Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-17
The Trensursr,s Report.

. We proceed no1sgsS5we PROMISED in our last
issue, to point eattgast-ge ref ard as a very Sc
rions orror in tlslate RerSft Of the Secretary of
sbt.Treasury ofIhe U,itcaasfaie,. Mr.. MccrL-
E6rn pdvis.s sGsngrers shall raise, by tn1a-
tisftwo suppssS; Two, Hundred Mi:licn dollars,
tosIe arpltsa;ay tho gaIpsnt of the inter''i and
.gIssi,AiiieipAl pill Pabs aisas)gg Again, "'oh the
iasissump ptioa athdt the dsst msySs funded at per
cent, fifty mllions would be applicable to the re-
duc,iOn Of the principal in.tks first yer of the
period e which would pay Of the entire d.bs
in twenty sight ye.rs;;",. Now what is this bu,
reproduction. oi the exploded theory Of sinking
fund, Every one aeduainted with tho financial
bistaryO OF England during The prssen, csutury,
know tba.sthit Sinking .Fund !" Was. the pet
scheme, the Futa Noryana, Of Mr.. PirT's seniusi
by which he came Wen nigh running Rnglnna. 1
And it is equally we'll known, that plain, ahrcwd
Scotchman, DR.. HAMILTON, demonstrated to the
British Parliament that tho entire schemS wasan
utter falllcy, based upon assumption radically
false and that 60 political econOmist or statss-
man in Europe haviag any regard for hii reputa-
tion, would venture, At this day, to advocate
sinking fund a, an s1pcdcnt for paying of
national debt This sinking fund" il mere
trick among statesmen by which they stave Cd
present embarrassment, and lsars The future, and
greater ruin,'to their successors in ofice. This
NE believe w,s tho care with WILLIAA PIrr; and
no presume Mr.. McCULLocA is following the OK
ample Of the great English commorer. Mr.! Plrr
hxd too great an intellect to ha7o been really do
e-ivea by so obvious tallacy. ~ = ID. -.
Mr. McCuLL.cu, it i,true doe, not oall THE
sinking fund.- but it is SO sleus-po1k' ',ill,
With change only Of tho gravy. What is his
proposition? 2? Why, to raiss Two Hundred Nil;
lion dollars, Ly taxation, 80 millions to pay the
inerest Of the national debt, and 80 millions to
be applied to tho reduction Of the principal.
Nova Sinking Fund, stated in plain English, is
nothing hat this, to wit, the raising, either by
taxation or loan, a sum Of monOy beyond the me-
oes,ary expenses Of Government, which money Is
to be applied to the payment of tho principal OF
the natl nal debt. And this is just what Sccreta-
~ McCuLLOcH now proposes to do-by u tax Of
50 million dollars.
1t is singular that fifty years after tho publica-
tion Of Dr.. HANILroN's book, tho American peo-
pie should DO called upon again to discuss the
e1pediency Of a Sinking Fund. "Thore is no
royal road to wisdom" neither is there any
ledg.rdemain or hocus .pocus by which man, or
anstion, may mako money. ADAM sNIrH and
MONSIEUR SAT- both teach that the productive in
dustry Of country is it, bnly means of wealth.
Tho idea, therefore, Of making money, or in
crea,ing national wealth, by 'a9ing the people, is
a simple abiurtity Let VI state tho case in plain
English. Tho Secretary proposes by tax OF 5
por cont apon the resources of the country, by
which be peanI its income to raise SO millions OF
dollars This so millions will first bc oOllessed
by the ta1 -gathercr from the people; it will DO
carried to Warrington and deposited in the
Trp.,pry tho creditor, Of tho Government, who
arc tho solf-sane people, will next present thoir
dom snds at tho Treasury ofico; and this Same
fifty millions will again bopaid back to the people.
Now who will be made richer by sending out
x-gathsrers into thirty-s1 Stutss to collect Sc
million dollars, convey 1t to, Washington and pay
i, out again 10 the Same people? 1t would be
diticult to conjecture Mho would be made richer
by this absurd process, bat onsy enough to see
who would 10 mado poorer, namely, every tax
payer under the GovornmcntI and this to the
ssrious amount that it would cost tho Government
to>eol!cct and disburse so millions, the expenses
of tho Congress that passes the act, of the tax
g.therer of tho Trsa,urer and all his Snbordinatcs
in any wny engaged in handling the so millions,
the rent of Treasury buildings, the cost Of books,
stationery, de., &c, &C., tho per csutage for
s,eaioge while SO millions pass through thou
sand hands in dark vaults at Washington, and
most Of all perhaps tho lors Of interest upon SO
millioni while passing FROM tho tax payer to the
Government creditor. This is simple statement
of the great financial mystery known as Sink
ing Fund, divested Of the technicalties Of Treas
ury Reports and stock jobbers.
Aud this Ia tho profound scheme by which the
Treasurer proposes to pay spR for the people Of
the United States, Three Thousand Million Dollars
1t WAS the advice Of wise man to his son te
ago out into the world and zee by what folly il
was governed" We have never known more
opportune tina for fuch an excursion than the
present, and The plscs should be tho Treasury
Ofieo at Washington, The entiro system Of tax
ing people beyond tho actual and scsnomica
expcn,es of Government il basod upon the false
principle that Government makes better use O.
money than individuals. Otherwise, if the people
can make moro profit out Of money than Govern
meat, then the money had better be loft in thcil
hands and thoy left to attcnd to their onp busi
ness. And honco tho conceded wisdom Of th,
petition Of the Dutch merchants, Lai"ex nou'
jaire." Enslsnd after a few spasmodic efforts to
psy Of her national dott by Sinking Pund
abandoned the work, and 50. down quietly undcl
tho burden. And We venture to predict that the
United st.teI Government will ropudiats its dObs
or else do the Same thing.
lH- The obituary notice Of Mr. JoHS llAR.
LING, Sr., has been received, and will appear in