New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-18
RrBBfSH or THE PAST,-TAKES or 7HE
FUTURE

About fifteen months ago Mr.. Boutwell,, at
that time Secretary of the Treasury. was
stumpiug North Carolina for has chief. In
one of his speeches he defined the financial
policy OF President Grants administration TO
be: 81. To secure the faithful collection of
"the public revenues. 3. To reduce the public
expenditures. 3. To rccstablish public credit.
"and consequently to reduce the interest ac-
"count. 4. To reduce taxation. 5. To prepare
"the way for the resumption of specie pay
"ments mt the earliest moment consistent with
"the uninterrupted prosperity of the country
After fifteen months more of President Grants
administration, it must be confessed that the
programme of Mr. Boutwell, looks little
ragged. 1t has not exactly been carried out
to the letter. We propose to devote few
words to each of its five heads.
TO collect the public revenues faithfully is
what the people expect of every administra-
ton. 1t is obviously no part of financial
policy Mr.. Boutwell, mentions it as "A claim
to public confidence merely for the Opportu-
nity it gave him of charging that the rev.
enues were not collected faithfully under the
administration of President Johnson. We
can afford to pass over a claim to merit for
doing what no reputable officer fails at least
to attempt.
The second point is reduction Of public
expenditures On this much could be said
The appropriations, for instance, made by
Congress at its last session do not fall short
one half of one per cent from the stupendous
sum of tuo hundred million dollars. This
immense amount is exclusive of the payments
for principal and interest of the Public Debt,
and is thirty millions more than the total of
appropriations made at the session of 1912.
But already we have from the Treasury prog
nostications of large appropriations for de-
fciencies to be asked for at the coming
session. The Treasury has not the frankness
10 acknowledge that loan of thirty or forty
millions will be necessary to carry us through
the current fiscal year. but mumbles about
the serious duty before the Appropriation Com
mittees of cutting down expenditures, and ex-
presses its apprehension lest Congress should
"authorize expenditures which can only be
met by an increase of taxation" Well, we
must have an increase of taxation at all
events, and the apprehensions of the Secre-
tary are sheer affectation. He must know
that increased revenue is an absolute neces-
sity, and how is he to have increased revenue
without increased taxes He, at least has no
reason to quarrel with increased taxation.
Perhaps Mr.. Richardson thinks the people
look on complacently while he is manufactur-
ing greenbacks at the rate of a million and
half dollars week to supply his necessities.
He thinks, perhaps, that every one has for
gotten that only thirty years ago the General
Government cost less than twenty five mil
lions year. But how shall We reconcile the
setting up again of the paper-money mill at
Washington with Mr.. BoutwelPs fifth point
the impending resumption OF specie payments
How can we eper reach specie payments by
following the course recommended the other
day by President Grant, And how about
1.-THE uninterrupted prosperity of the country"
which the reelection of President Grant was
10 insure!
Mr.. Boutwell's third point recalls the back
door intrigues between persons high in power
at Washington and the Anglo American Syn
dicate. The credit of this Government is