The New York herald., 1871-11-17
lflsoal Flnaucos--The Outy OF Co.'S
gress On tho subject.

have an exposition Of the condition oil our
national finances and the views of the admin
istratiou on the financial policy to be pursued.
The Message Of the President and report Of
the Secretary of the Treasury-as far as they
may bear on this sutject-wl be 10 ,ked for
with great interest. Though Congress may
| act Independently. as it sometimes does, OF
the views or recommendations Of the Presi-
dent or Secretary of the Treasury on financial
matters, it is not likely there will be any
want Of harmony on these during the ap-
proaching sion. The administration has an
overwhelming majority in both houses, aud in
view of the fact that General Grant will be
the candidate of the party for reelection next
year, serious opposition to his measures can
hardly be expected. The necessity Of unity
OF purpose and action will be recognized,
no doubt, by nearly all the republicans
of both the Senate and House of
Representatives,. In all probability, too, the
administra zion has had or viii have coofer-
ences with leading Congressman as to the
financial policy to be recommended. Tac
Message of the President aud report Of the
Secretary, therefore, will indicate probably
what is likely to be done by Congress
The President, we suppose, has no fixed
opinions on financial questions. Indeed, he
does not pretend to understand them. He
will sanction, there is reason TO believe, the
recommendations of Mr.. Boutwell,. Bat
General Grant has a good stock Of practical
common sense, and if he would use it about
financial matters could show as much or more
judgm INT than the Secretary, who, after all,
is but respectable lawyer and pretty clever
politician, with none of the qualities of
statesman on the subject Of national finance.
We should rather trust General Grants good
common sense than the crude notions of his
subordinate, which have been formed in the
narrow protectionist school of New England
! politics. If the President will fix In his mind
few simple principles of political economy
and Of the financial policy the country now
needs he may see his way clear to direct Mr..
/ Boutwell,.
First, then, the policy Of raising an euor-
nous and unnecessary revenue is burden
apon industry and retards the development of
the country. More than that it leads to ex-
travayance and corruption, and keeps up
vast and expensive civil establishment, with
tens Of thousands of government employees
that might be dispensed with and sent to pro-
ductve industry. At the rate the revenue
has been coming in for some time past the
amount for the fiscal year will exceed, proba-
bly,, the current expenditures and interest on
the debt nearly hundred and fifty millions Of
dollars. We have not the data and cannot be
precise; but judging from the customs and
internal revenue receipts, so much above the
Secretary's estimates, we do not think the sur
plus revenue will be far short of hundred
and 6fiy millioos. In fact, we have war
revenue in time Of profound peace, and when
there is not the least probability Of war. CAL
culating the interest on the debt in round
numbers at a hundred and twenty millions of
dollars, and the largest sum that ought to be
required for current expenses to carry on tho
government, pensions and all included, at
hundred and twenty millions more, which
would exceed the expenditure eleven years
ago by fifty millions the total amount of reve-
nue. absolutely necessary would be two hun
dred and forty millions. Add ten millions
to be used in liquidating the principal of
the debt which is quite as much as should be
alled for in year from the people Of this gen.
Grafton, who have borne the heaviest cost and
brunt Of the war; and we have grand total
of two hundred and fifty millions. Yet We
suppose Mr.. Boutwell, will show revenue of
nearly four hundred millions.
We are aware that the object of the Secre-
tary of the Treasury has been to pay of the
principal of the debt at the rate Of hundred
millions or more year, and know that this
has been done. He has thought doubtless,
this was the best policy to pursue, though we
cannot resist the impression that he has been
more intent on glorfying himself ami the adj
ministration for paying of the debt than on
promoting the real and best interests Of the
country. Then Mr.. Boutwell, is New Eng
land man and protectionist, and knows that
a vast revenue can only be obtained by heavy
imposts which afford protection to and en-
ric1 his own section Of country. His revenue
system gives as much protection to the New
England manufacturers as specific laws for
that purpose could, while that protection ap-
pears to come only incidentally and from
necessity In truth, the war, with all its
horrors, devastation and cost TO other Sec
tions, has proved an advantage to the manu-
facturers of New England. The payment of
the debt is made to answer the same purpose
through the pretended necessity of raising an
enormous income. But the West and South,
the agriculturists, business men generally and
the working classes have to pay dearly for
this New England policy.
The Secretary had the idea, too, that pay
ing or the debt SO rapidly would raise the
credit Of the government. aud that having in
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