, 1873-09-27

hhVo peon called IN, anu which may DO presented
at any momont for payment, and other
1arge expenditures In gold; those may
amount to M much rs e20000,oo0 or
S25, 100000. At ait oyonts, tho Secretary
must depend upon tho receipts from customs
to onablo him to DO ab1o tn pay tho November
and January intorost on tho dobt, md the out-
standing mud overdue gold obligations. If ho
issuos groonbaclH ho only postponos for llttlo
tho inevitable t1oficit.
Tue preaont dorangomont Of tho finances, aB
one Of its first Consequences, will reduce the
consumption Of nil imported articles. It will
necessitato resronohmont and economy III every
limo Of expenditure. Tho winter is noarly Upon
ug, and honceforward disbursements will bo con-
contrated largely upon tho necessities OF life,
mainly to food, fuel, aud Indispensable clothing.
Tho groat bulk of sholdy woalth has boon
awept out Of oxiatonco. Dctweon this tlmo
and the 1st of January, there arc thirteen
in that time, had thoro boon no panic, would
have boon two millions week, and oven this
sum would hardly carry the Treasury ovor the
crisis. But tic rocoipta will not bo anything
ltke that sum. Until this panic ia ovor, thoro
will DO no importationB, nor Withdrawals from
bonded warehouse Of dutiablo articles. Tho
Mart Lane Express, tho organ Of tho grain mar-
kot, estimates TINT 10000, 900 bushels Of wheat
must DO imported to supply the deficiency Of tho
grain and potato crops. Franco has dodoienoy
equal to 49, oo0 900 bushels. This largo deficiency
must be supplied in part from this country, and
to purchaao it gold must DO sent hithcr. Al
trausaottons botweon tho United States and
foreign countries must for a timo be In gold, aud
aH We havo tho whiphand just now, 1t must como
hither, Imported gold pays nc duty, and it it
should como in Bhip-loads tho Government would
got mono Of 1t. The flow Of gold htthor to prr-
chase food must complicato matters in England
and bank Suspensions there will havo tho effect
OF still further contracting tho importattona Of
dutiablo goods. Without at least s25, 900, 900 OF
rovonuo IN gold from customs during tho noxt
ninety doys. tho Treasury must eithor full to pay
tho Interest in January or to meet its current
gold liabilities In the meantime.
Thore is, therefore, On in,mediato necessity
for legislation to provide this royonuo. The
thrill must bo ut onco adjusted for revenue. Tho
duties which arc now prohibitory or protective
must bo repealed. Duties muat bo reduced to
such rate US to invite importation, and produce
a rovonue to tho Treasury. The duty on cortain
c'assos OF woolen goods. such as blankets aud
carpets, must be 30 reduced as to produce revo.
nuo to tho Government and not meroly to fa-
vorod individuals. So with cotton fabrics,
salt, iron, etc.; the duty must bo reduced to tho
point which will produce tho largest amount of
rovonuo with tho least possible burden.
Having abolished these enormous bountios
now paid to privileged classos, ,-having doubled
or troblod the revenue from each of these eourc.
es and at tho same timo rolioved tho consumers
Of porhaps 800, 100000 taxos they now pay to
private corporations, Congross must restore tho
purely revenue duties On tea and cofroo which
ought mover to havo boon repealed, aud which
repeal Tas cheat and q fraud upon both tho
pooplo and the Treasury. The tariH Gnu bo re-
ducod to an average rate Of q por cont, includ-
Ing tho tax on tea and coffoo, aud produce
more royonuo thau Is now obtained with an Nv
orage rato Of 40 por cont. The saving to tho
country is not to be measured by the moro differ
ence of 25 per cent on tho things actually in,-
ported, but by nearly that percentage upon al
tho wares and merchandise except food, con-
Bu1ned In the country.
Protection has ut last brought tho National
Treasury to a condition where it can only escape
suspension by prompt abandonment Of tho
whole dolusivo and nefarious syatem. Tho
Secretary of tho Treasury may issue his
groeubacks, but that will not put gold into tho
Treasury and 1ore ho III, belpless, with his
main sourco Of revenue cut Oft By stooplo-high
tariff, and bis only moaus Of dolveranco is to
lower it to q revenue standard without delay,