Year: 1873

to Unnecessary Taxation.


Our dispatches from Washington, published
to-day, indicate determination on the part of
Congress not to impose additional burdens
upon the people in the shape Of taxation on
commerce and on the necessaries of life, unless
such urgent necessity can be shown as does
not at presen! exist. The suggestions Of the
Secretary of the Treasury are to be discussed
in the Committee Of Ways and Means to-day,
but it is certain that no hasty action will be
taken upon the subject 1t is natural that the
head of the Treasury Department should like
to have large balances at his command, and
Mr. Richardson is sensitive on that point.
His hobby has been rapid reduction of
the debt, and temporarily reduced revenue,
which for the moment reverses his favor
ite balances occasions him unnecessary
disturbance. He finds also an increased
appropriation for naval purposes, and
he sees approaching the time for the
redemption Of the twenty million
loan of 1858; SO nothing occurs to
taxing tea, sugar and other necessaries which
the masses of the people consume; to increase
the cost of travel and the price of all produce
and merchandise to the consumer, by levying
taxes on railroad and steamboat receipts; to
reimpose all the annoying duties under the in
ternal revenue laws but recently swept away.
Congress, however, coming fresh from the
people and acting for the people, understands
that the country is full of wealth; that bust
ness, fast recovering from the temporary check
of the recent commercial crisis, only needs
more ease in the money market to give it q
greater impetus than ever; that while bogus
schemes have exploded good securities are
growing stronger and stronger every day and
reassuming their legitimate values; that the
national revenues, which have fallen off only
on account Of the retrenchment necessary in
the crisis, will soon swell beyond their
former proportions. The additional naval
appropriation is q mere bagatells,
while the loan of 1853 is not likely to give the
Secretary of the Treasury any trouble. Addi-
tional taxation at this time would be an inius-
tice to the people and a suicidal policy on the
part Of the majority Of Congress.


But if Mr.. Richardson wants money-and
he says he needs forty millions-he can get
between twenty and thirty millions without
placing heavy burden of taxation upon the
people. The government now pays six per
cent interest to the national banks on the
securities, say four hundred millions, depos-
tied as the guarantee of their circulation II
Mr.. Richardson will recommend that all this
national bank currency shall be called in and
be supplanted by legal tenders, and that the
banks which desire circulation shall circulate
only legal tenders which they can receive in
exchange for their securities, the heavy
amount Of interest now paid to the
national banks practically on their own cir
culation, will be saved by the government. 1t
is stated in our Washington dispatches that
Congress will at once take up the considera-
ton Of the currency question, and that many
members favor an increase Of currency, either
by releasing the Treasury or bank reserves, or
by some other project If our present volume
of circulation, seven hundred millions, were
all OF the denomination Of legal tenders
instead Of being divided into legal tenders
| and national bank notes. there would be no