Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-06-19
OFFICE FIRST NATIONAL BANK.
The sTrsasury--How Filled and Emptied

The Trsasury--.How Filled and Emptied
The Government of the United States
owed, on the lst inst, over twenty sax
hundred and forty-three millions Of dol
/, lars, less one hundred aud thiriy-tbret
millions in its treasury, leaving its net
Indebtedness two Thousand FIVE hundred
and ten millions of dollars. The interest
on this debt is very nearly one hundred
and fifty millions per anuum, or fully
twelve millions per month. Our pension
list calls for over thirty millions per an
nun, or nearly three millions per month.
Thus, apart from the current expense OF
carrying on the Government, and with
out attempting to pay of the principal OF
our debt, or any part of it, we must pay
one hundred and eighty millions per an :
uum, or fully sfteen millions of dollars
per month, as the permanent cost Of put
ting down the Shareholders rebellion and
preserving our national integrity. Add
the necessary cost of carrying on the
Government, and our federal taxes can
hardly be reduced below three hundred
millions per annum. ilr pg1ip4
The cry for reduction of taxes is very
general aud eager, and Congress defers
10 it with alacrity. The cotton tax has
been repealed, blottiug out twenty mil
lions of income. The tax on msnufso-
lures followed, wipiug put sixty millions.
Further reductions and additions OF i'm
posts aud excise are agitated and strongly
supported Whittier do we tend2
The reduction Of our debt has ceased.
The last report adds ten millions to its
total; and, while this is probsbly facti :
tious, it is clear that there has been no
diminution since the lst Of January.
The reserve of coin in the treasury has
already begun to decline. 1t has ex-
ceeded one hundred millions net; tits
now but seventy millions in excess Of
the outstanding gold certificates. This
is to be drawn down directly by the pay
ment of eight millions Of Mexican war
debt, thirty millions of interest, aud
(probably) seven millions of purchase
money for Alaska. II is not probable
that there will be fifty millions Of coin
in the treasury on the 4th of July next
above. the amount deposited there by
private owners and balanced by gold
certificates of deposit. Add it is morally
certain that the debt will be heavier four
months hence than it is to-day.
How is it, then, that members OF Con-
gress can be found to vote frenty per
cent. extra as additional compensation"
or bounty TO all the civil employees ofthe
Government, residing or working in
Washington City2 That is to say every
clerk or other person whose regular pay
is $1,000 per annum is to receive. for the
year ending with this month, $2400; and
so of all who receive less than $1,000, or
more, if the regular pay does not exceed
$2500. How eau trustees of this heavily
taxed and deeply embarrassed people
vote TO squander their money thus reck-
lesaly2 .art y
We win take our own trade as an Illus
tration: The printers-whether compos-
itors or pressmen-employed in the Gov
ernment printing office, are paid S24 per
week. where they were paid sl2 per week
10 the old, hard money times They are
paid as much as any other printers, and
they work no harder than others. Why,
then, should other printers be taxed 10
pay this favored few 81 so per week ex-
ira II seems, to US gross partiality and
wrong. -
Representatives of the people We
warn you that your votes for or against
this measure will be scrutinized when
you come before the people for re-elec-
zion. They who Tive by hard work, and
get no twenty per cent extra, wiit ask
why they should be taxed to pay twenty
per cent extra for this years services TO
those who have had the Government for
employer We charge yqrto look well
to your answer IN y. Tribune