The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-01-13
REsoURcEs AND ExpENDIruRE.

justly. .r~ -rr a.t .rs "a. ssatfHrI-i.t.
RESOURCES AND EXPENDITURES. p.
Mr.. Wells is directed by the law which
creates his Office "to investigate the sources
of revenue, the best modes OF collecting the
revenue and the administration of existing
revenue laws" In pursuance of these in
structions he considers at great length the pur-
poses for which a revenue must be raised,
and the sources from which it can be derived
so as to do the least injury to the productive
industry of the country.
The first item in the annual expenses of
the government is the interest on the nation
al debt, and the commissioner endeavors to
calculate the sum that will oe approximately
near what is required for that purpose, by de-
termining the exact condition of the debt it.
self. On the 31st of August, 1866, the period
of maximum Indebtedness, the sum was s2,-
757 ,689,571, but on the 1st day of November
last it had been reduced by 1885, 5,l51, an
average reduction of over ten millions a
month, which in the aggregate gives an an
nual saving of $15,971,107. When the fund
ing process is completed it is estimated that
the annual interest to be provided for will be
one hundred and thirty million dollars. HAY
ing established fixed sum for interest Mr..
Wells adds to this the sum of fifty million
dollars for the annual reduction ofthe nation
al debt, and both the sums taken together
constitute an "annual constant" of one
hundred and eighty million dollars of expen-
diture for which a corresponding "annual
constant" of revenue must be provided. This
recommendation of large yearly payment
on the principal of the debt is the point in
the report which has elected the most unfa-
vorable comment, but from the following ex-
tract it appears that the case has been exam
ined in all its bearings before arriving at
conclusion:
Although rapid reduction of taxation,
rather than a rapid reduction of the debt,
would seem to be, at the present time, the
true policy of the government, yet the pre-
cedent which the United States-in honura-
bic exception to nearly every other nation
has thus tar established, viz: of reducing an
nualy the principal of the debt by some ap-
preciable and significant amount, is one far
too valuable, and brings with it too mpny
prospective advantages, to be hereafter light
ly disregarded.
The amount necessary for the annual in
terest and reduction of the debt having been
determined, it only remains to fix the sum
which the government will probably require
for its current expenses. Last year these ex-
penses were $191, ,564, ,677, exclusive of boun-
ties which we're 81, ,3s2,s59. Mr.. Wells be-
lieves that one hundred and forty millions
might be made sufficient to cover. these ex.
penses under a proper system of retrench-
ment. With this in view he makes the fol-
lowing suggestions: .4m93 o4 1-
First. That all expenditures for the navy
may be restricted to an amount merely suffi-
cient to..maintain the police OF the seas, and
preserve the public property from deteriora-
ton. f=a sei al-a5 La m'r.a
Secondly, That the numerica strength of
the army be not increased, but reduced, as
soon as practicable; that no appropriations
be made for ordnance except what is neces-
sary for immediate use, or for the tortifca-
tions beyond what is required to keep the
same in repair. .l5E...L 3. s#..fl. ~.
Thirdly. That no appropriations be made
| for public works, other than Notifications, ex-
| cept such as are of the most urgent necessity
FOurthty. That, so long as the necessities
Of the nation are paramount to those of in
dividuals, no claims for damages sustained in
consequence of the rebellion, be either paid
| or considered. ft
Filthy. That the heads of the various
| departments be required by Congress to prac-
tice the most rigid economy, and to reduce
| their employees to the minimum number
requisite for the discharge of the public SER
Vie. o. rF
SirthIy. That no money be appropriated
for the further purchase of foreign territory,
that no commercial treaty with any foreign
| nation be ratified of character calculated
materially to diminish the customs revenue.
In this way he would save 80 millions in
The expenditures of the war department, Is
millions in the expenditures of the navy de-
| partment and Is millions in the expenditures
of the civil service-in all, go millions. We
can now determine the gross annual revenue
required by the government for its expendi-
lures OF every kind: tor interest, 130 millions;
| for application to reduction of debt, so mil.
| lions; for ordinary expenditures, 140 millions:
| total, 800 millions. That no more than this
| total will be required in any contingency is
shown in the following paragraph from the
| report: 't'a v"
1t should he noted in this calculation that
| the difference between the actual sorlinary''
expenditures for 1857 Zone hundred and nine
ty-one million 81 and the reduced estimate
| Zone hundred and forty millions) is very near
| ly equal TO the sum proposed by the Commits
sioner to be set aside Tor the redemption of
the principal OF the debt, viz, fifty millions.
| Reduction of expenditures to the extent indi-
Gated may not, however, be practicable or, by
reason of unforeseen circumstances, possible;
but reduction of the debt is matter subject
to no contingencies, and is entirely within
the control of Congress. The element of un-
certainty on the one hand may be considered,
| therefore, as entirely balanced by the element
OF certainty on the other; or, in other words,
II the ordinary expenditures should not be-e
duced, any deficiency from this cause may be
amply provided for hom the sum set apart for
the reduction of the debt-a result which
leads to the conclusion that the sum of three
hundred and twenty millions OF dollars is the
maximum amount which it will be necessary
to raise by taxation under any circumstances