Year: 1865




tional Debt?


The N. Y. Times discusses this ques-
ton at length, stating that the war will
leave US national debt OF about three
thousand millions. The point is


"Shall the republic be relieved Of this
great burden BY the people now on the
Stage, or shall tho bulk Of it be devolved
upon succeeding generations ?"


According to dhe Treasury Depart
ment, the maintenance Of the present
taxes and other sources Of revenue
assuming that the advance in population
and wealth from 1860 will be at least the
same average rate as in the decade before
tho rebellion-will discharge tho national
debt, principal and interest, in two de.
cades from this time. 1t is held that
though this view be correct, the end in
view does not justify any such strain
upon this generation. The national
credit, nor a future national prosperity
requires it, while il is held equity forbids
that generation which has already
borne so much in carrying through a
war for the benefit Of all coming genera
tons, should assume every remaining
burden, simply that our successors may
have no incumbrance. The true policy
Of the Nation is held to be the example
following the Revolutionary War and the
War Of 1925, tho debt Of the last
being paid of in 1919, when, as now,
internal and direct taxes are pressed until
1890, amounting. at tho very least, to
two hundred millions annually.


"Such an imposition" it is said, "will,
indeed, extinguish the national debt, but
it will bo as unprecedented as it is extra
ordinary. 1t is true that the amount Of
the dcbt'left by this war amounts to about
fifteen per cent. of the present wealth Of
the loyal States, whilo that left by the last
war with England was only about seven
per cent. OF The estimated property Of all
the people at that time. But this differ.
enco is too small to afford any reason for
such an immense difference in direct tax.
alton. If it was just and wise then TO
rely upon other meaDs almost solely for
the extinguishment Of the debt, which
was effected in twenty years. 1t cannot be
less so now, even if it should require a
much longer period to accomplish the
end.


The present system Of reyonue bears
very hard not only upon the comforts but
upon tho necessaries Of life. A man with
less income than six hundred dollars
NAV, indeed, escape tie income tax, but
there is not man in the country 30 poor
as not to use articles which have to pay
an excise. Nobody can wear shirt, or
a coat, or hat, or pair OF shoes; can
wash himself with soap or shelter himsel
with an umbrella, or sleep on bedstead,
or take medicine whom he is sick; can
burn gas or candle can advertise for a
situation can buy shovel TO dig with,
or mug 10 drink from; can mustard his
meat or sal! his potato can put coal into
his CRATE, or hinge upon his door, or
glass into his window, without having to
pay something in the shape of excise.
The items singly may amount 10 little,
but in the aggregate they trench severely
upon slender means. All the necessaries
OF life should be relieved from such bur-
dens.


We should have no excise lax upon
any article Of manufacture or OF food.
Our revenue from that source should be
derived, rs it almost entirely is in Eng
land, from tobacco and beverages, and
other articles that man may abstain
from If he pleases. This, Of course, will
materially diminish the two hundred
millions now realized from inserna! taxa
lion. Yet enough would bo left to form.
when combined with the receipts from
the tariff and the public lands, a very
considerable sinking fund for the national
debt, after paying the interest and the
current expenses Of the government. II
still larger sinking fund is deemed
desirable, it could be obtained, at foreign
expense, by an export duty upon cotton,
tobacco, and other staples Of the recon.
strucled Union, which Europe must hare,
whether We tax them or hot.