Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1869-08-07

/ Inc ''yroWia from wall street, utter
ed IN consequence of the application Of
surplus funds from the United States
Treasury TO the liquidation Of the public
debt, and the consequent enhancement
of the value of Government bonds MS
well rs decline OF premium on gold,
are rc-echoed in the London Star. Speak.
ing of the United States Treasurer's
purchase of bonds, il says:
"The purchase Is fairly made ni public sale
but whether Congress was wise or not in pre-
scribing this use for surplus money Is more
than doubtful, The taxation. brings more
money into the Treasury Golfers than the Gov
ernment requires for the business OF the coun-
try; but can any one suppose that the present
rate of taxation will be endured for many
years longerS Could not the Government Gis-
pense with n part of the surplus funds said to
be pouring In this year, and Tighten the burden
which the people have horne SO hong almost
without a murmurg That policy Is better
worth a trial that empirical schemes for "wip.
| ing or the national debt Mr.. McCuloch al
ways refused to buy in bonds for the sinking
| fund, and VIC scarcely know on what expert
ence Mr.. Boutwell, founds his new system
But what other course could have
been taken by the Secretary of the
Treasury I? ~. a..-. ...-.
In accordance with kt,c, the receipts Of
Government amount to given sum, aud
the expenditures have given limits. II
the former are in excess OF the latter,
would it be more judicious to retain that
surplus in anticipation of large taxa.
tiOn in the future than to apply It to the
payment of the national debt, and thus
reduce the current expense of the Gov
ernmcnt on interest account?" .
When the question of taxation shall
be again brought up in Congress, the
policy pursued by Secretary Boutwell,
will furnish two very important facts on
which legislation will be founded first,
the revenue of the past year was greater
than was necessary to meet current ex-
penses ard second, the expenses of the
| Government for the future will be less,
in consequence of portion of the inter
ost-bcaring debt having been paid.
Two other facts will alsu be considered
first, in proportion as gold aud bonds ap-
proxmate each other in value will the
revenue paid in gree,abacks be enhan-
ced and second, the rapid prosperity
and development of the country, especi-
ally the South and West, will largely in
crease the revenue at given rate. .0It
| With these facts clearly established
Congress will lessen the burden of taxa
tion by appropriate and much desired
Legislation.
Again, it is understood that offers have
already been made by foreign bankers to
loan the Government vast sums of gold
at five per cent, so great is the conf
denee in our securities I; which, who will
say is not greatly due to the fact that
the act OF Secretary Boutwell, has de.
monstrated our ability and aoiNing,,esS
to meet our outstanding liabilities p
And not only has such offer been made,
but it IL pretty evident that loan may
be negotiated, if deemed desirable, at
four or four and half per cent, SO that
it is within our reach to effect an ar
rangement that will very largely reduce
Cur .intcrest accoum," and thus still fur
ther lessen out current expenses.
But what stronger proof of the wis
dom Of the course recently pursued by
Secretary Boutwell, could be- furnished
than that given by the present condition
of the market for Government securities
and by the price Of gold? Bonds have
been steadily advancing and gold dcclin-
ing, while in Europe we have quota.
ton of s34 for tivetwenties, equal to 9l /
in specie at ten per cent, exchange. Not
only has this result been attained, but a
movement In the current of valuations
has commenced which bids fair to bring
bonds and gold to an equality, and that
within short space OF time, if the Sec.
retary has the courage to preSNerc in
the policy now working SO admirably.