The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-10-13
[FRoM OUR OWN CORRESPONDENT
WASHINGTON, October 10.

NAV have been failures in some instances, but
the economy of his administration and the
great reduction of the public debt, will make
it triumphant" more shameless electioneer-
ing fabrication was never published from the
hustings What are the facts and figures
about the public debt? Any child versed in
elemental arithmetic can do the sum and ex-
pose the humbuggery of their so-called debt
statements Here it is: On the lst day Of
November 1867 the public debt, as it appear
ed on the books of the treasury, was 50, 49l.-
| 5O4, ,450; on the lst Of October, 1869, it was,
according to the debt statement just out,
50, Ale, ,962, SOL Now the actual reduction, in
nearly two years, it will be seen, is just sl5,-
542 S49-most of which occurred during Presi-
dent JOhnson's administration, even when the
bounties were being paid and Alaska was pur-
chased By throwing out the SCI, lSO,32O of
Pacific Railroad bonds, which the government
issued to the various roads, and for which 1t is
Just as responsible as it is for the 520s of 90,
Mr. Boutwell, makes it appear that since
March lst the public debt has been decreased
$50, ,9GS. .lS7 80! when the fact is, that in that
time it has not been reduced cent. OF course
it has been decreased in some particular
months, but placing the governmo Mt Pacific
Railroad bonds with the principal of the public
debt, where they belong, there has been no
actual reduction in all that time. The question
is not how much has the debt been reduced in
eight months, but how much has it been re-
duced in the years in which the Secretary
,t.t1,o Lit Lo1o, IL, Cor
ly, November lst of each year? From Novem-
ber 1st 1867, to October lst, 1869, the decrease,
as shown, is some fifteen and a half millions;
but on November lst, three weeks hence, some
fifteen millions Of coin will be paid on the 5-20s
of 1862. Debited from the decrease of the
debt, how does the Treasury stand any better
on November lst, 1869, than 1t did on Novem-
Der lst, 1867? But aside from all this, Mr.. Nc
Culloch did better than Mr.. Boutwell, has done.
The eX-Secrctary always included the govern
ment Pacific Railroad bonds in the statement
Of his debt, and yet, in one year from Novem-
ber 1st, 1866, to November lst, 1867, he reduc-
ed the debt exactly $5s,sO5,555 72 1 have
taken the above figures and dates from the
books of the treasury, and been careful there
In. Let them he answered.
Some of the wealthiest and most public
spirited citizens IN Washington have entered
in good earnest upon movement for an in
ternational exhibition here in 1871. A few
weeks ago a set of adventurers got up SINH
lar project, whose only purpose, it was soon
evident, was TO provide offices for themselves
and get their salaries paid, by contributions
from citizens, until an appropriation could be
worked out of Congress. Responsible parties,
rather than see the question of great cXposi-
ton brought into rldicule, stepped forward
and have secured an effective organization
The work has already been planned on large
scale, and ifit fails of fulfllment, it will not
be for want of proper effort expended In the
right direction. Last night committee re-
ported q plan TO charter company by Con-
gress, with capital of one milliondollars in
shares of fifty dollars each. II is proposed
that all this stock shall be taken in Washing
ton. The committee seem to admit the force
Of all the objections made against holding an
international fair here-such as the absence OF
railroad facilities and the proper hotel accom-
modations, the high price Of mechanical labor,
&C., and the fact that the fairs held at New
York, London and Paris have been failures in
a financial point of view. l asked to-day q
protector what the object of this fair really
was? He replied, ITO put Washington fifty
years ahead" Let o million dollars be sub
scribed to establish cotton factories or The Po-
tomac, and the benefit will be greater THAN q
fair.
There is something to be gained in the sta
bility of taxation, even if tits otherwise bur-
saensome, and Ii am, therefore, pleased to write
that the Secretary of the Treasury intends TO
turn deaf ear to the many appeals made to
him for recommendations to Congress for
changes in the rates Of taxation. Most of
these are to reduce the tax on manufactures,
increase it on whiskey, and put it on cotton
The Secretary will not advise that tax be
levied on cotton, or that the tax on distilled
spirits be disturbed. In his annual report he
will advocate the continuance OF the impor-
tant features of the internal revenue laws, un-
til, by fair trial, they are found not to meet
the expectations of the government. He says
that the trouble heretofore has been that suf-
fcient time was not allowed to test the practi-
cability of the laws before Congress stepped
In and made radical change. But no matter
what Mr.. Boutwell, may recommend, the pres
sure from the country for reduced taxation is
so great that many bills will be introduced at
the coming session, endeavoring to tighten the
taxpayers burdens. hear of several bills to
reduce the income tax from five to three per
cent, and, Judging from the feeling last win
ter, they will have great strength in the
House.
Mr.. Sprague, of Rhode Island, has spent his
time proftably during the Congressional re-
cess, and will throw down the glove again TO
the Radical Senate in December. Messrs. An
thony, his colleague, and Wilson, Of Massa-
chusetts. will receive his special attention;
while he will make general onslaught On the
financial policy and corruption of the Republi-
can party. Mr.. Boutwels gold-selling and
bond-purchasing policy will be earnestly oppos-
ed, and its defects shown up. Towards the
close of the last session, under the advice Of
Wilson. it was agreed that the Radical sena-
tors should take no notice of Mr. Sprague's
speeches, but they were soceustically cut up
that this understanding was hastily abandoned.