Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-07-22
Government Finances.

The fiscal year of 1S6S-69 has ended,
and that of 1S69-70 has commenced, un-
der financial auspices eminently encour-
aging to the American people. The ag-
gregate receipts, from duties on imports,
though not yet officially stated, are
known to amount to about SlS2, ,000, 900
in gold, of which $SS. .325, 756 were paid
balance of S93, 81, pa of gold receipts be-
yound gold interest paid cut during the
year, which is nearly equal to 500. .OGO.-
600 in currency. The receipts from in
ternai revenue. amounted to $I5S. .2S7.-
176 81, which. being added to the gold
receipts, gives total of S340, ,2s7, ,176 for
the last fiscal year. Adding to this
about $50. .0O0. 600 as accruing from the
sale of lands and other sources of income
We have an aggregate of 1910, ,2s7, ,176-
The expenses of the Government, inclu-
ding the interest on the public debt,
have been about S322, ,OO0,O 900. This
leaves an excess of receipts over all ex
penditures to the amount of S4S, ,2S7, 166
"a result very materially differing from
the calculations of Secretary McCulloch
and Commissioner Wells when the year
began.
As we showed last week, the net re-
duction of the public debt during the
fiscal year is $42, 452, ,524, of which sum
So, ,s67 ,282 belong to the account of the
Sinking Fund. 1t is, moreover, a
Noticeable fact that the largest part of
the surplus above expenses, and also
the largest part of the reduction of the
-debt-$36. AGO ,779-are traceable to the
four months of President Grants Ad-
ministration. This may be accounted
for in two ways: first, by a very con-
siderable retrenchment in the expendi-
lures of administering the Governments;
secondly, by an efficient collection, of
the revenue. The policy of General
Grant has been to cut down the former
to the lowest practicable mark, and in
any event to Keep them within the lim-
its of the appropriations made by Con-
gress; and also to see to it that the rev.
enues due to the Government are faith
fully collected and paid into the public
treasury. Reduced expenses and in
creased ofwhich doctrines
were announced in his inaugural mes
sage-constitute the reasons for the
condition of tle public finan-
ces. The revenue for distilled spirits for
the last year is nearly $26, 600, 600 in ex-
cess of what it was the year before; and
this increase is not due to an increased
rate of taxation, but to more vigorous
enforcement of our revenue laws. So
much has already been gained by a
change of administration and a change
of policy. I,fau 5,ts-isi1o.
Z Unless some unforeseen event shall
arise to alter the aspect of public affairs,
we anticipate that the receipts of the
Government for the current fiscal year
will be at least so, ,OO0, 900 i'm excess of
its expenses-thus providing for an
equal reduction of the public debt The
estimates as already made are $303, ,000,-
600 for expenses and S427. .000, 600 for re-
ceipts. We believe that, under the
policy pursued by President Grant, the
former will be reduced and the latter
enlarged, 40 as to give a much larger
surplus than that contemplated in this
estimate. There is no good reason why
the nation should not be steadily re-
duciDg it debt at the rate of fifty or sixty
millions each year. By this method it
will soon acquire such credit 18th at
at home and abroad that it will be
able to fund the unpaid .tiue-tUenty
bonds in new bond bearing or per
cent. interest. The present rate of in
terestis evidently too high, and might !
ere this have been reduced if the execu-
tive administration of the Government
had been in wiser and better hands. On
the whole we feel like congratulating
the President and the country upon the
prospect as now presented
General Grant has certainly made good
beginning, which is the first step toward
a good ending.-[Independent.