Wilmington daily gazette., 1872-10-16
} e. NJ. Z. Hunter on the fjnan-
ciaI Policy,

T. NJ. Z. Hunter on the Fjnan-
cial Policy.
reply to letter addressed by the chairman Of
zr National Democratic Committee, A. Schcll, to
IL. NJ T. Hunter. Of Va, asking his opinion
Sno present financial policy of the country, Mr.. :
ater replies at length. We quote the follow
which will no doubt meet the appreciation of
- great mass OF voters throughout the country:
:. .~When tho war closed they had M easy task
- was not to impose new taxes, always a work of
some dithculty. but to reduce the DID, which ought
not 70 have been troublesome when they had a
oPIe' as was their case, not only able but willing
~ Psy Whatever was fairly required by their
Government. Under such cumstances ihe true
pohcy would seem to have been to impose what
ever taxes were necessary to pay the proper ex-
penses OF tho Government, the interest upon the
eetonal debt and little of the principal, SO as to
9ainta'n the public credit firm and unimpaired.
40 nave gone beyond and retain taxes enough to
pay IN addition to all this large an lnts of the
public debt would seem to have been unnecessary.
Sos 70 say cruel. people worried and drained
by the expenses of such a war ought not TO have
osen further exhausted by being required to make
nfge payments, which they could have done SO
mucn Dettcr fifteen or twenty years hence, and
wnich wero neither required nor desired by the
PeDhc creditor. No nation of respectable tinan-
osea authority has ever set such an example, and
no good reason, a. 1t seems to me, can be- alleged
ZOE the course. The very use of public credit il
70 enable nation to raise what une pected emer.
9eacles may require by loan; and, when the sum
s. VOC 'stge 70 be met Dy immediate taxation, to
davide the payment with posterity, who share in
tAe benefits. To impose the whole burden, or any
considerable portion Of the whole burden upon the
resent generation seems never to have been
1ought OF, except by our Radical Legislators. In
Great Britain, whose example in matters OF fnanca
besteemed the highest among nations. ths nr,c.
nc Is, when their system Of revenue produces n
Srpus: instead OF employing that to pay off a
cebt, whose payment is not desired by the credi-
sor, 70 remit some tax which is supposed to be
enonG the most onerous This is under the yery
yeasonable theory that money LETT in the hands Of
Ne people will increase at more than an arith-
1eticai ratio. aud that they will thus become able
% pay the debt sooner. in reality than If they
we're to attempt to pay it in considerable portions
ot once.
Who can doubt the present ability of that king
som to pay on double the amount of national
zeeht a. compared with what it could have done.
3eyen at the death Of George Iv.2 The late Thomas
.wnx.ot Ohio' man OF distinguished ability aud
arge experience, told Eas that when Ohio made its
rst large leap in the internal improvement system
}he hnanciers Of the State became alarmed for the
Ronsequencss. aud consulted him as to what was
est 10 be done. He told them to dismiss their
ears 70 ay taxes enough to pay the necessary ex-
penses Of the Government, the interest Of the nuh
PC DEBT and littleof the principal. This he said,
!ouid preserve their public credit, inspired conf
snoe, ana enable their government to 20 on
Ahooenly until the focOurCes OF their peOple out.
rsw their State debt. This advice, he said, was
ciiowed, aud the people soon developed capacity
pay much more than they owed, without diff
Dulty or suffering.
Our national debt is large. TO be sure, but our
people will soon develop the capacity to paw 1t
without difficulty. il little time be given and the
revenue system shall be modified upon some rea-
onaDle principle Of finance. We are now sup.
posed to be 4OOOOO 900 Of people in thirty or forty
years We shall probably double that number, and
bur resources will doubtless increase in more than
direct ratio to the population. Why, then, should
he people BE- burdened with oppressive taxation
ust nowp Why should they 10 expected to re.
Pieem 5O.O0O.OOO Of the principal of the debt in
dditionA t. the interest and the necessary expen-
pes OF the Government 1t is not required either
Iby the demands Of the public crsditLr or sound
policy. tgratites ridiculous vanity of the Rad
acai party, but suhserves great public interest
thus TO tax and oppress the people. II this large
revenue had been raised upon true financial prin-
cipies' 30 as to burden the people as little as might
De necessary to collect such sum, there might
nave Deem little more for the strange self
sat'sfactlon; but q more bunglng expressing sys-
TEN OF finance has probably never been do vised by
u civilized people. Well might Mr.. Wells say in
ms report OF 1869 "1he maintenance OF an average
*uuty OF ~ per cent. as under the existing tariff
zpon all dutable imp0rts. is excessive and unnec-
3essary, and opposed alike to the highest interests
zM civiaacon aud humanity, well as to the proper
fand healthy growth OF all domestic commerce and
andustry."