Year: 1871




TO have bat oue idea, and that is TO
accumulate the largest amount IT
monty possible in the c'flor- OF The
government IL lovc- TO giuat over
the mass OF wealth there ~ miser
does over his money bags He i'm.
agncs we suppose, hat he eau point
To Ibis as the result of his wisdom
in administering the affairs Of the
Treasury Department, aud ray to tbs
people. see how carefully / have cul.
lcctcd the revenue and piled up your
wealth. Bat hc undcrraics the ~agnc-
ily of the people They can see that
this enormous and surplus revrnue-
this vast unemployed capital OF II han
dred millions and upwards-is wrung
from their hard earnings. 1t is, ia
fact, nn unnecessary aud monsirous
oxaclion from an overtax l people.
The hundred to hundred and fifty
millions which Mr. Boutwell, keeps
boarded up all the time, and has kept
boarded up from the time he took
charge Of The Treasury, is so much
money taken away from productive
industry. In the hands Of The people
il would earn a much larger sum aud
add greatly to the wealth OF the
nation. Bat that is not the onl y loss.
Lying in tho Treasury vaults il is
dead capital Put out at1nterest, orr
what would have amounted 70 nearly
the same thing, applied TO Tie liquida-
ton of the debt, from six TO nine mil


lions year would have beet Saved
The Secretary has lost for the country
from twelve TO eighteen millions DID,
ring the lime be has been ia Office, by
this ridiculous policy Of hoarding-
This loss, as we said, is in addition 10
what the people have lost in having
the money taken away from their
industrial pursuits unnecessarily. The
remark of the Saviour about the un-
profitable servant who bad kept his
masters talent wrapped mp unem-
ployed is now applicable to Mr.. Bout
wen.


We said the Secretary seemed TO
have but this one idea lie has, how.
ever, another, which also operates
iniurously and keeps up burdensome
taxation. That is TO make the people
Of the present time pay of the debt
which can be paid better and easier ia
the future-to make us who have
borne the heavy burdens Of the waf
and spilled our blood for the Union
pay all the cost This is both unrea-
sonable and unjust. Those who are 70
come after Us will enjoy the blessings
we have purchased by our blood and
treasure, aud ought to contribute some
thing to iquidule the remaining part
of the cost, especially when we con-
slider that they will feel the burden
much less than we do. In ten years
the population Of this country will be
probably nearly half more than il is
now, or near sixty millions, and the
national wealth will be increascdi in
greater ratio. Why, then, should not
the people Of the next decade, or of
the next twenty years, pay portion
of the debty Mr. Boutwell, delights
to boast of reducing the debt at the
rate of a hundred millions or more q
year. He thinks this gives hIm great
credit for financial ability with the
people, and will make him a popular
man for the Presidency or some other
high honor. But the people are not
so blind. They know tho money
comes from them and That they are
oppressed to raise it, Suppose bank
Vf y CIcIh, NiiU na. uau titiluNu 90 utuI
large sum of money by bis employer
to 20 aud pay debt Of the bank,
should boast OF what he accomplishes,
as if the money belonged 10 him,
should we not think bis conduct ridicu-
lous Just as reasonable is IL for Mr..
Boutwell, to claim the credit Of pay
ing the national debt, when the money
pours in upon him from the burden
some taxes imposed by Congress.


1t is not a question of the ability Of
the country to raise an enormous rev.
cnue and to pay Off the debt rapidly
That it can do, undoubtedly. Though
not MS rich rs England in accumulated
capital, it has greater and more varied
natural resources. There is, in fact a
wonderful elasticity in the capabilities
of the country. We have seen what
an extraordinary strain it could bear
during the most gigantic aud costly
war OF modern times 1t may well be
doubted if any other country could
have brought out in so short time
such stupendous resources. Then,
since the close of the war what vast
sums have been raised and what an
enormous amount of debt, floating aud
organized, has been discharged But,
as was said, it is not a question OF abili-
ty TO bear iaxalion-it is one Of econo-
ms, Of Justice, Of financial wisdom.


A merchat who should spend all
his cash as IL comes in--should antici
pate his unmatured obligations and
leave himself without sufficient ready
means to carry ON his business or to
extend il, would be regarded a stupid
man. More business is done and moro
wealth made by judicious use of
credit than by actual cash. 1t is the
same with nations as with individuals
70 draw away the capital Of the ppo.
pie unnecessarily by taxation cripples
the industry ofa country, rctards the
creation OF wealth and tends to keep
a nation poor The money taken from
the people would be worth much more
to them in their industrial pursuits
than it is to the government, and
would add far more to the national
wealth. In one case ii is creative and
in the other exhaustive. What, then,
is the true policy for us TO pursne =
Simply to raise no more revenue than
the current economical warts of the
government require. with "A small
margin for sinking fund to keep up
the process Of liquidaling the debt
The people would not be satisfied It
some OF the dcbt were not paid anna.
ally, but sinking fund Of twenty 20
twont-fve millions would be ample at
,,,.,eo,t VhuS tho debt vDull ,vnsta