The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-13


the time the Secretary ceased reducing the public
debt up TO that time the increase was some
50, 000o Taxing the aggregate from the LIST OF
July there had been more OF decrease than OF on
increase OF the pubic debit but what the amount
was ne had not now in his mind The whole value
OF his statement depended upon two thiaQs-the
RELIABILITY OF the estimates or receipts for the next
FIVE months and Of the expenditures; and there
fore, he desired to call the attention or the House
to the reliability OF both those statements. The
receipts OF the rst seven months OF the fiscal year
1928 compared with the corresponding months OF
1874 were as iOlOws:-
For 1s72-3-CustOms. Sill 600 900 odd
Internal revenue. 100000 odd
Total. ACKNOWLEDGEMENTS. $17S, S42 1856
lnternal revenue. ............... 670OO' Wv ODD
This showed falling or in the receipts Of the
present year from those OF last year OF $2S 702
Inc comparison OF receipts for the last five
receipts Tor the coming ave months Of tins fiscal
year was as iOlOws-
is72-s Receipts Of last five
estimated receipts ior the 80 ''''''' ''
next next nye months. ll6 ooo, 600 odd
Mr.. GARFIELD asked Mr.. Dawes whether he took
into account the TACT that the reaction IRON the
late panic had shown leaning upward above the
Nj. DAWES replied he had been going to say that
there were doubtless great many Qualifications
qualifications must be taken into account by every
member VINO would sit down and look into the
matter. NOW, 1t was fair and due to the adminis-
tratl0n OF the Treasury Department to inquire
why 1t was that, beginning this year with sixty
odd millions VI casn on hand, 1t was to be
an increase OF the public DEBT while last year forty
odd mihOns OF the public deot had been paid, IN
addition 70 providing TOR the sinking iund. Con.
gress, on the 1st OF May, 1872, mad passed law
and the Treasury by that law had lost
during the eleven months Of the last fiscal year on
total loss on these two articles Of $685. 019 1863 On
the 9TH of June, 1872 Congress had reduced the
duty on various articles and had put various other
articles on the Tree list by which the Treasury mad
lost in the same time 100000 and making to-
Mr.. KELLOGG, (rep.) OF Conn., asked MIR. Dawes
whether 1t was not fact that the Importation OF
goods had been Larger before tue reductlon OF the
1t had been subsequently.
Mr.. DAWES replied that he was unable to answer
the question at thIs moment.
Mr.. KEILOGG-l call attention to the report OF
the secretary OF the Treasury showing that goods
were imported to larger amount when the duties
were ten per cen. higher than they were when the
Mr.. DAwEs-The committee will see for itself
whether this statement which have made Is OF
any value. Nobody, OF course, can, with mathe-
NAUTICAL certainty, iell the House what will De the
receipts for the next five months OF this year.
THE TREASURY LIABLE TO GO TO PROTEST.
Nobody can tell with mathematical certainty
how much OF tins $72, QUO will be drawn out or
the Treasury before tue close OF the year. II there
OF the House moment to this question - Whether
1t be possible for u.s. in the discharge OF our duty,
House agree with me that the treasury is liable at
any moment to go to protest unless 1t
s Ssa h sSsn 8as ss %ee e. Ss s sns
every gentleman Will see that we do not
discharge our duty unless we, as 9 law-making
that margin. OF course there are but three ways
to do that thing. 1t may be done by Increased
taxation, by loan, or by the cutting down Of the
n mann nf hQoa
three measures be resorted to- and resorted to In
earnest, we who have the credit OF the Treasury
the Secretary OF the Treasury and the admlnistra-
ton to faithful discharge OF the laws which We
make, shall have Jailed IN the discharge Of our
duty need not say to the committee that 1t Is
duty to resort to that one OF these three meas
ures which we know Will be most productive Of
and viii reject the greatest credit upon US, Who
have that management committed to our charge.
DIRECT TAXATION.
Shall 1t be by increasing taxation? There never
has been an instance IN the history Of this govern
ment when In time o. peace new taxes have been
emp ssS 0f fne % 70 no On nus
taxation 1t will be the first time In the history OF
the government when we have imposed taxes on
meeting our current expenses. We are emerging
by degrees from system Of taxation i'm
posed under ,S ysrwhssmng
the people bore patiently and manlully
and bravery because Of tine necessities. When the
some on the people, and from time to time we
have met their complaints by relieving them, as
fast "a the necessity OF the government would per-
say, and to take my share Of the respon-
sibility, that in the last Congress we went
the events which have since transpred JUSTIFIED.
1t Is due to the late Secretary OF the Treasury to
say, and cheerlully give him the benefit OF the
ference committee on bill on which there were
four five millions more OF reduction to be made,
he appealed to the committee and urged it to
strike out four or five millions of that reduction,
saying that the contingencies of the future were so
great ana SO uncertain that no man could safely
finances OF the government II we cut down the re-
celpts Of the Treasury TO the extent which We
proposed.
NO NEW BURDENS
Listening to him, In the very last moments OF
signing the report there were struck IRON that
report these very measures which are now pend
ing-the repeal Of the tax on matches and cnecK
stamps; but cannot, for myself make up my mind
shoulders any new burdens. At this time feel
to the whole industrial interests Of the coun-
try as the increase Of the burdens OF
themselves up out Of a Depression UNPARALLELED for
its suddenness and severity I think we must
make up our minds to abandon the idea Of in-
standing I know that when we took or the
$685. 900 OF tax on tea and coffee that act did not
reduce the prlce for the consumers OF either arti.
between the producer at one end and the wholesale
dealer at the otner. But II we put on O tax to-day
1t Is necessarily putting so much on the consumer,
and. therefore, am not in favor OF the imposi-
tlon even OF this tax, although l was opposed to
It's repeal at the time 1t was repealed, unless 1
should md some other way out Of the position in
which the Treasury is at present. Shall we resort
to loan In time OF peace, OF substantial prosper
lty, with no sudden demand on the Treasury
Have We no other way Of meeting our current
expenses but by borrowing money Shall we say
to the nations OF the EARTH which are holding our
securities and are invited BY standing law OF the
land to take our bonds at i've per cent that such Is
the condition OF our Treasury that we can only pay
the interest on these bonds and meet our current
expenses by borrowings can think OF nothing so
fatal to the credit OF the nation, not only abroad
but at home, as the public announcement here
that we have no other way to meet the current
borrowing from day to-day-that is, meeting our
bills By making more.
Mr. MAYNARD (rep.) asked Mr.. Dawes If he did
not recollect that IN Mr.. Buchanan's administra-
ton loan had to be resorted to to meet the cur
rent expenses OF the government.
Mr. DAWES replied that never but once or twice
in the history oil the government had it ever found
In NJ