The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-05-02

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Hational Finances.
There il no point on which the radical par
ty are guilty Of greater deception than n yhp
mattes. ef.the natiosal 6nAneas-e ". WaSll
burn, y JHaiIrssn 18th Scomhitte IN appr9
priations in. The House, announces with greaf
parade, in every bill, immense reductions q
appropriations below the estimates, and ths
radical journals take it up and make 2 pig
flourish Thus the appropriations Tor the
army are cut down some thirty millions, Jet
not man is discharged, not sipgle expendi-
ture cut down. The same is true of the navy,
and every Jhcsnch Of the civil service. The
whole il for effect ON the election next fall,
and is delusive and dishonest. The appre-
priationseafe supposed to be made to last from
June 30th to June SOth. But the apprepria-
tisps now made will only last until January
after the election is Overland then they win
be doubled in the shape of deficiency bills q
soon a. Congress meets in December. .s,-ii
The same deception is practiced by Secreta-
ry McCullech in his monthly statements Of the
national debt. Nearly every such statement
announces . reduction Of the debt; yet, on
closely scanning the figures, it will be seen
that the interest ON the debt has increased |!
The nation pays six per cent on its debt. MI.
McCulloch announces that the debt has been
reduced since 1856 some SEQ, 900, 900, yet his
figures show that the interest on the debt to
day is greater by nearly $4,000, 900 per annum
than it was thenl - tt ~
This deception is admirably exposed in the
following communication, for which We are
indebted to Judge CHAMrL1s, of this city,
than whom perhaps no man in the state IL
better posted on the finances of the nation
{. The psApls sf.ths United States havs BEEN led
to bellows from the annual and quarterly state-
msnts Of the Secretary Of the Treasury, that the
annual charge Of the plblie debt, upsn their ~
sources. was gradually Diminishing. The re-
ports efthp SscEytary seen calculated, il net in.
tended, 70 produce that impression. But t. tie
extsnt that it il produced, such impression IL a
erroneous enc, - . careful examination and a.
The grsss anount of the public debt at its high.
est point, August 81, 1865, was $2,S45. 907, 626
IT. gross amount Nov. !, 1867, was 2.625, 5O2,S 48
Reduction of principal between ---
those periods, 220, 404, 778
Now. il the foregoing reduction Of this prinei.
pal Of the public debt has been accompanied by,
Or produced corresponding reduction Of inter
est Or any reduction Of interest then the annual
charge Of the public debt upon the resources Of
TIE tax payers is reduced in . corresponding r.
tie. Bat it. On the contrary, such rsdustioa Of
the principal has been accompanied by steady
and gradual augmentation Of the amslat Of the
interest on the public debt thsn, the charge q
the public debt upon the resources Of the peopls
is gradually increasing in tho same ratio that
such interest il asgmentisg. and. unhappily for
the people q the bsndholdsrs, and perhaps even
tually for bsth the last hypothsss Is the true ons
a. the following, the Sscrstarys own figures,
will show:
The interest On the public debt, Aagust 81, 1885,
wss-eoin interest, go, sou, $50
Currency interest," $67,53O,93s
Which reduced to gold at 140 10 100000