of such a policy would not necessarily involve the abandonment of the policy of protection. The removal of a portion of the internal revenue taxation would accomplish the necessary reduction of the income of the Government. Of the $348,519,869.92 receipts of the Government for last year,$195,067,4899.76 were from customs, $121,586,000 from internal revenue, and the remainder from other sources. Prominent men of both parties are now vigorously advocating a reduction of the burdens of taxation, and, notwithstanding the battle between the free traders and the protectionists, the general demand for relief will no doubt lead to the adoption of some measure that will cut off the unnecessary revenue. It is evident that the adoption of such a measure can not be delayed many years.
Besides national securities, State, county, and municipal bonds would be available for investment by the Government. Many doubt the wisdom of investing in these, because such securities have in so many instances proved unsafe. The bonds, however, of a number of the States and cities are now considered, by those who are accustomed to invest large sums of trust funds, very nearly as good as Government bonds. If the Government should offer to loan the deposits at two and three fourths per cent, numbers of States, counties, and cities which now pay a much higher rate would be glad to refund portions of their debts, and, in consideration of the very low rate of interest, would doubtless be willing to so draw the bonds that in case of default the Government would have no difficulty in enforcing payment. It would of course be necessary that the investments be made with the greatest care, and that those who have the making of them should possess the confidence of the people in a high degree. The good results that came from the Freed man's Bank when it was wisely administered, and the deplorable effects of the loose management of its affairs in the later years of its existence, would serve as valuable lessons for the conduct of Government savings-banks.
For many years our post-office management has been rapidly growing more and more efficient. Perhaps at the present time no great business is managed more efficiently and economically. There is every reason to believe that still further improvements will be made. Every one is so directly interested in cheap postage, and in the sure and quick delivery of the mail, that inefficiency or dishonesty in the Post-Office attracts attention more quickly than in any other department of the Government. Our rates of postage are now as low as those of Great Britain, although we are compelled to maintain several times as many offices and miles of mail-routes in proportion to the quantity of mail-matter as the latter country. It is scarcely conceivable that, with so strong a public sentiment in favor of honest and efficient civil service, any Administration for partisan reasons would dare to substitute to any considerable extent dishonest and inefficient men for those whose ability and integrity have been tried and proved. It would be suicidal in any party to pur-
