Year: 1869

And heaven Is overhead


Encourage not repining,


But look for JOY instead.


The National Debt and Taxation.


The Treasury Department and its
agents and organs are making great
flourish over the reduction of the Ma
tional debt OF six millions the last
month, and the friends of Mr.. Bout
well are making the most Of the fact
in his favor. Doubtless this is graf
flying exhibit to the country, as far as
il goes, and particularly when we look
at the past extravaganza and increas-
ing Indebtedness of the government.
We only hope that the next month
and the month after, and all along in
the future, we may have similar fat.
tering statements. But let us not
deceive ourselves. Let us look square
ly at .our financial situation and see
what prospect there is before us. One
months statement will not give relia-
BILE data as to the condition of the
finances, because the revenue income
or expenditures may, from special
causes, be extraordinary or unusually
small for that short period. We must
take longer period--the average Of
several months or a year-to ascertain
whether the debt is diminishing or
increasing. Nor has Mr. Boutwell,
been in the Treasury Department long
enough to produce any perceptible
effect upon the debt Whatever result
has been produced the last month
must be attributed to causes over
which he had littlo or no control.
The country has yet to learn if he has
the ability TO reduce the debt by a
skilful management Of the finances
independent Of the legislation of Con-
gress and through his own official acts.
1t has yet TO learn il he has the states
manship to devise and lay before Con-
gress such a system of finance as we
need.


But, to 90 back to the debt state
ment, we find that the national indebt-
edness has been increased during the
last year-that is, from May |, 1868,
to May l, lS69-nearly twcnty-nine
millions of dollars, and during the last
two years over eight millions. TO get
an idea Of the reckless extravaganza
and miserable financial management
of the government it must be under
stood that the debt has been thus aug.
mented long after the war closed and
war expenses ceased, and ut a time
when the revenues brought in four to
five hundred millions a year at
time, in fact, when the people have
been taxed enormously and TO the
utmost limit of forbcarance. If the
debt has increased so with such stu
pendous income, what are we TO ex-
pect, unless there be radical change
in the management Of the Treasury,
when the income is much less But
the actual weight or burden of the
debt has been augmented much more
than tho figures represent, through
the transformation of that portion of
the debt which bore no interest and
that bearing currency interest into the
debt bearing gold interest. Through
Mr.. McCuloch's mismanagement and
wretched financial policy the annual
burden has been increased probably
not less than twenty millions--that is,
the people have to pay twenty millions
year more taxes than they need have
paid had there been a capable Secre-
iary of the Treasury. The Secretary
arranges the figures so as to make it
appear that the fifty.six millions of
bonds issued to the Pacific Railroad
are separate from the debt; but that
is not so. These form a part of the
debt as much as the fivc.twonties, and,
no doubt, if ever paid will have to be
paid by the government.


Nor do the enormous revenues of
the government show by long way
theamount of taxation; ior the Treas.
ury has been detraudcd through the
wrisky ring aud other rings aud dis
honest officials q hundred millions n
year. OF course the amount of these
frauds come out of the honest taxpay-
ers. The government must supply
the vast sum thus stolen, and the peo-
pie have to make it good. Then our
expensive, cumbrous and complicated
revenue system requires an army Of
Office holders TO carry il on. They eat
up a largo amount of what is collected
Now everything is taxed-everything
we eat, drink, wear, use or look upon.
We are the worst taxed people in the
world, and with less results TO show
for It In England q large revenue is
raised, but il is not as burdensome as
ours, nor by any means as costly 70
collect. The revenue should be raised
chiefly from few articles of luxury
in general use. As much could be
obtained in this way as by our present
abominable system of taxing every.
thing. The cost Of collection to the
government would be far less, three
fourths at least Of the present army of
ofiicc-holders could be dispensed with,
there would be little temptation, com.
parntivoly, to corruption, and the
whole revenue machinery would be
much easier watched and controlled
by the Treasury Department Can
Mr.. Boutwell, comprehend these much
needed reforms Can he devise a
system Of revenue more simple and
effective, by which the people will be
relieved of thcir numerous and burden.
some taxes, aud by which, at the same
time, the debt would be steadily dimin-
ishod If he onn be is just the man
for Secretary of the Treasury; ifnot
tho President should search the coun-
try through till he finds such a one.
The subject of our national finances is