New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-06
FTN4NCF-TdXE,S.

the OutgOes for December WERE In round num-
bers, as follows:
Interest on Debt sS,3OOOOO Army. 900
Civil and Miscels. 4,76loOO Navy......... 100000
Interior, Pensions
Indians. 9S5,OOO Total. 900
This is at the rate of $36O,OOO,OOO per annum,
or very nearly S1,OOOOOO per day. And large
third of it consists of Interest on Debt and Pen
sions which cannot be reduced-which is morally
certain to be increased-so that reductions and
retrenchments are possible only on the remain
ing items-say on S24O,OOO,0OO per annum. The
general expectation is that the total annual out
goes may and will be reduced to S3OO,OOO,OoO
per annum, including Pensions and Public Debt :;
which involves a cutting down of $6O.OOOOO0, or
/ fully Twenty-Five per cent, on the current ex-
penditures capable of reduction.
We sincerely hope that so great retrench-
ment may be effected; but we shall feel much
surer of it when the Secretary of the Treasury
shall report that the drafts upon him for every
thing except Pensions and Public Debt have
fallen to $2000O,000 per month. We shall then
be prepared to render hearty praise to Con-
gress, and especially to the House Committees
on Ways and Means, Appropriations and Re-
trenchment, for the achievement. But we
shall wait to be sure that the praise has been
earned before bestOwing it. Thus far IN our
country's history, there has been no such sweep
ing, searching retrenchment as this, which
thousands treat as quite matter OF course
as though it were already accomplished.
We do not agree with those who so readily
assume that it is wise to stop paying off the
principal of our National Debt. The Nation
owes So, 500, 900 900, whereof fully Two Thousand
Millions are drawing interest. Nearly all Of
this is or soon will be in the shape of 81 Five
"Twenties that is bonds which the Govern
ment is at liberty to redeem five years after
date, and is bound to redeem within twenty
| wears Our first aim should be to find persons
! whether already holders of our bonds or mott
who will gladly lend us at lower rates OF in
terest than those we are now paying. H.
| for example, we can borrow at i've per
cent. on q non taxable bond having ten, twenty,
or thirty years to run, we can turn to our present
creditors, so fast as their bonds become re-
deemable, and say, "Take Elves in exchange
1" for your Skies, or we will borrow OF others
who stand ready to lend us and pay youoif."
! Thus We can soon reduce the annual charge
or burden OF our Debt from $l20OOO,OOO to
| S1OOOOO0OO per annum-a clear saving of
Twenty Millions of Dollars per annum. If
we could borrow at -Four per cent, we should
of course save Twenty Millions more per annum
Now it is plain that, in order to borrow at
lower rates, we must be steadily reducing the
sum of our Indebtedness. If we are paying of
Five Millions per month of principal, thus
making our bonds scarcer and scarcer, holders
will bid against each other for the privilege of
remaining our creditors while, if we are poor,
running behind, and seeming barely and dubi-
ously able to pay our interest, our bonds will
hang heavily on the market and we shall not
be able to convert them into new bonds draw
ing lower rates of interest. If we were paying
off One Hundred Millions per annum, we be-
! lieye we might soon convert the residue into
| four per cents having some twenty or thirty
years to run; while, if we stop paying Off, we
fear it will not be practicable to fund the Five
Twenties, as they come within reach of the
Treasury, even at five per cent.
Whether this journal is or is not friendly to
American Manufactures, let others say we
only know that it has always meant to be.
And, if it be now practicable, with due regard
to existing responsibilities and obligations, to
relieve them wholly from the tax of five per
cent. on their gross product-which we admit
| to be very heavy one-we shall most heartily
rejoice in that cOnsummatiOn.
| Yet we cannot shut our eyes to the most
| palpable facts; and the resolve of the late
Manufacturers Convention at Cleveland that
| our present Federal taxes are yielding a clear
surplus Of $150OO0,0OO per annum accords
neither with the official statements of the Sec
rotary of the Treasury nor with what we
! otherwise know to be true. The Federal rev.
enue for the last month fell considerably short
of the current expenditure; and this month
will show no more fattering result. If every
tax now in existence were retained, we fear
that the Treasury would receive less than it is
required to pay out during the calendar
year 1868, even though Gov. Stewards real
estate speculations should be forthwith ar
rested.
The Cleveland notwithstanding first assumed
that the reduction of our Treasury outgoes to
$500, 900 is Gas good as done propose 10
| raise that amount as follows:
Distilled spirits whisky at least t5OO0OOO0
Fermented liquors and wines 100000
Tobacco cigars, and snuff ACKNOWLEDGEMENTS. 2l,O00O00
Gross receipts steamboats,, railways &cl... l350OOO
Banks, insurance. railways &c. dividends and
Deposits. 100000
Licenses, with 90 per cent added to last years
receipts 100000
Jecaces and succc Observation-Disclosures. 100000
Stamps 200O00O0
Brokers sales Of foreign bills gold &c..... 100000
Miscellaneous q 10000
Total .s7o 1000
Receipts from customs. l5oOOOOO0
Total $50, 10000
| Va do MT holiava the HIGHLY resnacfahla