Year: 1876

'A.N~N
widely read and most earnestly discussed. lie
surveys first the prevalent depression In busi-
ness and he finds its cause not only In over
speculation and over-trading, but primarily in
the waste of national capital by excessive gov
ernmental consumption. During the war the
aggregate wealth of the country was impaired
" to the extent of probably two thousand millions
"of dollars by governmental consumption
exceeding tho whole net income OF the
"people, to say nothing of the destruction OF
"property, industries, and productive capaci-
ties, incident to military operations" The
first duty of peace was to replace the wasted
capital The first means to that end was
prompt reduction of the governmental ex-
penditure. But here, eleven years after the
war, the taxes are four times what they were
IN 1860. Then taxation, federal and local,
was 81 90 per head now it is $1S 91. The
government consumes every year larger
share of the national earnings than the whole
people are able to save in prosperous
years for all new investments and to
"Inore than European burdens" we have
cOnjoined can ignorance and incompetency in
dealing with them which is peculiarly our
"Own.n The pecuniaTy sacrifices of the peo-
pie are not measured by the receipts into the
treasury, but they are enormously aggravated
by unskillful methods of collection. Excessive
taxation moreover tends to create "a govern
"mental class" which fosters jobs and corrup-
ton, has already become great power in the
elections, and threatens us with still more Sc
rious evils.


One other great cause of our commercial
misfortunes is to be found in the impOverish-
ment of the South. That Is a region five
times as large as the British Isles. 1t produces
four-tenths of our exported commodities (spcce
excepted), and the most important raw mate
rials of our domestic manufactures. 1T IL our
best market, and the source of an immense
part of our commercial transactions. Yet that
region has been completely paralyzed
by ignorant and corrupt government and
enormous taxation. The burden of the
taxes has in some cases cOnfscated the entire
income of property; and long after the system
Of administration became qRh2Trcd by al IN
teligent and virtuous people it was NAM
" tained by the favor and patronage OF the
Federal Government by the moral coercion
"of its prestige by the standing menace ana
occasional exercise of its military power"
This is palmer speech than we are accustomed
to hear in the message of Governor OF New
York; but it is the exact truth, and it is fitly
told.


Finally the Governor comes to the consider
alton of the false remedies which have been
proposed for our national misfortunes, and he
attacks the initiation theory with vjgOr
and ingenuity that will eXtort the admiration
even of his political opponents. He shows how
vain are the fancies of those who believe that
an issue of more paper money would give even
a temporary stimulus to trade, or that under
the present circumstances it could result III
anything except general disaster. Nor does he
believe that the sober sense of the community
desires IT. "Ine temper Witch prcdOm-
mates among the people revolts at financial
"quackery. 1t is no longer susceptible to flat
"tering Illusions which have exploded amid
the wrecks of individual fortunes and private
prosperity. II il excessively incIedulous IL
demands sound measures, such rs commend
themselves to the judgment of the best IN
lects and the best experience" And the first
of these sound measures is resumption.


These are topics in which the State of New
York has a greater interest than any other
part of the Union. They touch her welfare
more nearly than any question OF local adj
ministration-more nearly than canal frauds,
or municipal prObems-and it was proper that
the Governor should dwell upon them as he
has done with all possible earnestness. In the
task of bringing the country back to sound
principles of government and finance, 1t should
be the privilege of New-York TO lead the way.
Whether Gov. Tidcn's party is disposed 10
march in the path he indicates or the best
hopes of the nation lie with reformed Re-
publicanism, it is perhaps too soon yet to de-
eide But the Governor seems to have struck
a. Iay-u nta