New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-21
THE NATIONAL FINANCES.

The first duty which Congress will be called
upon to perform, when it comes together week
after next, is to make the Governments rev.
enue equal to its expenditure, which can only
be done by an increase of taxation. We re-
gard an increase of taxation, under OK
listing circumstances, as the only plan by which
our currency can be saved from further de-
probation and the country protected from a
repetition of the ruinOus speculation and de
moralizatiOn which followed the war. Al
ready, as the result of the panic, lower prices
have been established in most articles. The
volume Of business transactions has been
greatly contracted The unhealthy growth Of
our railroad system and the great stock specu-
lations in Wall Street have been stopped.
Money is steadily and even rapidly accumu-
lating at the financial centers. Confidence Is
slowly recovering, and will continue TO in
crease, unless it should be Frustrated by fresh
catastrOphes. But it is contrary to the genius
of the American people to keep their money
idle. The records of past experience teach us
that before many months money will be OBJ
tainable at very low rates Of interest by those
who can give good security.
The facts, then, are these reduced prices;
diminished trade, manufactures and wages;
and an increased quantity of money. 1t is the
last consideration TO which we attach the
greatest importance. Here we have Secre-
tary of the Treasury, without warrant of law
and without shadow of excuse, except the
necessities of the Government, manufacturing
money at the rate of one or two millions
week. The inevitable result of this combina-
ton of circumstances will be another period of
blind speculation with its accompaniment Of
defalcations and swindling, with another and
worse collapse of credit as the certain tcrmi-
nation. The only escape from these calami-
ties of the future is the immediate stoppage
of the paper money mill at Washington, and
the Withdrawal of the illegal issue Of green
backs already made. But to effect this Con-
gress must cut down appropriations and re-
store some of the imposts which it has re-
moved.
In reply TO an objection which is sure to be
urged by the demagogues, that the people are
already "grOund into the earth' by taxation,
we have only to say that it was not taxation
which caused the panic, and that the raising of
forty or fifty million dollars more year from
a nation of rs many souls will not be an I'M
endurable hardship. If the contrary is main
tained we trust that tho extrayagaDt appro-
priations of the late Congress will DO viewed
in the light of that opinion. We trust that
the cost of the war with Spain which is now
so vehemently clamored for will DO counted.
But still we should prefer somewhat oppres-
sive taxation to the alternative of swim
ding the creditor classes by "a further imitation
of the currency. To ruin the thrifty for
the benefit of the unthrifty is sure in the end
to destroy the prosperity of "a country, no mat
ter what its natural advantages may be. We
arc opposed to raising money by the sale OF
bonds TO meet deficiencies in current revenue.
We think the people should be made to feel
the consequences of the reckless improvidence