The New York herald., 1871-01-13


Of the dogma, is bound to accept the decisions
Of the Holy Father as infallible?
We are not troubled by this question. We
are ready for II. We cannot imagine, what
ever the Great Powers in council may do for
the Pope. that they will disturb Italy in her
temporal occupation of Rome and the late
Papal States. We are firmly Of the opinion
that Italy is fixed In this occupation, and that
in the final settlement Of the Pope upon this
basis he will acquiesce. While granting, then,
that his present protestations against these
spoliations, as the head of the Church, are
infallible, we contend that his final consent
to the REIMBURSEMENT of these troublesome
temporalities will also be infallible. He can't
be infallible all the time under any other
construction. We must, then, admit, and,
like good Christian, we do admit and plead
that, IT his decision to-day upon any Church
question is infallible, his decision tomorrow,
though different decision, will be infallible.
This is our acceptance Of the dogma, and SO
we are prepared to see this occupation of the
Pope's temporaities by Italy harmonized
even with this dogma of Papal infallibility.
An English View Of American Finance.
A late number of the London Economist
overhauls Mr.. Boutwslls financial policy. The
writer understands pretty well what he is
writing about, and his criticism in the main is
just, though he looks at the subject from q
British standpoint only. Nor did it call for
much sagacity to expose the glaring errors
Of Mr.. Boutwell's financial policy, if the
theories and vagaries Of the Secretary
can be called policy. The Econo-
mist says:-'The most singular fact in the
statement Of the finances is the magnitude Of
the accrued surpluses." And it argues that
these great surplusss-that is to say, the enor-
nous receipts over expenditures, amounting to
hundred millions 9 year and ppyerds--.
are in some respects not ! proof OF
the strength of American finance, but of the
reverse. 'No doubt, he adds, 'the surpluses
have assisted little in improving American
credit but solid regular surplus of eight or
ten millions (of dollars or less would have
been equally effective, if not more effective,
especially If obtained under wise system of
taxation" This is just what we have been
saying over and over again about the enor-
nous surplus and Improbable fund held all
the. time in the Treasury. It is SO much
capital unnecessarily abstracted from the
people and industrial pursuits and does not
yield even the interest that it might if en-
ployed by the Treasury in the redemption of
the debt. Lying where 1t does it is double
loss-a loss to the industry of the nation in
the first place and loss Of interest on so much
dead capital.
This English financial writer agrees with us
that Mr.. Boutwell's pretended apprehensions
that the revenue will fall short of the require
ment of the government if more taxes be taken
off are groundless, and that the elasticity of
the customs duties and other taxes that might
remain would still afford surplus. He be-
leves the time is near when there will be
successful onslaught on the Treasury policy Of
heavy taxes, and thinks Mr.. Boutwell's and
General Grants attempts to avert this on
slaught will prove feeble. ''Mr. Boutwell,
attempts to look away from it by Disgusting
the fact that there will be large surplus next
year; while General Grant has nothing better
to say than that the internal revenue is raised
from taxes, as if the customs were not raised
from taxes also" The Economist makes
good point when 1t says:-'There is
not Western farmer or Southerner
/ow ho ;orh% hov o1o lab
where) who cannot now be trusted to see that
while he pays one tax to the State in customs
duties he pays another and heavier one to
some New England or other manufacturer,
while the price Of his own produce is not one
whit higher, but depends on competition
with the 'pauper labor of the world" 1t is
evident, then, as we have argued before, that
the policy Of raising an enormous and un-
necessary revenue is a New England policy
and for the benefit of the manufacturers.
Will our legislators at Washington compre-
hend these facts and upset Mr.. Boutwell's
financial vagaries and protectionist schemes?
Will they reduce taxation to the lowest point
possible, and thus give the country the relief
it so much needs and revive its depressed in
dustry? If they should not the people will
surely call for ADLER and better representatives.
THE LEGIsLATURE.-New York city received
its first prominent instalment of legislation
yesterday. Numerous bills were introduced
in both houses relative to Dur city railroads and
our ferries, and to the East River Bridge Com
pany, amending the liquor law and the libel
law, and for various other purposes directly
touching upon the local interests of our city
people. The Senate in executive session con-
firmed the appointments of Louis Lachmann as
Port Warden of the port of New York, Richard
Schell Quarantine Commissioner, to succeed
Wilson G. Hunt; Charles II. Harris and John
0. Fordham, He'll Gate Pilots, and Nelson J.
Waterbury. Commissioner to Revise the