Middletown transcript., 1871-01-28
ran roCxzrs or THE People.

1HG FOCkEJU OF THB PEOPLE.
The Public Record, from its first issue.
has pcrsistently insisted that the only ef-
fectual and certain remedy for tho iinanci-
al aud industrial evils under which the
country il labcring was return to specie
payments within reasonable and fixed
time. and. MS preliminary to that funda-
mental reform, an Immediate reduction Of
the taxes which are hardening and rc,ard-
ing our prosperity.
It has also pointed out tho inipolcy aud
almost certain bankruptcy that will inev-
itsbly follow from continuance oG the
gold-sclling, bonl-Snying policy of Mr..
Boutwell,. which is so de,usi.c and injuri-
Gus TO the permanent public credit and
contrary TO sound principles of finance.
Time has demonstrated the s,undncss Of
those views, and we now find the public
press, with unexamplcd nnanimity. sus-
tanning them, We now sec journals which
formerly were captiva;ed with thu monthly
reduction Of the public debt, and which
dcpouncci us hcrcsy, If no, treason. any
opposition to Mr. rou,wels notions of
political economy. adopting tho prime, pies
of the Public Record. and supporting them
with an earncstncss and ability tha. can
not be too highly commended.
This extension Of sound financial opu-
ions which have always received support
from strictly financial and business inter-
es,s is one Of the mos. hopeful features Of
the times. |, has alpeady created pub
lie feeling tha, will stimulate and strength
en- the efforts Of the revenue rcformcrs in
the new Congress which meets on the
4th Of March next. 1t is to be hoped
that this body will ba equal TO the exigen-
ges Of the times. the needs Of the country,
and the duties imposed on it, without ref
erencc to party divisions or associations.
1t is known that the new Congress has a
much stronger infusion Of liberal clements
than the expiring ono. The revcnue re-
formers, and those in favor Of sound
civil service reform, i, is said, command Il
clear majority in the House We trust
they will deal promptly with the financial
question. and also with the tax x.extortion
question, which is necessity TO sustain
the goll-sclliug, bond-paying policJ OF
the treasury department.
The expenses Of the government should
be at once reduced; every supcrtluous
Office should be abolished, and all wild
schemes Of doubifal territorial aggrandizc.
men, should be checked, whore they in
volye the possibility Of large eSpandi-
ture Of money.
There is room for large. very large
reduction Of expenses. Let the country
: first recover from the was,agc and dcs.
truc,ion Of the war: le, our commerce b,
restored and our manufacturing and agri.
cultural interests become remuncra,ive be-
fore We lanach out into purchases Of landl
and harbors that may not prove eventually
valuable and before we grant subsidies Il
speculative steam lines TO the amount o
hundreds Of millions
, The taxes can also be reduced 10 the n
, noun, of seventy-ivc or a hundred NIL
hons (,aking care that those taxes whicl
most Cypress and burden industry shall b
, remoyed). aud we should then hav
= enough far the payment of tie interest oi
the public debt, a proper sinking fund
/ and to ray MI the expenses oi the govern
5 meut economically administered.
We must come down to oll-fshione,
! times, and To nld-ime expenses. I'll
5 people have leen compelled to rctrcne
! aud enrtai. and even thus ean harfl
: mike both ends mept. The royornmru
!. should do likewise II should be rcmem
bered TINT every dollar collected from til
taxes, whether internal or external, in
i i creases the cost of production aud of CON
modites, and this is the reason why v
+ are destroying our industry. The reseu
a ne pail int the ireaenry largo a% il is,
). small in comparison with the sum es
e tracted by inaireciion from consumers nj.
: taxpayers For il is n settled principle I
'e political economy that it is the ccn.ga
ers, aud M, the producers. that pay ii
rs taxes and support the burdens of the III
y y ton.