The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-09-06

by any sort OF legal legerdemain, there
taken from him part of the value of til
cotton, whether it be in the money actual
received for it, or in the goods for whic
the money has been exchanged, the owne
of the bale is equally injured. In thi
, way those who export commodities of an,
} kind are made to pay for the duties impose,
| on the goods received in return for it, sine
owing to the duty, less of the foreign good
could be imported than would be if ther
were no duty. 1t is true that the exporte
thus in way becoming also an importe
does not bear the whole burden of the loss
For he is left the opportunity, 80 far as il
may exist, to make up the loss of the duty
by charging higher for the goods imported
than would otherwise be their value. But
this is never full compensation since by
the enhancement of the price there is al.
ways dull market consequent on the ina
bility of the public to pay the increased
price. The consumer is injured by the in
creased price, and the importer injured by
the stagnation and dullness of trade, caused
by this enhancement Of the price. A pro>
tectivs tariff, therefore, Injuries everybody
except alone the fortunate interest, which
is thus, at the expense of the people at
large, made the favorite of the government.
That free trade is according to the law
of nature is manifest truth, as shown by
| various products of the earth in its vari-
GUS climes, and its means of inter-commu-
nication and easy exchange for these pro-
ducts furnished by nature in her navigable
oceans, seas, CULTS, and rivers, and the
modes which prevail as a means of propell-
ing vessels.
If it had been designed by Providence
that each country should raise all that it
needs, either all countries would have been
created with a soil and climate suitable for
such productions, or else the inhabitants of
each country would have been so constitut-
ed as not to want or need the products of
other countries. Oranges and other tropi-
cal fruits would have grown in Greenland,
and seals and sperm whales would have had
their habitat also in the equatorial seas.
1t is a matter of wonder that with
Democratic majority in two Congresses
there should have been no serious effort
to reduce our tariff legislation more nearly
to the standard OF free trade Congress
may do much in restoring our prosperity
by action of that character.
Another cause of the present distress is
our enormous national debt. The pecuni
ary burden, grievous as it is, is but small
part of the injury arising from this debt.
The extravaganza in public and private
life created by the war, and the inflated and
deprecated currency which followed it,
caused reckless expenditure of public
money, and as a necessary result large in
crease in the rate of taxation everywhere.
The Federal Government, to increase the
credit of its bonds, has exempted them |
from taxation. To escape, therefore, the
taxation nearly everywhere
prevailing, capital, having secured recog-
nition OF the public debt by an amendment
10 the Constitution, and associating its |
creation with the glories of the cival war for
the conquest of the South, was able to
bring about this exemption. Hence, we
,ee all capital seeking an investment in
,hese bonds. Whoever owns one of these
has succeeded in oonquering one of the two
greatest enemies of mankind usually asso-
,iated in the proverb, that, "Death and
Taxation are unavoidable and as taxation
low prevails, this conquest is of the highest
dvantage. Those bonds, thus exempted,
low exceed the total value of the real and
,ersonal estate of all the Southern States
ombined, excluding Kentucky and Mis-
ouri. Their non-taxation has, therefore, ,
he effect of throwing the whole burden of {
n extravagant support of government on I
hose not holding the bonds. The result :
similar to what it would be if in tax '
ng the United States all the Southern '
tates above mentioned were exempted {
rom contributing to the common burden. f
If these bonds by the terms of the con- s
ract are now beyond the reach of taxation, a
part at least, of the public burden can be /
1rown on the holders who reside within S
ne Union, by imposing moderate pro a
TtG income tax, and in this way the de- r
rability of such investments would be 30 L
luch diminished as to cause an unlocking
some extent of the capital put in them, :.
nd IFS investment in the business of the
1untry. y
The Federal Government, far more than Il
le States, have increased the public bur- L
en- by the ektravagant prices paid for all
irvices performed for the nation. These n
-ices or salaries were fixed in the days of Il
fiation and the excuse for them was the g
,preciated currency in which they were j,
lid. But we hear of little or no reduction o
hen the currency has become equal to Il
I'D. It is safe to say that the salaries of b
sderal officers are from 75 to 100 per cent.
CHER than before the war. The salary of
g President has been doubled, and this is v
ne also of the members of both branches d
Congress. The prices paid for services o
the Federal Government are so exces-
Fe, 30 much beyond the gains Of the men Il