Year: 1874

NECESSITY OF RETRENCHNEN7'


We regard the speech of Mr.. Dawes
upon the condition of the treasury as one
deserving the attention of the country ana
particularly to be considered by the re-
publican party. Such an exposition OF our
financial affairs was needed. 1t is task
for which Mr.. Dawes deserves thanks.
Nothing is more necessary than that the
unyarnished truth shall be held up to the
ewes of republicans by their own party
friends, faithfully showing us our errors
and deficiencies if any, so that we may
know whittier we are tending and what
course we should pursue; he who does
this service and does it well is entitled to
praise. 1t is said that some republicans
are inclined to find fault with the speech,
regarding it as impolitic, inexpedient, a
quiver from which the opposition will draw
shafts to be used against us in coming
campaigns, but this will not be the feeling
of the party at large or that of its best and
most disinterested advisers. Although the
exhibit is not fattering, nevertheless we
are satisfied to take it as it is. and exert
ourselves for such measures as are de-
manded by the national interest.


We find that the expenditures Of the
government have been increasing since
1870, until for the present year they are
larger than at any year for the past four
years. In other years the public debt has
been reduced largely; this year the re-
duction will be nothing, and unless expen-
ditures are reduced or revenues increased
there will be an absolute increase OF the
debt. In 1870 our expeditures were $685.
00,OO0, and there was paid of the public
debt the sum of $10l .000, 900: in 1874 the
expeditures will be 1919 1852 900. and of
the public debt not dollar will be paid,
while the treasury will be unable TO meet
the demands upon it unless relief is afford
ed


To relieve the treasury we must either
resort to increased taxation, loan, or a
reduction of expenditures. To the first two
methods Mr.. Dawes is opposed, giving
some very good reasons why we should
not employ them. To increase taxa
ton or borrow money for the ordinary ex-
penditures of government in time OF peace,
as Buchanan did in his term. is not the
way to get out of our difficulties, but the
true course is to retrench in our expenses,
to cut them down until the treasury is able
with its present resources to meet the bills
So thinks Mr.. Dawes, and so we venture
to say, believes the better part of all
the republicans.


While the financial panic is chargeable
with the decrease in our revenues, some
other cause must be found for the increase
of our expenses. We can trust to the res
toration of business and confidence for the
return of our revenues to their normal
condition, but the keeping of expendi-
lures within safe and reasonable bounds
must be done by Congress. The revenues
have already improved, but the improve
ment will not be sufficient to keep the
treasury in funds unless the knife is put to
the expenses that may be Topped off. We
hope that Congress will enter upon that
ly, let the blows fall where they may. The
necessity has been manfully pointed out
Even if the treasury were amply supplied
with means instead of being impoverished
as it is there would be good reason to re-
gard with disfavor our growing expendi-
lures, but in our present circumstances
the need of retrenchment is imperative.


There will be opposition to this from
those whose personal interest may be un-
iavorably affected by retrenchment, but il
is not private but public interest that must
be regarded in the matter. There must
ne yielding all around of privileges and
patronage that may be dispensed with, in
the army and navy and civil service, and
economy be the rule in all departments of
the government. Every congressional
district should expect to submit to inspec-
ton, and wherever it is found that the
pruning knife is needed let it be used fear
lessly. In this labor our Congressman
will have the hearty support of their con-
stituents, who are now fully informed by
the speech of Mr. Dawes as 10 the situa-
ton. We agree most cordially with him
that retrenchment is the remedy, and that
a loan or new taxation is not to be
thought of in our circumstances.


WASHINGTON MATIERS.