New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-15
" REVENUE REFORM"

III is eXuItnSy pTOciduDcu thdt hcNchuV
"Reform has majority in the present Con-
gress-Or, at least, in the HOuse-and Mon
days dOings convince us that the claim has a
partial foundation. They further convince us
that Revenue Reform has only to exhibit
itself in all its unlovely proportions to secure
the reprobatlon of the larger as well as the
better portion of the American People.
Our National Debt is very large, and it is
supplemented by a Pension List of more than
Thirty Millions of Dollars. On nearly Two
Thousand Millions of Debt, we are paying six
per cent. per annum-a higher rate than is
paid by any other prosperous people and reputa-
4 BILE government on the globe.
! That rate VIC were obliged to pay while our
country was engulfed in the perils and agonies
| of Civil War. But our statesmen were far
| seeing and polite, and they funded the bulk
of their obligations in "Five-Twenties THAT
is, bonds which they might redeem after they
| should have run five years, but were not obliged
to redeem till they should have been issued
twenty years. The object, of course, was to
call in these bonds after peace should have
| been restored, paying them off with the pro-
| ceeds of new bonds drawing a lower rate of
| interest The option has now matuTed peace
is restored our revenue has for years ex-
ceeded our expenditures; and we ought to be
able to borrow at or below five per cent, and
with the proceeds extinguish our Five
| Twenties. But to this end it is essential
| that there should be no shadow of doubt
| that we will pay the new bonds, principal and
| interest, precisely as we stipulate-nOt ulti-
mately, but every dime on the specified day.
In other words, our ability to borrow at lower
rates hinges on the moral certainty of our pay
ing precisely as we agree TO do. If the capt.
talsts of Europe were quite sure that we would
do this, we might fund our whole Debt at At
to per cent, and thereby save at least
Twenty Millions per annum.
But q new Congress has just convened, in
which the Democratic minority has been
swelled from sixty to nearly one hundred
Members, with several more to be elected.
Nine-tenths of these may be safely counted on
to vote for any and every bill that reduces
taxation, no matter though they were sure
thereby to force the Treasury into reputation
forthwith. Nay, we firmly believe that most
of them would vote the more eagerly for
bill if confident that its effect would be proc
lamation of National bankruptcy. They would
hail that result as though it were another Bull
Run or Fredericksburg.
Such is the crew with which quite number
of Republicans cOnsOrt and cooperate under
the banner of Revenue Reform" Together,
they vote the repeal of tax after tax without
inquiry or thought as to their influence on
Mr.. BOutwelfs arduous and difficult enterprise
of funding the Debt. They take the sinews
out of his right arm as though it were n good
joke they scatter firebrands and arrows and
call it sport. Idiots could not evince less re-
gard for the consequences of their recklessness.
We shall be glad to see Coal, Tea, ard
Coffee, exempted from taxation whenever the
Treasury can spare the revenue they now
yield, and to have the duty ON Salt reduced TO
half the present rates whenever that shall be
| financially expedient. Yet the monstrous mis-
| representations of the Democratic and affiliated
journals with regard to the Coal and Salt du-
ties are none the less loathsOme because we
are Indifferent to their excuse. We
| do not believe that repeal of the Coal
duty will close our coal-mines. becouse
we doubt that it would considerably increase
our imports, except in ew-England. while
our use of Coal is steadily and rapidly increas-
ing Southwark and westward of this Citv
the repeal of the Coal duty would probably
not incite the use Of a single tun of foreign
Coal, nor would it reduce the prices of domestic
| Coal even three per cent Those who talk of
the Coal duty as in any manner causing the
Anthracite Strike" and consequent high prices,
of course, know better. They are simply fish
ing for votes and batting with lies.
As to Salt, it is probable that considerable
stretch of our seaboard would import more and
obtain it cheaper if this article were free of
duty; but the assumption that it would be
essentially cbeapened all over the country by
repcaling the duty is absurd Wa SAW. few