The New York herald., 1866-08-07


win surely 60 down to history as one of the
most brilliant lights Of the nineteenth century,
and as the leading mind in the establishments of
the equilibrium of Europe on solid founla-
ton of checks and balances.
Revenue Of the Govcrnment--Paying the Nm
ticnnI Debt.
The official statement that the ma ational debt
had been reduced during the year ending the
first of this month a hundred and twenty-four
millions of dollars is as gratifying as extraor-
dinary. Looking at the large expenditures Of
the government in paying tho debts and claims
arising out of the war just closed, as well as
the largely increased current expenses Of the
government, we may exclaim with pride, what
other nation could show such financial state
ment under similar circumstances? None at
the present day could, and we do not remem-
Der anything in history to be compared with
such resources and prosperity. debt that
would sink almost any other nation coming
upon it suddenly, as this has upon us, we can
liquidate easily and within short time Our
debt nomiaally is three fourths the amount of
the debt of Great Britain, but really If We cal
culate the amount of interest to be paid It is
much heavier debt-we paying six per cent, and
even more, while that country only pays three
and half and three per cent Yet we could
with proper management liquidate our debt
in fifteen years or less, and it will take
England, with it's five millions annual sink
ing fund, rcarly century to pay Its debt
There would be this difference In the result
under the present condition and circumstances
Of the two countries. But when we look at our
boundless and increasing means, especially at
our mineral resources, and compare these with
the declining resources of the same character
in England, our debt Is but trife.
The above is one side Of the picture which
we may contemplate with pleasure, but there
is another side also which we ought to look at
The finances Of even such great and rich
country a. the United States may be 90 mis-
managed, and there may be so much corruption
and political trouble, that our burdens may be-
come intolerable and the debt perpetual
incubus upon our industry. People may bear
be heavy pressure Of the internal revenue
and other taxes ~ long a. they sse the lergs
income Of the Treasury properly applied in an
economical administration of the government
and to the payment Of the debt; but no longer,
without resistance. II will be we'll, then, to
notice how the Treasury Department and Con-
grem arc acting With regard 10 the public
money.
q We have noticed with grstiHcstioa The i'm.
mense revenue ofths government and the rsduc-
tion Of the national debt An this has occurred
Independently Of Treasury management or any
recent action Of Congress. The revenue laws
made for war expenditures and In time of war,
with the vast resources OF the country, have
produced this result The Secretary Of the
Treasury and Congress have, On the contrary,
not used these resources as they ought TO have
used them In fact they have been rscklessly
squandered. Instead Of reducing the debt
$l25,000,OOO IL ought to have been reduced
s200,0O0,00O. The Secretary has In the Treas
ury over $l30,000,0O0. It ought not to lie
there 1t Is not needed there. Ths current
income Of the government from month to
month Is more than sufficient a. has been
shown, for oil demands. Why, then, not apply
that nnd of $50, 100000 to the payment Of
the debt and thereby save the interest, amount
ing to 100000 or $s0o0,0Oo . years This
Is simple proposition that every business man
will understand. But, stranger still, the Sec
rctary Is borrowing money to the amount Of
over 500, 900 and paying six per cent for
IL while be has such an immense surplus on
hand. What should we say Of man who bor-
rowed money at interest while he had Golfers
full lying idlei Such man, probably, would
be put In an insane asylum. Yet that ID pre-
ciscly the case with Mr.. McCullooh. Such
financial mismanagement seems incredible. but
II is nevertheless true. There are numbers of
individuals who are drawing six per cent on
money loaned to the government, called tenn
porary loans; at the same time the Treasury has
the enormous surplus referred 10 lying idle.
While the Secretary is thus losing the money Of
the people on one hand, Congress Is squander-
ing II away upon every conceivable job on the
other. Hundreds OF millions Of dollars proba-
bly, would not cover the jobs Of our radical Con-
gress since Il met last December. We might
notice among them the bill TO support negroes
in idleness and host OF ofIiceholders, called
the Freedmen's Bureau bill; the enormous rail-
road and land grants, the so-callcd Soldiers'
Bounty bill, which will only benefit host Of
cormorant agents, and number Of other such
infamous measures; but we havo noticed them
before aud. the people can not but remember
them.
The country cannot stand such corrupt and
ruiaous LEGISLATION. The time he's come whsa >