Year: 1870


but one idea, and that is to accumulate the
largest amount Of money possible in the cof-
fers of the government. He loves to gloat
over the mass Of wealth there as miser does
over his money bags. He imagines, we sup
pose, that he can point to this as the result OF
his wisdom in administering the affairs of the
Treasury Department, and say to the people,
see how carefully have collected the revenue
and piled up your wealth. But he undertakes
the sagacity Of the people. They can see that
this enormous and surplus revenue-this vast
unemployed capital Of a hundred millions and
upwards-is wrung from their hard earnings.
II is, in fact, an unnecessary and monstrous
exaction from an overtaxed people. The
hundred to a hundred and fifty millions
which Mr.. Boutwell, keeps boarded up all the
time, and has kept boarded from the time he
took charge of the Treasury, is SO much money
taken away from productive industry. In the
hands of the people 1t would earn much
larger sum and add greatly to the wealth Of
the nation. But that ia not the only loss.
Lying in the Treasury vaults it is dead capital.
Put out at interest, or, what would have
amounted to nearly the same thing, applied to
the liquidation of the debt, from six to nine
millions year would have been saved. The
Secretary has lost for the country from twelve
to eighteen millions during the time he has
been in Office by this ridiculous policy of hoard
ing This loss, as we said, is in addition to
what the people have lost in having the money
taken away from their industrial pursuits un-
necessarily. The remark of the Saviour about
the Improbable servant who had kept his
masters talent wrapped up unemployed Is ap-
plicable to Mr.. Boutwell,.


We said the Secretary seemed to have but
this one idea. He has, however, another,
which also operates injurously and keeps up
burdensome taxation. That is to make
the people of the present time pay off
the debt which can be paid better and
easier in the future-to make US who
have borne the heavy burdens of the
the cost. This is both unreasonable and unjust.
Those who are to come after us will enjoy
the blessings we have purchased by our blood
and treasure, and ought to contribute some
thing to lquidate the remaining part Of the
cost, especially when we consider 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 it is
now, or near sixty millions, and the national
wealth will be increased in greater ratio
Why, then, should not the people of the next
decade, or of the next twenty years, pay
portion of the debt? Mr.. Boutwell, delights to
boast of reducing the debt at the rate of a
hundred millions or more a year. He thinks
this gives him great credit for financial
ability with the people, and will
make him popular man for the Presi-
dency or some other high honor. But
the people are not SO blind They know the
money comes from them and that they are
oppressed to raise 1t. Suppose a bankers
clerk, who has had handed to him large sum
Of money by his employer to go and pay a
debt of the bank, should boast of what he
accomplishes, as if the money belonged to
him, should we not think his conduct ridicu-
lous? just as reasonable is it for Mr.. Bout
well to claim the credit Of paying the national
debt, when the money pours in upon him from
the burdensome taxes imposed by Congress.


1t is not question of the ability of the
country to raise an enormous revenue and to
pay off the debt rapidly. That it can do,
undoubtedly. Though not as rich as England
in accumulated capital, it has greater and
more varied natural resources. There is, in
fact, wonderful elasticity in the capa-
bilites Of the country. We have seen
what an extraordinary strain it could
bear during the most gigantic and costly war
of modern times. 1t may well be doubted if
any other country could have brought out in
SO short a 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 and organized, has
been discharged! But, as was said, it is not a
question Of ability to bear taxation-it is one
of economy, of justice, of financial wisdom.


A merchant who should spend all his cash
as it comes in-should anticipate his unmatured
obligations aad leave himself without sufficient
ready means to carry on his business or to
extend it, would be regarded stupid man.
More business is done and more wealth made
by judicious use Of credit than by actual
cash. 1t is the same with nations as
with individuals. To draw away the
capital of the people unnecessarily by taxa
ton cripples the industry of country,
retards the creation Of wealth and tends to
keep nation poor. The money taken from
the people would be worth much more to the m
in their Industrial pursuits than it is to the
government, and would add far more to the
national wealth. In one case it is creative and
in the other exhaustive. What, then, is the
true policy for us to pursue Simply to raise
no more revenue than the current economical
wants of the government require, with small