Year: 1870




of our Debt.


The N. Y. Times attacks the paying policy in
this incorporate fashion:


"The cry still 49, REDUCE TAXES! The trading class
Is literally unit in favor OF reduction. The farmers are
compelled by falling prices, to pray for It as measure
absolutely necessary The mechanics and aeorers' WHO
bore the hardship of high prices without murmur
while they incident to great nationa Struggle
protest against that continuance OF high prices Whion
proceeds from exobtant taxation On no other subject
are the people half united half 30 decided They
complain Of tho taxes as burden beyond their strength
They know that much OF the depression which affcts
industry and much Of the bitterness and peril OF the
trial which every branch Of trade endures grow out Oh
the present system of taxation We are sustaining tne


sc strain OF war period Of peace We are paying
the penalties years after the necessity for their
exaotion ceased. Hence the depth and universay Oh
the demand for relief East and West North and South
insist upon It as measure juice and expedency-of
Justice because this rate of taxation Is In excess OF the
legitimate requirements OF the Government; OF e1pea
ency dlmnuton OF the load essential 10 the
safety OF great and varied interests entering into the
sum OF national prosperity. The Journals which oppose
the demand for the most part advocates OF monopoy
they would withhold relief from the people for the
aggrandizemen OF special interests and the promotion OF


policy that would precptate resumption OF specie pay
ments at any cost


"The mistake of Mr. Boutwels policy Is that it aims
at effort upon the reduction OF debt long
in advance of it's maturity, regardless OF tho suffering
and loss which that effort entails upon commerce ana
industry II is persisted In moreover with strange IN
difference to the fact that the we approach re-
sumption the heavier existing burdens become ana tnaI
II resumption effected the collection OF these bur
dens would be simply impossible. Values are
falling but taxes remain the same. rho far'
mer receives less for his products, the mer'
chant less for hsl goods the workman less
for his labor while the exacons OF the Government con-
tnue unabated supposng specie payments to De re-
stored without previous reform IN the matter OF tahaon
the result would virtually bo increase OF taxation Tor
though the rate remained the same the available means
Of the taxpayers would be reduced The effect OF such


condition of things cannot be doubted Such taxes In
suoh circumstances could not lie collected There wonld
be falling Off in the at time when Its prompt
and full collection would be OF the highest Importance 10
the credit OF the Government.


"It is not more certain that return to specie pay
ments is work OF years than that It's accomplishment
must be preceded by large. wellconsdered and emil
nenty iust reduction OF the taxes No prudent nancer
dreams OF hurrying resumption Chara,ans may talk OF


its feasibility and interested classes WILL for reasons OF
their own foster the deuson but practical persons,
who have studied the experience Of other countries ana
know the difficulties which beset the trade and Industry
OF the United States content 10 await the influence
OF time upon the national resources. and tle
operation OF natural laws upon all the elements
of productive wealth. Theories are worthless In
such a this. Departmental or legis'
latve declarations In favor OF immediate resumption
are mere legerdemain The thing cannot be hastened
without imperilDg vast interests But 1t may be facl


ated by thrift and prudence Oh the part OF the Govern
ment and the country may be prepared for its action by


tightening the load OF taxation. The Secretary Of the
Treasury fails comprehend the OF public opinion
II he imsgnes that the story of what he Is doing with
the debt will reconcile the people TO the burden he would
perpetuae. They in earnest in the cry for reduction
OF taxes And If there is be reduction large and
immediate, the country will hold Republican Admins
tration and a Republican Congress responsible"


Comments by The Tribune.


That this is an unqualified, wholesale attack
on the policy commended by the President as
well as by the Secretary of the Treasury is
plain. They say, Keep on paying principal
"we can fund the DEBIT They believe in
moving straight toward solvency in currency
and in all things And we believe them emi-
nently right.


If it be auackery to assert that calling dollar
S1.20, $3.50, S1.4O, and even Sl.60 can nowise
benefit industry or legitimate trade, then we are
content to be stigmatized as charlatans. We
had supposed this City entirely sound on that
question: however Philadelphia or Chicago
might be deludcd by sOphstries wlich no re-
spectacle writer on Currency ever counte-
nanced; but, no matter who upholds the
imposture which asserts that Industry may be
promoted by debased and lying, slippery and
shufiiing Circulating Medium, we cannot treat
il with q respect which we are confident it has
never deserved.


The assertion that while "values are falling
"taxes remain the same," is sheer effrontery
and defiance of common sense. The larger
part of our Taxes is payable in Specie, and
Specie values are not falling. They remain as
they were; and the conflicting assumptions of
the infationists that return to Specie Payments
will, on the one hand, diminish the Prot ctiOn
afforded by the Tariff to our Home Industry,
and, on the other that it will increase the
burden of our taxes, are alike preposterous.


Even our internal taxes do not "remain the
"samen If our incomes are (nominally) less
after Resumption, we shall have less Income
Tax to pay; if business is restricted, taxes on
sales and stamps will yield smaller returns.
We assert as a matter of statistics that, since
the premium on Gold recedcd from 40 to &C,
both our Customs and Excise receipts have
essentially fallen off, so that we have consider
ably less revenue for December than we had
three months ago. If we go right on to
Resumption, we shall doubtless experience
further and very considerable reduction in both
divisions of the Revenue.


There is no mistaking the drift of The Times.
1t points directly to everlasting Suspension
aud the perpetuity of our vast Debt. For, if
we stop paying now. who believes that we
shall ever resume7 The arguments for stop
ping will be more potent in ppositon to re-
suming. Our taxes are a third lower than they
we're in 1866 and the desperate efforts to ere
ate panic have achieved no commensurate
success. We have gone halfway to Specie Pay
.,-;tb;n ha thraa he with uO