The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1868-10-15
A DEFICIT OF s156,ooO,OOo.
FrighfaM Deficiency Bits to
Come.
$40, 900 Given Manufac-
...-- -. turerS. ....,..-
AGRICULTURIsTs TO PAY IT.
From the New York Herald.

The Treasury Department has let it
leak out little in advance of the Of
fetal statement that there will be "an-
other increase of the national indebt-
edness" this month. We use the lam
guage of the Washington telegram as
to the "small increase;" but the cor
says, cit may possibly
reach two million five hundred thou
sand dollars y that is, at the rate of
thirty millions year. This does not
strike us as small increase. We
should not be surprised, however, if
the sum named were to be below the
figure when the official statement is
published. It is said that this increase
is owing principally to the unusual
heavy expenditures of the War De-
partment in carrying out the Radical
measures of reconstruction. We learn
at the same time, that the receipts from
internal revenue are surprisingly small
and that the cash in the Treasury has
been pretty well reduced. -5r .rs
This is anything but a fattering
prospect of our national finances. =
x y How could it be otherwise
The expenditures of the Government
continue to be enormous. They are
war expenditures in amount, though
the country is at peace, and has been
for more than three years past. The
heaviest is for the War Department in
carrying out the reconstruction meas
ures of Congress. 1t would be better
to say, however, that this vast expense
has been for keeping the South in a
disorganized and disturbed condition,
for that is what this so called recon-
struction amounts to. Then the enor-
nous appropriations by Congress for
all sorts of schemes, bounties, Freed
mems Bureau, and private enterprises
must soon drain the Treasury dry
when the income is falling off. The
stupendous frauds in Che internal rev.
enue, and the Generalization of that
department through the dead lock be-
tween Commissioner Rollins and Mr..
McCulloch and the President, threat
en- to reduce the income from that
source far below the estimates. A
hundred millions of taxation were ta-
ken off for the benefit of few New
England and other manufacturers.
while the expenditures and appropri-
ations remained on the largest scale.
We see this extraordinary anomaly in
the condition of the country, that
while the crops are most abundant and
general prosperity prevails, g the debt
is being increased and the Treasury
approaching bankruptcy" 81. .
Mr.. McCulloch made public state
ment when Congress had under con-
sideration the party electioneering g
bill of the Jaeobins, to take off taxes
from manufactures, as follows: -s-a
"Should the bill referred to become
law, I think it may be fairly estima-
ted that the total revenues for the next
fiscal year will fall from hundred to
hundred and twenty millions below
the estimate made in my last annual
report. I.t - 1fF:.'ase-i IL --aa
1t is exceedingly desirable that tax
es should be reduced, and I should
hail with pleasure the proposed reduc-
ton if 1 felt assured it would be ac-
eomplished with corresponding re-
duction of expenditures. 1 am free
to say that am greatly apprehensive
that such reduction of expenditures
will not be made, and that the reven-
ues of the country for the next fiscal
year, if the bill now before the Sem
ate, orin the hands of our committee, :,
should become law, will be insult
f1cient to meet the interests on the
public debt and the current expense
of the Government ~ ~ Ho'3 2! 'at7
But this warming" says the report
of Mr.. Delmar, was Intellectual. The
bill it alluded to was passed ON the
3lst Of March, 1868; and the public
service, instead of being cut down,
was increased by the creation of new
functions and the appointment of ad-
ditional officers. 45 o. ba& 40 lti
In word the amount of service to /
be performed, whether actual or nom2
lnal, is more than it was last year, and
it is therefore vain TO look for any re-
1uction for the present. "aitnH .fJl
The consequence, as states the same
report, is, if the Treasury endeavors
% meet its current expenditures this
year Ito say nothing of matured
claims deferred, or of the Post Office
deficiency it will show deficit of
s154, ,339, POP 25 at the end of the year,
% be obtained from increased taxes
,r loans" s 4t- rs ,5GrHr rhaf
Mr.. Delmar's report of the finan-
ial condition published yesterday
hows the expenditures for the last
hree years, as follows :'@4"} }" --i
For 1866. .. $576,477, ,103 50 ,a"'
For 1867. -. 392, 2,444,291 "a h+
" For 1878, =. 414913,6o4 10 20
The, expenditures for the last fiscal
ear were not actual war expenditures,
ut were peace, those made in time of
rofound peace, and in the third year
fter the war, and when it's great in
ldental expenses had ceased. This
tatement also shows that our. expen- +
itures are increasing, having been
q, 2,469,3 ,312 IS greater during the last
seal year than the year preceding. /,
he greatest mistake in former un- {
lthorized statements was in emitting Y
ttltI #It 'InI' ia rill rNl lt.t-tt ~ n