The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-08

n relation TO the public debt Insisting that II IL con-
will soon be bankrupt, and In the same breath
'harge US with depressing the people by excessive
he last two charges they accuse us OF wastefu ex.
The best answer that can be given to
hese and all similar char gees is to sketch the nnan-
,al history OF the government since the close OF tho
Il has withdrawn nom circulation and cancelled
upwards OF S2Jo000,000 Of illegal tenders,n and
thereby reduced the premium on gold by more than
one-haf 1t has done this with so much moderation
and skill that the industrial interests or the country
have not been disturbed by the concurrent reduce
lion OF prices. And when the government found
70 paralyze industry and trade Il wisely suspended
he process for time. Meanwhile the rapid growth
mand for our paper currency and gradually en-
hances its value. venture to say that no country
daon Of s CURRENCY Without he ncD Of
financial crises or commercial revulsions; and our
exemption can only be accounted for by the prudence
and care with which the government has made the
reduction. Next as to the national debt. From
official figures obtained from the books OF the Trea-
sury Department, by Hon. David Wells and collated
by Edward Atkinson, OF Boston, 1t appears that tho
total ascertained debt OF the government 1t stood
upon the books OF the Treasury on the LIST OF April,
1S65--the month In which the rebel armies surren-
dered-was 81 see,sS5,o77. 1t also appears that pay
Cured before that period-such, for example, as
back pay OF the army, supplies &c, amounting to
ness ness at the close OF the war S. 2s7 Sss,s2a
The total debt at the end OF the fiscal year ending
Pacific railroad since the war; but 25lI oOoOos.
conaeouenfy our national debt was reduced be.
pero dc Of ' three and quarter years s
rms rapid reduction subjected the people TO most
taxation II was Justly mG,c Deemed ~ con- Or
strict Justice to the present permitted. The was
waged in the interest Of future generations as wei
"a Of the present and 1t is, therefore, proper that
those who succeed US shall share In ITS pecuniary
burdens. Congress accordingly reduced the
paw current expenses including interest and leave
small annual surplus to be applied IA rednctlon o.
cseIy such policy as the true interests Of the coun
| try demand. But our democratic riends, altnou9n
they nave MSan peia lest the great reduction re-
Gently made viii leave the national exchequef WIN
large deficit at the close 81 the present nscs
Mr. Delmar, Of the Bureau OF statistics. He assures
that It is 50 and furnishes to
and h hs ogie-unde ns' the head of Fascinated
Expenditures and Appropriations required ,.I Tor
estimated the total expenditures for the year excl9'
sve OF the Treasurers expenditures, at $685. lsS
sS Se sa 70 Rs IN s s
gress:-"T6ere already exist appropriations that
amount Ms sna Of 1an in balances
aen spsca sf'sr so
amounting to $1s2, ls3, 7Se, we shall only draw on
Tns statement clearly shows that the Treasurys
estimates Of the total expenditures Ior tne year
Whatever might be expended BY authority Of previ
nns snpronrations. Mr. Delnar says that Congress
appropriated about 600 less than ane Trea sn
gross expenditures for the year he takes no notice
or this difference OF $o7 600 between the Ireasu
rer's estimates and the actual appropriations And
! when he comes to group the authority to expend nc
includes $l5oO0O0 900 OF old expenditures outstand
Ing although he had just quoted the Treasury as as
surfing Congress that he should avail q that author
ity only to the extent OF 5e64447. We thus ind
one Of se7 600 the other Of ooo Then whe
he to estimate the deficit Ct the eng o. IN IN
$4,000 600 that Congress cut down the Treasury
: estimate; ne assumes that al the appropriation
in every year large share Of them remaining unes
pended He makes no account Of the money 10 u |.
sTd ne sxsmpe he e@aes
y receipts from Customs OF $3.50, O00 The recelp
IN a nrse Of ast yea when the total
y $i65.6O0,OOO With the Impetus that win be given
70 follow General GRANTS election we may safely expe
an increase from Customs for the balance OF the yea
may he safely estimated or ne year. sn
ae Si22.OOoO0o The receipts from this source for q
first Quarter Were upwards OF $4,000 oo9 ndicat n
~ more than the average proportion OF the incor
3 tax is paid in that quarter we can scarcely expe
y the remaining quarters to equal this rate or tie III
70 quarter, unless the more vigorous enforcement
= the reduced tax on whskey AMI tobacco may enlar
I safe to say that Mr.. DelIhar's estimate or receil
from internal revenue IA at least s2 ooooo too 10
gance charged against the republican administrati
IL is SUFFICIENT for me to say tnat Mr. Atkinson In
| speech before the Massat Iusetts Republican Sta
| Convention presented OHIO ial figures, the accura
or which have not been chal fenged, which show m
the ordinary expenditures OF the republican ADM
istration are less than those ef Buchanan's admin
| ration He gives the ordina ry expenses or fhe Ii
nree years at $29s, s40,s71, or little less tls
| 72OO0OCO per annum In cur rency. He gives N
Oh anan's at $76,S4l 900 per am lum In gold which
for per cent premium makes ,sl07, 577 400 shown
adj derence In favor OF the repui cans OF SIS 900
per Mnum. II our democratic friends are moi 90,
vince by this contrast OF the injustice Of their
| Of ex, Tavagance respectfully recommend them !
| make me contrast with the expenditures or m
| democr. vito government Of this city, Here tha
| party ha imperial sway, ana we find to our COS
that they expend annually IN the government oS 1
| city cont aiming about one million innahita nm !,
$24 900 0OO or one-fourth as much az Il costs 70
| publican administration to govern q nation q
| 10000 900 IN, sabtants. "
Mr.. Opdyk. concluded by expressing the liveos,
qualification the course adopted by Conorees =,
this class OF lek 1slation, and said that when we
sder how difc, ut OF solution these onest,ons h
been how diver uded the public sentiment m reaar
| ence to them, ant how numerous the crude anan
cial schemes that ave been forced upon tho favnr
able consideration Of Congress- we cannot wthho,d
the NEED OF praise hat Is due TO the sonnd sta'o
manship OF the ma GRITTY, who have uniformiv Ia
| cided them In conso. nance with the bubble cool
| (Applause.) s"'u'
On motion OF ex-Judgs Charles A. Peabody. n vota
OF thanks was rendered Me lecturer for the abIe ev
preston OF views on this subject embodied m his
| remarks. " "
Il