The Tariff.

By successive amendments during the years 1861–1866, the tariff had been extended to cover over 1,500 different articles, and had been adjusted and readjusted, by those who had the manipulation of it, until it had established an iron-bound system of protection. The duties collected in 1865 were 54 per cent. of the dutiable imports. Such a rate was hostile to revenue. It produced 84.9 millions.

The internal taxes had also been multiplied on what Mr. Wells aptly described as the Donny-brook Fair principle—wherever you see an article, tax it. In 1866 the receipts from internal taxes were 309.2 millions, and from customs 179,000,000.

The patriotism and devotion with which the American people recognized the necessity of taxation and submitted to it, are not surpassed in history; but their sacrifices were abused on the one hand by interested parties, so that the taxes were paid without accomplishing the object, and, on the other hand, their sacrifices were wasted by unscientific taxation.

The increase of internal taxation was made a pretext for increase of duties, but when, under Mr. Wells’ recommendations, internal taxes were gradually abolished, no reduction of duties followed. After 1870 some reductions were made, but now, in 1874, with a threatened deficit of revenue, the great need of the country is for some man to introduce thorough and comprehensive reforms in the interest of revenue—to perform the role of Sir Robert Peel in the early forties.

The people of the United States have a patriotic attachment to the “ greenback,” because they think that it “ saved the country.” A gallant Senator, who is an advocate of inflation, recently grew indignant at the opponents of paper money for reflecting on the “blood-stained green-back.” Under the contagion of the poetry, one might reply that the fear now is, lest, if the Senator has his way, the greenback may not yet also be stained with tears.

On the 31st of October, 1865, the total debt was, $2,808,549,437.50; the greenbacks issued, $428,160,569; the National Bank notes, 185,000,000; State Bank notes, 65,000,000; fractional currency, $26,057,469.20; total currency, $704,000,000.