The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1869-11-04
Result Of Economy I'm the Ad
LninlstPsLtiOn OF Government.

LETTER OF HON. DAVID A. WELLS.
The following is the letter of Hon,
David A. Wells, United States Com.
missioner of Revenue, to Hon. Thorn.
as H. Dudley, United States Consul at
Liverpool, in regard to our present f.
nanciaI condition and prospects, to
which reference was made in a cable
dispatch from London recently pub
lished in the newspapers:
TREASURY DEPARTMENT,
WAsHINGToN, August 19, 1869.
DEAR SIR: In answer to the in
quiry in your note of the 9th as to the
probable surplus revenue of the Uni
ted States which can be made appli-
cable during the current fiscal year
for further and continued reduction
of the public debt, will, in place of
giving you a direct and specific Opin-
ion, ask your attention to the follow
ing figures: The accounts of the
Treasury for the fiscal year which end
ed on the Both of June last have not
yet been fully completed; but enough
is at present known to make it cUr-
tain that the excess of receipts over
expenditures was at least $4,000, 900
i. e., receipts, S371, 900, 900; expen-
ditures, 1923, 200. .O0O.
AS no radical change in the laws
imposing taxation or in the business
of the country can be Immediately an
ticipated, we are warranted in beIiev-
ing that the above surplus will at least
be continued during the current year,
and we therefore assume it as the ba-
sis of our estimate.
To this amount must be added two
specific items Of expenditure provided
for out of current receipts during the
last fiscal year, which will not be car
ried over into the prt sent year, and
must therefore be reckoned as net
gain TO the Treasury, viz, $IS, 900, 00U
required to complete the payments for
extra bounties, and $7,2OO,O00 gold
equivalent to $9,5O0,0O0 currency
disbursed in payment Of the Alaska
purchase.
The present annual elasticity of the
revenue, or its increase from the in
crease OF the country in wealth and
population, will average at last
$40, 900, 900, while the gain from the
rigid system of economy inaugurated
by the present Administration, and
from a more faithful collection of its
taxes, will undoubtedly equal, and
probably exceed, S3O,O00,0O0.
The sum of the several items will
be found to be $4,000, 900, which
approximately indicate the amount of
surplus revenue which is likely to be
placed at the disposal of the Treasury
during the current fiscal year, and
made applicable for the further reduc-
ton of the national debt.
1t only remains for me to call your
attention to the fact that an annual
investment of Sl00 100000 at six p 4r
cent. in a sinking fund will extingu:sh
the entire principal of our debt in |, IS
than fifteen years; or if the contribu-
tion to the sinking fund be limited to
$50, 100000 per annum, at six per
cent, (and a smaller contribution than
this is not in accordance with pOpu-
lar sPntiment) the law will only be
extended to twenty-three years; and
between these periods you have, in
my opinion, the exact time when the
present public debt of the United
States will be extinguished.
1 am yours, most respectfully,
DAVID A, WELLS.
U. S. Special Commissioner of Reve
nue.. To Hon. Thomas H. Dudley,
Consul of the United States, Liver
pool.