The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-02-08


necessity of the continuance of the
obnoxious income tax. Nor can his argu-
ments be denied il his Treasury policy is TO
be continued under existing laws-his policy
of keeping on hand a surplus of gold of a
hundred millions or more, and paper equivs-
lent to ten, twenty, or thirty additional mil
lions, while reducing the principal of the ma
tional debt six, eight, ten, or twelve millions
q month. But just here comes in the vital
question to General Grant Is this policy to
be continued? ? Mr.. Boutwell, says yes but the
American people say no! It is due to General
Grant to remember, as we do remember, that
the grand leading idea of his inaugural, a
rapid redemption of the national debt, was at
first well received by the people. They we're
so well pleased with his presentation of the
smallness of the debt compared with the
amazing resources and wealth-producing
forces of the country, that they did not care
to look behind this charming exhibit of their
ability to rattle off the debt even at the rate
of two or three hundred millions year with
out feeling it.
The tax gatherer, however-present every
where-and with his severe exactions upon
everything, from the spoon which feeds the
baby, through all the incidents and accidents
of life, to the shovel which fills the grand
fathers grave, has spoiled this beautiful
conceit of paying off our national debt during
the living generation. 1t cannot be done
idea must be abandoned. In all the losses,
crosses, trials, self -denials, sacrifices, and
sufferings of our great war for the Union, and
in the grand and glorious revolution of uni
versal liberty and civil and political equality
established in the Government, we who now
hold the stage of action have done our share
for posterity, even if we do no more. They,
too-the generations next to come-must do
their duty, duty which must be given them,
of meeting their share of this national debt,
as but small price for the precious inherit
ance which will be ours to give and theirs to
enjoy. This is the new idea of the
American people, and almost impercep-
tibly it has spread itself all over the
land. General Grant is beginning SO to un-
derstand it; but his financial secretary has the
film of the old Bourbons over his eyes, and
he forgets nothing and learns nothing. Our
recent State elections and the convulsion
which has shaken and is shaking Europe to
it's foundations have not in the least dis
turbed him in his programme of maintaining
our taxes in order to keep one hundred mill
lions of idle gold in the Treasury, and to
knock off one hundred millions a year from
the principal of our heavy debt.
We have had enough of this folly. To per-
sist in it, with all the lights before him, will
be the ruin of General Grant and his party,
and fruitful, we fear, of heavy disasters to
the country. But what would we have? ANY
one may tear down our existing financial sys-
tenn as false and pernicious, but what would
we build up ia it's place? We would abolish
the notes of the national banks, upon which
we pay interest to the extent of twenty mil
lions or more year, and we would substi-
tute legal-tenders bearing no interest, and thus
save this item of twenty odd millions. We
would issue new description of bonds, bearing
the interest, say of 3'65, or cent a day on
the dollar, and furnish these bonds to the
lkl.- l.,
to be retained, in lieu of the present bonds
and we would make these bonds under cer-
tain restrictions redeemable at every sub
treasury on sight. We would reduce the idle
gold in the Treasury to a reserved fund of
not more than twenty or thirty millions. We
would abolish the income tax absolutely, and
SO far prune and cut away our other taxes of
the internal revenue and tariff schedules as
to reduce the Treasury receipts to margin
not exceeding twenty-five millions beyond
the current expenses and liabilities of the
Government, including the interest on the
| debt.
| Under these changes in our financial sys-
| tenn, with the honesty, economy, care, and
retrenchment so happily introduced by Gene
raj Grant, it would be very easy to satisfy
| the bondholders on a reduced interest, while,
in cutting down our taxation on the plan
proposed to the extent of at least one hun
| dred millions year, all sections and all inte-
rests sharing in the relief would all be thank
| full. But what do we see, even on this pro-
position favored by the President
| for the repeal of the income tax !?
| The miserable trick of a constitutional
bubble between the two houses, which
reminds us of their game of thimble-rig
on the bill to abolish the franking privi-
lege. We learn, too, that member of the
| Ways and Means Committee, interested in
the duty on salt, is threatened with its repeal,
| in the event of his desertion of Boutwell, on
this income abomination. We have, then,
nothing to hope, financially, from the present
Congress- which expires on the 4th of March.
1t has neither the will nor the time even to
attempt the needful measures of relief sug-
gested. But the new Congress, on the 4th Of
March, assemblies close upon the heels of the
exit of this Congress- and here there will be
fine opening for the President.
Let him first get Cabinet that is a unit
with the head of the administration, and that
will have the confidence of the responsible
party in Congress in being mainly the work
of its hands in its appointment Let General
Grant, then, in special message to the new
Congress, define the urgent demands of the
country and the great necessities of the
people for general reduction of our taxes,
internal and external, and the folly of paying
twenty odd millions as subsidies to these
national banks, which it would be we'll to
save, and the folly and injustice of saddling
upon this generation the whole burden of
the national debt, and we have 10 doubt
that he will be backed by both houses,
fresh from the people, in the great
reforms suggested. We desire the success of
General Grants administration, because in
the event of its being condemned as failure