Year: 1867

Jntll reCently eNeTyoouy Woo VI s"O
opinion that there would be no session OF
Congress till December; but within few
days We hear It suggested that strong
effort will be made to compel the atten-
dance of sufficient number Of members
in July to constitute quorum; and that
important business will demand the imme-
diatc attention Of the national Legislature.
We know not how this may be, though in
conversation with several members re-
Gently, we have been given TO understand
that the 5th Of July will be sure to bring
sufficient number Of members TO transact
business, and that there may be q session
of several weeks.


This demand for meeting Of Congress
does not grow out Of any supposition that
the impeachment question is likely to be
considered. There is no probability that
anything of that sort will be attempted.
The question that will assemble Congress
in July, if it assemble at all at that time,
is the financial condition Of the Govern.
ment. We have been going on swim
mingly, and we had began to aatter our.
selves that even the national debt would
soon be paid, or so far reduced as to render
it Of very little account; but within few
weeks the sudden and rapid decline OF the
receipts at the Internal Revenue Bureau
has materially changed the aspect Of affairs
in that direction. Instead OF being able
to cancel any further portion of the public
debt we may actually be obliged to in.
crease it to meet the absolute demands
upon the treasury.


The cause for this dminution Of the re-
ceipts from internal revenue is, we think,
plain enough, and easily accounted for.
The general prostration and stagnation Of
business is undoubtedly the source from
whence springs this trouble. During thC
war, and for year or two after its close
many people were making large accumu
lations, and some were in the receipt ol
princely incomes. All our manufacturing
interests were in highly prosperous con-
dition indeed, every branch Of industry
was thriving, and when people are pros
porous and have large incomes they don't
grumble much about taxes.


All this is now changed factories are
either running on short time or their ope-
rations entirely suspended. Large ma
chine shops and iron-works have very much
reduced business in short, there is a fall.
ing off in all departments Of labor, and
business generally is very slack. All
these things operate to lessen the accumu-
lations of labor and capital, consequently
property is not developed and made pro-
duCtivc as it would be in more active times
We may therefore conclude, from this brief
statement Of facts, that there will be q still
larger reduction to the amount Of internal
revenue, and that there will be falling
off also from other sources OF Government
revenue. We must not be surprised there
fore should Mr. McCULLocn find his strong
box suddenly depleted to meet the demand
for the current expenses Of the Govern
ment and the payment Of the accruing in
terest upon the national debt Congress,
then, may find it necessary to come to-
gether, that ways and means may be
devised to replenish the national Treasury.
This, then, and not the impeachment ques-
tion, may bring Congress together in July,
and their session may be protracted for
some time.