government securi-
ties have been going steadily up, up, In Lon
don, until for Us they are nearly at par with
| gold. Now, looking at the worldwide fnan-
cial and business arrangements resulting from
this terrible Franco German war, prostrating
| for the last six months the withdrawing
forces of the two most powerful and industrious
nationalities of the European Continent. is not
this good, yea, first rate, financial exhibit
for Mr.. Boutwell, and for General Grant, 1t
is-Ye agree that 1t Is; but it does not meet
the main question. ri
What, then, Is the main question: The
main question, which for the last six months
has been uppermost in the public mind through
out the United States, is this question Of the
lessening Of the heavy burden Of taxation
which the country has still to bear. General
Grants idea Of the payment of the public debt
at the rate Of a hundred millions and more per
annum is patriotic idea, and, as soldiers
plan Of carrying the enemy's works la Fort
Donelson, it is beautiful idea; but, under the
existing conditions Of things, it is great mis-
take, Here we are, after our long aud hard
struggle from the flush times and fash prices,
the grand speoaiiss..!ions. Jobs, mutations and
rapid fortunes, and the dreadful nffsss:sss ard
collapses and crashes Of our late civil war,
just getting upon our feet again, when our
Industrial and busin ess classes of all pursuits