Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1868-08-28
sTATElmNT OF the PUBLIC DEBT.

Deducting from the last report, the sum
Of $32. 100, 600 for bonds issued to the Pa
eifc Railway Companies which are to be
provided for, principal and interest, by the
companies, but, being guaranteed BY go7-
ernment, are noted in the Report as part Of
our debt, we have the amount Of debt actu-
ally due on the lst Of August 1868 70 be s.,
49l, 524, ,4SO,67, an actual reduction Of the
gross debt from its highest point in October
1865, Of S3I7, pa, 956.sS or more than one
hundred millions per annum. The interest
account also begins to run down, in proper
ton as the principal is paid off. The coun-
try saves fifteen millions Of dollars in that
way this year
The total expenditures for the current
year, including the extraordinary payments
for interest, pensions. bounties, &c, cannot
exceed $l9S, 800, 900, and that amount is ap-
propriated accordingly. The receipts on
the other hand, are estimated by the Secre-
tary at s3SI, 900, 600, Of which the customs
and internal revenue furnish $3.50, 00o, 900.
Said the Secretary, in December last:
''These estimates are made on the general aver
age Of the receipts and expenditures for the past
nine months. The Secretary Is hopeful, however,
that Congress Eiil take measures 10 largely re-
ducc expenditures in Sil branches Of the service,
SO that q steady ysdnetioa IF The deb mag be COR
tiased.
Congress did take such measures, cutting
down the expenditures from his estimate Of
1872, 600, 600 to SI9S, ,500,00o appropriated
for. If the receipts hold up to his estimate
aa they are likely to do, a surplus Of Sls2,-
$4,000 viii be applicable to the reduction
Of the debt And in this way the debt Is
finally to be paid Of.
InlSlf, at the close Of our second war
with Great Britain, the Republic, with 8
population not exceeding eight millions,
owed public debt Of $l27.334, 933.74, and
paid it all of in twenty years, Large as Is
cur present debt, our forty millions Of Peo-
PIE. welding the resources of a continent,
viii not ind II 50 great a burthen as their
fathers felt the war debt of 1916 to be, ifty
years ago.
The reader viii perceive, in examining
the above statement, than when Mr.. Bu-
ehanan and the Democracy retired, in March
6I, from their mai administration Of the
government, they left an already existing
debt Of nearly ninety millions Of dollars, for
which in partizan point of view, only they
and not the Republicans, are responsible.
VI THE PRESENT STATE OF TAXATION.
When the late war closed, taxation was
universal: it covered about everything ex-
cept land, agricultural produce, unmanufae-
tured lumber, breadstuffs and a few other
forms of property or product, At least ten
thousand distinct articles were then subject
to tax. Now, after three years, there Is
nothing taxed for Federal purposes except
spirits. liquors Tobacco manufactures, gas,
matches, aud playing cards; stamp tax
upon perfumery, medicines, aud few other
things, and upon written instruments, and a
reduced tax upon incomes, a license tax and
the tax upon watches, plate, and carriages
The amount Of taxes abated or repealed
since the close Of the war has been officially
estimated by the Commissioner Of Revenue
as follows: