The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1869-09-23
Financial Condition Of the
9overnment--xhe Prospect
Before us.

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The reports which como to us from
timo to time Of the condition Of our
national finances are very fattering,
though the last press report, pub
lisbcd on Saturdays probably con-
tanned several mistakes. It can
hardly be possible that the expendi-
lures Of tho government for the last
fiscal year amounted 70 five hundred
and eighty-ave millions Of dollars, or
that the amount the gear before was
over thousand million dollars, az
there represented. There 10 proba-
bly, some error in the figures. There
is no doubt, however, that the reve-
nue. is enormous, and more than suffi-
cient 10 moot the ordinary and cur
rent expenses Of the government
The monthly statements of the Sec
retary of the Treasury since March,
when General Grants administra-
tion came into power, show this
The last statement, made at the be-
ginning Of this month, showed a de-
crease of tho national debt during
the six months since March, Of forty
seven millions. Taking the whole
year up to September, and reckon
ing the bonds issued to the Pacific
Railroad as = part of the debt, as Mr..
MoCulloch used to reckon them, the
debt was diminished in that period
over thirty-seven and q half millions.
Then there is this gratifying fact,
that the increase of inoomc over ex-
penditures becomes larger from
month to month. If this state of
things should continue till the first
year of General Grants administra-
tion closes the debt will be reduced
probably during that time one hun
dred millions.
Still improvements can be and
ought to be made. The expendi-
lures in nearly oil the departments
are much to large. The revenue is
too great in time of fpeace; for 1t only
leads to extravaganza and corrnp-
tion. The taxes arc far to burden,
some, and might be reduced consid-
erably, oven with the keeping up a
large sinking fund for the liquidation
Of the debt. The income tax espec-
tally is oppressive and demoralizing,
and bears unequalIy upon the people.
The wealthy, for the most part,
escape paying u fair proportion, the
planters and farmers hardly pay any
thing, and the burden falls principal
ly on those with limited and specific
salaries or incomes. Congress can
very well abolish this tax and ought
to do SO. Then there are other tax
cs on articles of general consumption
and necessity from which the masses
of the wol king classes ought TO be
relieved. In fact, our present reven-
ue system, which in part grew out
of the war, and which is not adapted
to times ofpeace, ought to be over
hauled and simpllfied. A tay on
whiskey and such other luxuries
should be as high as can be well col
lected; and here it is but just to say
that it is creditable to the admins.
tration that the internal revenue from
this source has been largely augmen-
ted since General Grant took the
reins Of government. In the matter
of expenditures we notice that those
of the War Department tho last fis.
cal year wore over eighty millions
This is moro than the whole expen
diturc the government for all pur
poses nine years ago and before the
war. True, it was nearly fifty mil
lions less than the year previous, i
the figures can be relied upon, but il
is thirty Or forty millions too much
for q peace establishment. We see nj
reason why hundred millions OF tax
alton cannot be taken of, if the ex
penditures bo properly reduced ant
economy practiccd, and still larg,
surplus left for the steady liquidation
Of the debt. We hope the Sccretar,
of the Treasury will make recon
mendations to Congress in accord
ancc with such views and facts, an,
that that body will act upon then
during its next session.
There is another important qucs
tion In connection with taxation an,
the financial condition Of the countr,
which calls for serious attention.
That is tho question of reducing tn
J interest on the debt, or, what woul
be better and amount to tho sam
thing, of taxing the bonds. The pres
J ent high interest is not only an enol
nous burden upon the people, but
paralyzes industry and progress b
the absorption of active capital an
! drains the country of specie to pa
foreign bondholders. As long Q
capitalists can get six per cont i
| gold or eight per cent in currency b