The New York herald., 1871-01-12
Finance and Common sense.

At the present stage of our history
| American opinion can well afford to attend
with greater closeness than heretofore to the
educated, sound and liberal opinion of foreign
countries where wise ordering, scientific pre-
cision, jealous aud patriotic craftsmanship
may furnish to US valuable suggestions in the
| direction Of our own steps. We are the
| inheritors of the labors Of all mankind. 1t Is
| In all respects for our interests and In no
respect against our dignity to attend to the
scientific liberal opinion of the civilized wsrld
! IS to any portion Of our policy and our
doings which belongs to political science in
its most universal aspect, and upon which,
therefore, we ought, If wise, to avail our
selves Of the stock of wisdom and knowledge
common to all educated and civilized man
kind.
| Apply this to finance, and we have state
Of facts which, combined with the hideous,
| we had almost said the internal, pressure OF
the shoes on our swn feet, cannot longer be
| disregarded. For years past the whole
unanimous opinien Of fiscal and economical
authority in every land has been In an
attitude of prolonged bevilderment at our
proceedings in the sovereign article Of
finance
For years past every intelligent economical
thinker throughout the globe has been asking
himself how 1t can possibly be that the most
Industrious and intelligent population In the
world, supposed to have their destinies under
their own control, can submit with 80
unexemplary and ignorant patience to
fiscal loads and fiscal processes which
might almost appear devised by express
malignity Of ingenuity so to overweight us in
run therein, but an ignominious breakdown
and defeat. For years past the dweller in the
United States has been regarded by scientific
economists and practical chancellors of the
exchequer all over the world as curious and
monstrous Issachar 'strong ass crouching
under the burdens" which ignorant statesman
ship persists in laying on him. 1t is not a
comfortable state of things by any means to
be so regarded. To be feeced numerically
by our government and be laughed at i'm
moderately by the sober-minded Of all coun-
tries, surely that is not pleasant or profit
able plight to stand in. Pocket and pride cry
out against 1t alike. Aud can that state of
things endure which thus Injuries and outrages
pocket and pride? We mean to try that ques-
ton.
What can be more paradoxical than our
position at this moment? We raise by oppres-
sive taxation surpluses every year unex
ampled in financial history, and which make
the mouths of treasurers and chancellors of
they gaze stupeded with envy and ad-
miration at the colossal figures which testify
to the greatness at once of our country and
our folly. 1t might be expected, then,
that the whole capital Of the
world would compete eagerly for our
favors that nation with balance
sheet SO magnificent would have the lenders
of the world at its feet, and that no country
would be able to place its public debt upon
the market upon terms so favorable. But we
know by only too painful experience And GER
tainty that this is not the case. Now, is not
this subject deserving our most serious scru-
tiny? Why is it that Great Britain, with her
ebbing political power and range of pro-
ductive resources which is to ours as Liliput
to Brobdignag, can command at any moment
countless millions at three per cent, while we
cannot be sure Of commanding any appreciable
sum except at rates at least twice as much
There ara answers to this Question of the
most definite and precise kind, and we shall
give them in due course. 4e.s&-e,-A
For the present we desire to lay at the outset
express and particular stress upon the fact
that it is precisely the immoderate, ill-consid-
cred and cruel extent of our taxation which lies
ing from the pockets of our people hundred
millions more year than are required for any
immediate practical purpose. 1t is this infatu-
ated and impertinent piece of practical dogma
tism, and this mainly, that not only oppresses
US all in our business lives, robs us of half
our lives in fact by making them just one
half as productive as they might be, but
also, let it be well noted, keeps down
our public credit. We should like
to write it up in letters Of fire throughout the
land that the extra taxation it is which keeps
down our credit. Why? Because it is, in
fact, an immense forced loan taken yearly out
Of the peoples pockets by burglarious fnan-
cial policy. Because, therefore, our govern
ment itself blunderingly competes with the
capitalist lender all the time, and thus by
Incredible and inexplicable perversty, steadily
and perseveringly, like the pig cutting its own
throat as it goes against the stream, raises the
money market against itself. Because you can
notincrease the capacity Of people to raise loans
on favorable terms by bleeding them to death
to pay off loans before they are due. All this
doctrine is in conflict with the stupid and in