Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1868-09-23
THE PUBLIC DEBT.

The Chicago Times is continually harp
ing on the allegation that the national debt
has been increased thirty-three millions
since the first of June. It arrives at this
dishonest and untruthfrl statement by ex-
Guiding from Its calculation the current
receipts and expenditures Of the Govern
ment. In point of fact the debt has been
reduced nearly ten millions of dollars since
the hrst OF June, as the following figures
prove
On the first of June, 1868, the funded
ana unfunded debt amounted to.eS2, 643, 753, 566
Deduct Pacific Railroad bonds,
then outstanding, which are not
charge on the Treasury...... 25,gc2, 900
Actual debt June I............-.s2, GIT 1851, 566
On the first of September the total
debt was. ....,............s2, 643, 256, 285
Deduct Pacific Railroad bonds
then outstanding ...............- 35,3l4,O 900
Actual debt September IT,. 50, 607, e42, 285
Showing a reduction of the actual
debt So, 9os, 28l
On the first of June there was cash
in the Treasury amounting to-. 1873, 5o7, $50
On the first of September was lO7,6 700
Showing an expenditure in excess
ofreceipts, during three months,
$25, 1866, OIL
Out of this sum, and whatever may
have been its current receipts, the Gov
eminent has paid $7,000,0 900 for Alaska,
together with the semi-annual interest on
81 600, 100000 of six per cent, bonds,
| that is 100000 and also the current
expenses of the Government for three
months, and has reduced the debt as is
shown above nearly S10,000,000 It has
thus paid SAT 100000, besides its current
expenses What its current receipts and
expenses have been in that time is not
shown, and any pretended exhibit of the
financial condition Of the Government
which excludes them from the reckoning
must necessarily be incomplete and IN
trustworthy. One thing is certain: the
debt represented by bonds, notes and GER
tifcates is near y ten millions less than it
was on the first of June, instead of being,
as the Times alleges, thirty three millions
greater.
When Congress repealed one hundred
and seventy millions Of tax it was not
expected that the remaining revenue
would, after defraying the expenses of the
| Government, paying interest on the debt
paying the special bounties, pensions, etc
| liquidate much of the national debt dur
ing the first six or nine months thereafter
If the reduced receipts shall suffice to
pay all expenses of the Government dur
ing the fiscal year 1866 it will be doing
very well. But the revenue will be con
sidcradly better. The whiskey and to-
bacco tax is now beginning to amount tc
something, and will yield a constantly in
creasing income. The two mill tax on
sales of manufactures will return a hand
some amount of money; the receipts
from stamps are steadily increasing; the
receipts from beer and ale will exceed
those of last year by a million or more
while the custom duties will yield. per
haps, ten millions more than last year or
account of the. fine crops, both North and
South, and the general prosperity which
the people are enjoying, and which en-
ables and induces them to consume large
quantities of foreign goods
On the other hand, the interest accoun
this year and hereafter will be sixteel
millions less than it was last year, chief
on account of the accumulated interest OF
the compounds" which had to be pal,
off last year. Then there is large re
duction in the cost of the army and nav
and civil expenditures, sFreedmen's Blu
reau and reconstruction. The extr
bounty paid last year to soldiers amounte
to thirty-eight millions; only twelve mi
lions will be needed this year to pa
it all off. From these causes we are cor
fdent that the end of this fiscal year Wi
find the national debt considerably dim
inished.
Indeed, taxes are now reduced to dc
gree where nobody is oppressed; an
were it not for the noise and fuss mad
by demagogues for elcctioneering pun
poses, scarcely any one but rich peopl
would know they were taxed at ALL