The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-06-05
'rHC PUHLIC DEBT.

den, Grant was ingugurated. Under
his direction 1t strenuous effort has beer
made to improve the collection OF tbs
revenue ana TO reduce the expenses O.
tn" Government. This effort has beer
add largely by the unusual amount
0i InoDT;atlo -, on which customs dU.
GieS III" levied, and by the natural anC
UsI Al iuCrease of internal revenue re-
cripta az this season, SO that it is i'm
pc sible 10 determine exactly how
much OF the improvement in the con
dltiGn Of the Treasury is due to pureI
and more efficient Executive. But
there has been much to contend with;
new officers, without experience in
their duties, have taken high places OF
trust: and corrupt com b1natlOns OF long
standing anu great strength nave setI-
OuSiy delayed some proposed reforms.
Ga the whole. tie Improvement shown
is very remarkable, and the prospect
now is quite as good as the most enthu =
stastic friends of the new adtnibistra-
ton dared to hope when it assumed
power.
The debt of the United States, in ex-
cess Of the cash and bonds in the Treas
ury, including accrued interest unpaid,
hat not Including loans to solvent Tatl-
wy cuI'p.o!ea, was as follows:
On ipiU 525, 1875 ISL II
''h My 12ho':S ~ 90 ~ ~ ~
IN Jtns = 80, ii2'6l3 y
DiDiInuliUn-Juuel ...... ....."... l33Sl.777 81
This elimination is not merely appar-
eat; Not u Ulg.c flIc;U&tiOn Di accounts,
resulting from the varying amounts OF
Interest duo TO bondhOiders, as in the
equally favorable statements some
t.,.,r. given by Mr.. McCulloch. II IL q
r...:! Increase OF strength in the Treas
urV, after inukinG allowance for all the
adjusted claims outstanding. The debt
OF .hg nation has been actually reduced
almost twenty millions in two months,
IL rate which would eXtiuguish the en-
tire debt in Il Little less than thirteen
Tp,:>; or wnicii, il the revenues OF the
ua.!un wee diminished by he remis-
sion al taxes TO the amount of seven
inl!iiOEs Of dollars every year. would
siilI pXIin.uiGh The entire debt in TWEEN
t. one years.
Nothing further could be desired i!
the. present revenues of the govern
:GrEii were likely to be maintained.
Bat ~ point of fact this cannot be ex~
~ ,teG. Tine impoIt&t:ora Of the last
:p.! years have EeeH excessive; they
hLva been made possible only by the
market for our bonds in Europe; ard
uIIuUt lie continued when our foEe:Su
debt CeIGus 10 increase. Up TO this liuic
She falling OF hes attracted no atten-
,iou. The reported customs receipts at
this port for April. thirty days, were
s.. I3J, GOO: for May thirty one days,
:hcy were SO 3I4 600. showing IL decrease
10: thirty days Of $525, 900, But the de.
eros" il jl:v ;o.Hi coin receipts of the
'"r,aas,lry appears to have been much
more Important.
Titus the accrued and unpaid coin
Interest on May l, was Si5 COG, lG5. On
juno l, it wpa SOS t76 SOP. It has been
reduced 81 $50 CD. That ia to say, that
amount III interest was paid during the
month of May, IN eXcPsI of the whole
Il
which was $l03jl Gi2 The whole
i.!iIruHI Of interest paid out during May
~ - therefore SIG Oh 235. Mr.. Boutwell,
sold S. 600 Geo T.! c@in durinZ the month.
the whnl" o:nCunt OF gold paid ont liz
May vas therefore S22.944 $50, besides
thu warrants ioE the foreign and diplO.
matte service. But the coin reserve OF
the Treasury was S92. OBI .732 on the first
of May, and ISL $50, AG0 on the first of
june, showing loss of revenue OF
SIC. 142. 263. The difference between this
iuss and the known payments, or Sl2,-
1872, shows the whole receipts 81 the
Treasury in coin from all sources eX-
gppt private deposits, during the month
az May, above the cost of foreign ser.
vice The corresponding amount for
ADrII was SIG, $40 .IlI. SO that the falling
off in custnHIa for the month was not
less than So S23 442, or, making allow
':HCe for the additional day in the latter
.uaDtH, she falling Off is at tho rate of
all, 100 pee day, or S5l. $1,000 year. e
II IhcsT inf|rences are correct, the
government now has gold revenue,
after paving for liz diplomatic service,
u! hot more Than SIl1,350 every day, or
Sl5O 600 OG0 TeaT, and this is declining
rapidly, though perhaps temporarily,
Eut:oc he Grpfe ssion OF foreign trade.
Nov the annual gold interest on the
iuoded debt IS Si2i, 255. $50, SO that the
margin Ter reserve is already small,
H!'uU:d the decline IN the revenue be at
n:,'." arrested. Bu; Il the customs Gu
ties should st!ll further fall off within
!ew months OK Yeas, as some impOr-
Ie:s expect, 10 nearly Tie highest fig
UcGs rcuched before tho present paper
money initiation began, the margin
would disappear entirely. This cDnsid
erat;O:, may suggest doubts IS 10 the
wisdom 0: selling ANY more of the coin
reserve now i'll the Treasury. a lew
moro reductions OF it, at the rate often
millions month, would alarm a large
portion Of the public.
The decrease in tho gold receipts for
tie last month was more than made up
by the increase in the Internal revenue.
This increase seams likely TO be fully
maintained, at least fer ono month
longer, by the payments on the annual
list. Indeed, with an honest collection
ot the whisky tax, and a gradual in
crease OF efficiency throughout the SER
vice, there ought to be no serious fall
ing oil hereafter, and the internal
revenue for the first entire year OF Pres
ident Grants administration ought to
exceed Sl75, 600 COO. There is no doubt
that, even without any revision of the
tax laws, this department of the revo.
nue. may be still further increased by
economy and efficiency, so aB to COM
pensate for any probable falling off in
custom receipts.
Che main work of the administration
lies in doing this service. We cannot
e'peCt from any President OF any Sec
retury II return to specie payments, nor
even great progress towards such q de-
girable result, under the present laws.
On the other hand, we do expect from
General Grant and Mr.. Boutwell, the
fuihilmen OF their repeated and VOluu-
tHTy pledges TO purify the public ser.
vice, and to collect the revenues thor
ouGhly. II they do this, and avoid all
serious bluudeTs of policy, au,i AL tam.
perinE with the markets OF the country.
they Will prepare The way FOR :i:e sCon-
ton of sound aud efficient measures bV
the present Congress toy the resioratiuI
OF the currency, ard perhaps, iav tke
more convenient organization 81 the
debt.
Queen VIctOries
The Queen OF England, wEitca an
American in London, has so far yield