New-York tribune., 1872-10-12
OUR FINANCIAL INTERESTS.

Eclb luhoO0dOUT THE
EEw-YoRK, Sept Il 1871.
Hon. r. NJ. T. HUNrER-Ay Dear Sir: An art
fu appeal has been made to the business men OF the
country to retain present Administration In power
the ground Of its acceptabiity to the nnancai IN
terests Knowing your profound acquain1ance
with the whole business OF the currency IN conec
ton with commerce. and remembering in other Gays OF
the republic that for many years. Chairman Oh Ine
Finance Committee Of the Senate, you we're charged
with the responsibility mainly OF conducting tne nSeA
operations of the Government il has occurred 70 me 70
call upon you for letter that viii clear the doubt
and dstrust which studied misrepresentation has sryen
TO excite against change in the Federal Adminstraon
II to that Of all the classes Of persona IN 'hS
country, the taxpayers capitalists, and business me
deeply interested the defeat of Gen. Grant,
and restoration of honest and frugal government
than any other Lsss. Very respectfully,
AUGUSTUS scHErI-
Chairman National Democratic Committee
MR.. HUNTERS REPLY.
LLoYDs, Essex County, Va, Oct s, ls72-
Ny DEAR STR; Igeeeiyed your kind letter and would
have answered it before prevented by sickness
until very lately. And now fear that can hardly
make satisfactory response your suggestions SO long
have out OF the habit Of financial inquiry. But
my views such they give yen With great pleas
for whatever they are worth You say that thls
Radical party have produce the impress
that II De pruucnL Po"SA A"A
financial That they should have endeavored to
persuade the moneyed that such is the case does not
surprise -a, and srra~sa 60
me II these persons should have been al al lnl-
pressed by this unfOunded clam to merit IN
this respect. When the closed they had an
easy task II was not 70 impose new taxes, always
work OF some difficulty, but to reduce the DID,
which ought not to been troublesome when they
had people, their not only able but wHng
to pay whatever was fairly required by their Govern
ment. Under such circumstances, the true pohcy
would seem to have been TO impose whatever taxes
we're necessary pay the proper expenses OF the Gov
ernmen the interest upon the national debt and little
Of the principal maintain the public credit urn
and unmpared. To have gone beyond and retain taxes
enough to pay addition to all this, large amounts Of
the public debt, would 10 have been unnecessary
not to say cruel people worried and drained py the
expenses of such war; ought not TO have been iurthe
exhausted by being required TO make large payments
which they could have done much better 10 OF 20 years
hence and which desired by the
public creditor nation OF respectable financial Guthor
ty has ever set example and good reason as
it seems to me, can be alleged for the course.
THE EXAMPLE GREAT BRITAIN.
The very or public credit Is to enable nation 70
raise what emergencies may require by loan
and when the large to be met by immediate tax
alton 10 divide the yment with postety VINO sharelh
the benefits. To impose the whole BURDEN or any con-
PiNoNHN
generation seems never have been thought OF, ex-
cent by our radical legislators Great Britain whose
example In matters OF finance is esteemed the highest
among nations, the practice is, when their system Oh
revenue produces surplus instead OF employing mat
10 pay of debt whose payment is not desired Dy te
creditor, 70 remit some tax which Is supposed 10 De
among the This under the very reason
able theory that money left in the hands OF the people
will increase at more than arithmeueA ratio,
.Uiu heroine able 10 pay
the debt sooner in reality, than II they we're
TO attempt pay in considerable portions at once
Who can doubt the present ability of that kingdom to
nav of double the amount OF national debt as compared
with what it could have DONE at the death OF George
~ The late Hon. Thomas Ewing Of Ohio. man OF dis
tng1ished ability and large experience told me that
wnen made nrst large leap In the INTERNAL I'M
proyement system, the nanciers OF the state became
alarmed for the consequences, and consulted HIM as TO
what was best 10 be done he told them to dismiss their
fears to lay enough TO the necessary expenses
of the Government the interest OF the public debt and
a little Of the principal This, he said, would preserve
their public credit inspire confidence, and enable their
government TO 70 on smoothly until the resources Of
their peope outgrew their State debt This advice he
said was followed, and the people soon developed a
cauactv 70 nay much than they owed without dI-
hculty suffering.
ABUSGLrSG oPPREssrvE SYSTEM
Our national DEBT Is large. TO be sure but our people
will develop tnc cdltCltg ~ b"y ~ "Ae'"NN NA'
entity II little time be given and the revenue system
shan be modified upon some reasonable principle Of
finance We are now supposed 10 be 40O0OO0 Of people
in 80 or 40 years shall probably double that NUMBER
and our resources will doubtless increase IN more Aan
direct ratio TO the population. WhY then, should tnc
people be burdeued with oppressive taxation just now
why should ney expected 70 redeem 50OOoOO OF the
r1ncpa OF the debt addition to the interest and the
necessary expenses of the Government 1t s not re-
onired either by the demands OF the public creditor or
sonnd poicy IL gratides a ridiculous vanity OF the
Radical party but subserves great public interest
thus 10 tax and Cypress the people. IL this large
revenue had been raised upon true financial prin-
eipes. 80 To burden the people as htt!e "a
might be necessary 70 collect such sum, tnere might
have been little reason for this strange sesas
faction. but a more bunglng. oppressive system OF
enance has probably never been devised by a CIVILIZED
neople Well might Mr. Wells say in his report OF ls6e
The maintenance OF average duty Of At per cent ~
under The existing tariff upon I'll dutble imports "a ex
eessive and unnecessary and opposed alike TO the high
est interests OF civilization and humanity as wei as TO
the rroper and healthy growth " all domestic commerce
and industry" Not contented with this exoroltant
taxes have been laid upon articles Of great domestic
production such whisky and tobacco contrary 10 al
the admitted sound principles OF taxation. IL is true
that peope will pay higher tax upon narcotics tban
apy other article and In time OF governments very
Justly avail themselves Of this taste. IN order %
raise money. But in peace they are entitled
TO all the consideration due to other species
OF industry indeed they decided to be immoral
and worthy suppression, as certainly Is not the case
with these productions in this country as yet
THE pIsAPPEARANcE OF AMERICAN sHuPEG.
Tnder this tariff our share OF the shipping en-
Moved in foreign commerce is fast dppearlng Under
the duties imposed upon the material OF ships it impo
Sble for US with all national advantages TO compete
with Great Britain the Provinccsin in shpbudineand
under the tariff as described by MI Wells. II we had
built the ships. could not employ Item proniab'J
abroad without the ability to bring back return clrg
II Ia true that the disappearance OF American shipping.