The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-08

| tory party under some more popular name, and
prepare the way for the Earl of Shaftesbury's
conservative democracy" and for universal
suffrage in England.
Statement Of the Public Debt.
In publishing, yesterday, the monthly state
ment of the public debt up to the LIST of
August, as given by the Treasury Department,
we appended table comparing this with the
statement of the public debt last year at the
same time and with the June statement Of this
year. There are several things worthy Of no.
tice ia this exhibit of our national finances.
The reduction Of the debt during the last
year, placing the cash in the Treasury at each
period on the credit side, was over hundred
and twenty-one millions. This is crafty
ing fact; but at the same time we must not lose
sight of another fact by no means so satisfac-
tory-that is, that the debt might have
been reduced much more, probably two
hundred millions and upwards, had our
finances and the affairs of the Treasury De-
partment been properly managed. The pre-
sent laws for raising revenue would
produce q much larger income If rightly
administered. We have seen this in the
case of the enormous frauds in whiskey
petroleum, tobacco and other things.
1t is estimated that the government has lost
nearly hundred millions by these frauds
alone. Judging from the incapacity and
want Of vigilance in Mr. McCulloch,
in the frightful losses made known, it
is not unreasonable to suppose there
have been other deficiencies and leaks yet I'M
discovered. In truth, it would no. be safe to
guess how much this incapable Secretary of
the Treasury costs the country. Add 10 this
the losses which our stupid Congress cause by
bad and extravagant legislation, and by perpe-
trating the monstrous national bank monopoly,
and we shall have result perfectly startling.
An able and economical government in both
branches could save from the income that
should be produced from the present revenue
laws two to three hundred millions year.
With no greater burdens than we now bear,
the national debt might be extinguished in ten
or fifteen years, if we had statesmen instead of
little politicians and bank clerks at the head of
affairs.
We find that through the stupid legislation Of
Congress the debt bearing coin interest has in
creased over four hundred and thirty-six
millions during the last year. While the cur
rency Of the country is paper-while the people
never see specie, everything is being done to
hand over all the gold to the bond
holders, to foreign holders of the debt
and to the gold gamblers Of Wall street.
The debt bearing coin interest should be
first reduced, and the whole Of our national
finances should be based as soon as possible
upon the currency, the lawful money of the
country. There should not be one standard
for the bondholders and another for the people.
There should be, In the first place, only one
description of currency-the legal tender; and
upon this uniform national money the credit
and operations Of the government should be
based. In this way gold would become more
abundant and cheaper, and We should return
to specie payments much sooner.
We notice that there is in the Treasury over
hundred and two millions ir gold and over
seventy-two millions in currency. Reduce
this gold to currency, and we have nearly two
hundred and twenty millions lying Idle in the
hands Of Mr.. McCulloch. Last year at this
time there was nearly as much. Taking the
whole year through there has been probably
on an average little less. Only think of two
hundred to two hundred and twenty millions
Of dollars lying unemployed all the time in the
Treasury! 1t is well known that If the Trea-
sury were empty to-day, and the revenue and
finances properly managed, the money coming
in from day to day and month to month would
meet the current demands upon the govern
ment Indeed, with proper management there
would soon be q surplus again. The country
is not only losing the interest on two hundred
millions, but such an enormous sum In the
Treasury continually is great temptation to
fraud, corruption and extravagance. The
amount in the hands Of Mr.. McCulloch at
present is actually sufficient to buy up enough
OF ave-twenties to cut down the coin interest
we are paying to about twelve millions year.
Never before was any great nation cursed with
such an incompetent finance minister. The
national debt is really small affair when we
look at the resources of this country and when
we see such an enormous revenue plundered
and thrown away. Yet for the want Of capa-
BILE Secretary and q sensible Congress we may
see the government embarrassed and the debt
become too burdensome to bear.
Queen vicsoria's Boei<-A New Royal Author.
Queen Victoria has added her name to the
list of royal authors. But no other royal author,
from King Solomon to Emperor Napoleon ILL.,,
a. o,,lc~;ut of CDaar nan Law claim In the rare