We say nothing of Mr. M'Culloch's advice about reductions, and
new taxes, and all manner of measures not yet passed, and simply ask whether, judged by European standards, that is or is not a good Treasury Budget. Those are the bare facts of the year as officially reported to Parliament, apart from all speculation and all bewildering chatter about future facts, and what may be done by a silent President and an unknown Congress, and those facts seem to us good facts. If any such facts were reported from France, or Russia, or Austria, or any great European country except Great Britain, their securities would almost inevitably rise to par, an event which is considered on 'Change proof almost inspired that the country in which it occurs is well governed. An untaxed people, with the means of using its money at ten per cent. in its daily business, consents to a taxation of £81,000,000, six millions more than it wants, and pays it up in cash.
It seems to us that the main fact for Europe is, then, that the Government of the United States can get the cash it wants,—and more, and does get it. Most Governments don't. It is, of course, true that the debt is very heavy, and made heavier by vague talk about an impossible repudiation ; that when Mr. M'Culloch advises reductions till the surplus amounts to £10,000,000 a year, he shows financial wisdom ; that the tariff is ridiculously heavy, crushing consumers to pay manufacturers more than they earn ; that the frauds in collecting taxes, especially on alcohol, are astounding ; that the Union wants a permanent revenue service ; that there is almost reckless carelessness about temporary increase in debt ; that the debt will have to be increased twenty millions sterling, if the overplus of paper currency is to be absorbed ; and finally, that the preposterous system which leaves the Financial Secretary and Congress to resolve apart from each other, makes all financial administration a series of legislative jerks, impelling the machine now this way and now that ; and finally, that no European can understand how any decent man like Mr. M'Culloch, with an avowed respect for the Eighth Commandment, can remain financial clerk to a President who recommends open robbery ; but in spite of all that and much more of the same kind, the broad brutal fact remains. The Union did last year need £75,000,000 in cash, and did raise £81,000,000, and that without outcry against the total amount or unendurable indent upon the national resources. That is not, of course, proof that the Government of Washington always will raise what it wants, but it is very strong evidence that it has the cash at command, and is not unwilling to spend it in providing for what it needs, its credit included. Does any State in the world do more ? Does any except our own do anything like as much ?
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