The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1881-12-10
Questions Of the Future.

The questions, what will become OF
the present tariff policy and the Ma
tional Bank system when the public
debt is paid of are causing considerable
solicitude to those who forecast the fu-
ture At the rate at which the National
debt is being paid of it will not take
more than fifteen years until it is ex-
tinguished. The debt has been re-
duced from 80. 756, 43l, ST. in Septem-
Der 1865 to 1898. 885, 82l in October
/, 1881, and the interest account in the
same time has been reduced from $780,
977, 697 to SOL. 475, 842. When the time
for final liquidation comes the green
back debt will be cancelled with the
rest, if not long before, since the Gov
eminent will not leave this form OF OBJ
legation unpaid merely to provide q
currency. With no bonds for basis
the National Bank system must also
fall. But there are @548, 600, 600 four
per cents. that are not due until 1907.
and until that time at least the National
Bank system will have basis in the
public debt, if not sooner disturbed.
The serious question of the near fu-
ture is what will become of the protec-
tive tariff policy when there is no long
or necessity to gather enormous rev.
enues from the people to provide for
the payment of the National debt I'm
der tariff "for revenue only" there
would of course not be any difficulty.
The burdens of the people would be
diminished with the decreasing needs
of the Government But under the
existing tariff policy duties are not
levied for revenue merely, but tax inn
portations in such way as to maintain
prices against consumers for the benefit
| of the home producers. While an
! enormous revenue is poured into the
| Treasury still greater amount is d.
verted from the pockets OF the con-
sumers to those of the manufacturers
by this system. As population increas-
| es the surplus in the Treasury will in
| crease until it becomes q source of
| financial embarrassment unless means
are provided for expenditure. With
| the debt cancelled the surplus could
| not be poured out at the rate of two or
three millions week for the redemp-
l ton of bonds, and serious financial dis
turbances would arise from plethoric
Treasury that could not redistribute
among the people the revenues gath
cred from them in taxes upon imports.
In considering the embarrasments
that must arise under the present
system if nothing is done to modify It,
the Philadelphia Press comments with
approval upon an article of the AnsericGn
suggesting what may be done with the
surplus revenue when the debt Is paid.
Neither the Press nor the american
thinks for one moment of relaxing the
protective policy. Far from it The
/ days of the dependent childhood Of
American industry are to be extended
! indefinitely. When the necessity foI
draining an enormous revenue from the
people ceases, the heavy taxes are to be
maintained solely for the sake of pro
lection. This brings the question 81
protection per Sc anda tariff for rev
enue only" to q direct issue. In order
to dispose of the vast revenues thai
must accumulate in the Treasury, the
American and the Press advocate the
policy Of distributing the surplus among
the several States as was done once IL
q former generation. As fast assith<
surplus accumulates IL Is to be giver
to the States to pay of their debts, and
this is not to be AN exceptional pro