Year: 1870

Our original apprehension that no general re-
vision of the Tariff could or would be made
at this session of Congress is strengthened by
the developments of the last few weeks 1t is
very plain that very considerable proportion
of the members have no coherent idea of Po-
litical Economy. They will vote for Pro-
tUUti,v duty Un Hemp, VI Wool, or Iron, or
Coal or Steel, or Sugar, or RlankntO. if thoil
constituents are largely engaged in producing
the article in question:; and they will vote
against any Protection for such of the above
articles as are not produced in their respective
districts. We do not complain of the lack of
principle involved in such votes we are only
surprised at the recklessness of appearances
therein exhibited. We presume each of these
gentlemen understands that he is voting to
destroy all Protection; we only marvel that
he does not realize that others see this as
clearly as he does.


Gen. BENZ. F. Butler, very naturally, has
achieved an unenviable nOtOIiety in this re-
spect. He does not avOw himself foe of
Protection he perceives that he can deal that
policy more deadly blows with the stiletto than
he could with the broadsword. He votes to
reduce the duties on such articles as his con-
stituents largely buy, as if he did not know
that this will impel others to vote for like
reduction on those which those constituents
mainly sell. The result is inevitable; and he
is far too shrewd not to have foreseen it.


A horrible nightmare termed Surplus seems
to have bereft many members of their senses.
How to get rid of the Surplus would seem
to be their daily perplexity and nightly puzzle.
Yet a Surplus is absolutely vital to the fund
ing of our National Debt at lower rate of
interest to destroy it is to acquiesce in the
payment of six per cent. in coin on Two Bill
lions of Debt evermOre. IL we could reduce
the rate barely to Jfue per cent, it would save
us Twenty Millions per annum; and that sum,
with the interest accruing thereon, would pay
off the entire principal of our Debt within fifty
years. That the Democrats should do their
worst to deprive Gen. Grants Administration
of the credit of reducing the burden of the
Debt, we readily comprehend: the reasons
which impel Republican to help them are
hidden from our eyes.


When we commenced borrowing in earnest,
we bol tered our credit by public stipulations
which, though taking the form of law, had all
the force and effect of a compact with those
who should be induced to lend us. By one of
these, we agreed to pay the stipulated interest
on our Debt in coin by another, no less spe-
cific, we eovenanted to pay off not less than
one per cent. of the principal of our entire
Debt in the course of each fiscal year. This
compac: gave our bonds practical value which
they could not otherwise have maintained.
Capitalists wisely say, "As these bonds are
"ycar by year reduced in volume, they must
appreciate in valuen If we cannot now fund
our redeemable Five-Twenties at Jtour per cent,
il is because of their abundance Make them
scarcer and scarcer, and their market price must
advance. We bargained thus to make them
scaIcer year by year we failed TO do it during
the last years of johnson We are doing it to
the letter under Grant. IL we fail again, it
will be by reason Of most improyident reduc-
tOns of the National income by Congress.


The Income Tax expires this year by express
limitation. Congress will not renew it. Some
of the Excise taxes that cost much and produce
little will probably he Topped off or diminished.
Certain Public Works absolutely require lbe-
raj appropriations would be ruinous waste
to stop those works in nid-eareer. The Ninth
Census must be taken and it will cost Two
or Three Millions at least. To reduce the
Revenue to the current Expenditures Is TO
ham string the Secretary of the Treasury and
prevent his lowering the interest of the Debt.


The Tariff question cannot be settled III