The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-05


now closing, computed in currency, from the official
statements, is more than 81 500, 900 600 The local
taxation assuming the statement for 1870 as an
average, Is more than 49, 900 000 600 The aggregate
taxation exceeds 81, SOC, 200, 600
The want OF disposition and habit TO save. ignorance
and ncompeency in dealing with our burdens OF taxa
ton, and unsklul modes OF taxation the waste
Of sum In eleven years large as our national debt
IL cannot DO doubed that the systematic and extreme
misgovernment imposed on the States Of the South
has greatly deracted from our national prosperity In
those impoverished communities 1t has not stopped
with the ordinary effects OF ignorant and dishonest ad
minstration. II has inflicted upon them enormous
issues Of fraudulent bonds the scanty avas Of which
we're wasted or stolen and the existence OF which is
public dscredit tending 10 bankruptcy reputation
Its taxes generally oppressive. in some instances have
connscated the entire income OF property and totally
destroyed Its marketable value.
In region Ave times large as the British Isles
and three times as large as France, Astounding in all
the elements OF natural wealth. II has destroyed conf
dence and credit In all transactions difused uncer-
tainty and dsirust everywhere, and consumed existing
capital while rotardng production and paralyzng the
enterprise by which such waste might be repaired and
future growth assured.
This system aher It's character became known TO Us
well 10 those directly affected abhorrod by all the
intellect and virtue Of the communities in which ex-
lists, and by their public opinion has been maintained
through long years BY the favor and patronage OF tho
federal governmen-hy the moral coercion OF its pres
tgeoy the standing menace and occasional exercise
n1uRr 70 ouR owx PROPERTY
1t Is impossible that such wrongs should not react
upon an The immediate sufferers by 10 the pro-
ducers OF four-tenths OF the exported commoditieS
excluding specie, Of our whole 40 600 900 Of people
and Of the most Important materials OF our own
domestic manufactures. They agricultural COM
munttieA which, more than any others sell what they
produce and buy what they consume They are our
most valuable customers for the products OF our own
industries and for our merchandise, and they make us
factors in all their transactions Tho State Of New
York, which contains the commercial metropolis, re-
ceves the largest injury, but its consequences extend
throughout the whole country.
other influences have been at work 70 deteriorate
the financial condition Of our people The period has
been full OF tendencies 10 unsoundness IN the manage
OF private business and In the habits Of families
and individuals
Of speculative excitements has melted to en-
terprises which have turned out - be unremuneratve
aud TO investments which fail 70 yield revenue and
have lost their saabe value. The capital embarked IN
such undertakings Is destroyed. Large classes ind
their incomes diminished and their convertible prop
orty reduced.
ACTION oF FEbKRAL GOVERNMENT THE ULTIMATE CAUSE.
Tha fedarai soverument mas the dHec aud exclusive