The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-14
RETR ENJOYMENT AND ECONOMY FOR
THE PEOPLE AND GOVERNMENT.

port of the Secretary of the Treasury seen
to be good advice. 1t emanates from an a.
: pointee of Grant and Kentucky Republ
can, but still the advice appears to be Who'll
Z some. Mr.. Bristow has shown so muc
earnestness in exposing and Furnishing franc
on the revenue that we can not withhold froi
him the appreciation due to an honest an
: honorable public servant While he lives n
one can tell what he may do, but the whisk
thieves do not like him, and as long as b
d incurs their hatred he will have the prais
and confidence of the honest majority OF a.
parties. He says in his report:
Trugality in administration is among tn
foremost and most important points OF
sound financial policy. Faithful collection
OF the revenue and reduction Of expendi
lures 10 the lowest point demanded by thu
necessities of government constitute thu
first duty of those intrusted with making ant
administering the law. The obligation tt
adhere strictly to this duty has peculiar
force while the public Indebtedness Is large
and the industries of the country are suffering
from fnan cial depression. Rigid economy al
such time must lead to two important re.
suits First, advancement of the credit OF the
Government throughout the financial world,
and hence ability to refund the
debt at lower rate OF interest
second, and By no means least in importance.
greater willingness on the part Of the people
to bear the burden Of taxation, when they see
that their government, like themselves, is re-
| ducing expenditures to the lowest practicable
point, and applying the revenue received
! from them to lis necessary and legitimate
purposes. The general depression Of bust
ness which followed the era of inf alton and
extravaganza, through which we have just
passed. has made it necessary Observation-Disclosures,
associations and corporations should reduce
| their expenditures to the minimum and
having done so. the taxpayers have right
to demand that the government shall do
likewise. While the interest on the public
debt, and all other national obligations.
must be promptly met, there are many points
At which it is believed that considerable re-
duction of appropriations can properly be
made; and the Secretary invites critical ex
animation Of all the estimates submitted to
Congress. Increase of public expenditures
in time OF great prosperity and extravagance
is complished by an easy process; but cor
responding reduction when the reverse comes
can be brought about only by the closest vig-
lance and most determined resistance to every
appeal for appropriations not required by the
existing necessities of government.
No appropriation of money should be made
without reference to the probable amount OF
revenue to accrue within the year in excess of
existing obligations and liabilities.
1t is unquestionabIy true that the people
can bear heavy tax great deal better when
they know that its proceeds are going to be
economically and honestly used. Whether
men make gifts of affection, or pay assessed
dues to charity, or contribute to the relief Of
the wants of the necessitous they will still
have respect to the manner in which their do
nations, rates and contributions are to be en-
ployed by the recipient. Give us tho economy
and retrenchment proposed by Mr. Bristow,
and the people will cheerfully ante up their
duties, their revenue stamps and their taxes.
We entirely agree with the Kentucky
financier on the necessity of other economy
besides that of government, but from an ex-
perence extending over goodly number OF
years of war and peace, we venture to say
that economy and frugality flourish most
where circumstances make them strictly obi
satory. 1t is one of the inherent virtues Of
the American people that they suffer the want
of money to check their extravaganza; but,
when we come to review our average coun-
tryman with an impartial eye, candor
compels US to the reluctant confession that
he halls the earliest dawn of returning pros
perity as an invitation to liberal dis.ribu-
ton of his resources and liberal draft upon
hi, credit. There have been hard times in
this country before the grinding and univer-
sal pressure of 1874 and IS; but those who |
are familiar with the affairs OF the past forty |
years can testify that as soon as the monetary |
storm iulled and the clouds sailed away the |
people, by degrees, began to fall into their
old habits.
So, We apprehend, will it be after the ex-
sting pressure. In 1876 we shall experience
he last cruel turn Of the vice Of financial
.tringency. During 1877 bankers and mer.
,hsnts, mill owners and large stock operators
will move very cautiously, and there will be
IN excess neither of credit nor production.
The people at large will be circumspect about
into debt, and everybody will con-
inue to economic from habit. But in a year
onger the spirit OF speculation will arouse
rom its long sleep, warmed by the sun Of re-
lewed prosperity. New chances for gains and
profits will again provoke the old disposition
o expand trade through the machinery of
redis. The people in mass will become tired
II the humdrum and monotone of frugality,
md they will again begin to buy what they
vant for cash or credit, caring bat little which.
We hope that members of Congress will
lot SO construe the Hon. Secretary's advice
bout appropriations as to exclude what may
70 needed to inaugurate levee system for
he shores of the great Finland sea" of the
iouth and West, nor SO as to deprive the
southern States of the help to which the
outhern trans continental railway is fully en-
tiled on the score Of nationality, justice,
and equity.
CITY FINANCES.