The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1869-07-30
Our Finances.

Our Democratic brethren in the last
Presidential campaign, were decidedly
"hard up" for an issue. II would not do
to discuss the issues of the war, for the
sword had settled them, from which set
Element there would be no appeal. Slave
~ was dead. secession was dead. both
killed by the administration Of Republic
cans. There remained but one thing 10
talk about, and that was, the great cost TO
the country as n legacy in getting rid of
the two gigantic evils. II would not be
healthy to directly deprecate the mourning
of the great debt, for the people would
not listen to ii. But loud-mouthed orators
were sent prancing up and down the land
to groan about the ruin Of our finances,
and that disastrous management was lead
ing us to bankruptcy! We met them at
every point, refuted their 'fllsehoodS, de-
clared our financial policy and declared
our faith in the integrity of Gen. Grant.
That the Administration have justified the
nations hopes and faith thus far. the fol-
lowing compilation from the public books
of the Treasury will show:
The actual expenditures for the last
year. less the repayment Of interest. has
been s320,5O0,OO0; receipts actual for
eleven months. $685.. 1851, 3i6-,June estim-
ated siO,OOO,OOO, giving a surplus of
S5O,OOO,OO0!
But the true surplus of the last year was
FAR more. Included in the above state
ment of expenditures are S7,2OO,OOO paid
in gold for Alaska, and SlS,JOO,OOO for
bounties. all Of which are now settled, eN-
ccpt about -. 100000. We may therefore
add S25, 200, 900. and we should then have
the probable surplus of the present fiscal
wear il we were under the same laws all
ministered i'm the same manner, and had
only the same population. The laws have
been improved and Andrew johnson has
given way 10 Gen. Grant. In addition Ia
these advantages over last year we have
the labor of 10 million and quarter Of adj
ditional population, spread over virgin
soil and enabled TO distribute their product
by means of 1000 or 5000 additional miles
of railroad.
The savings in expenditure rs compared
with last year are estimated at S2O,OOO,-
600 upon the army, 81 100000 in the Post
Office Department and S2O,OOO,OOO in civ
il and miscellaneous expenses.
The surplus revenue for the current iis-
cal year Is therefore well assured at $780,
100000, and may be S30,OOO.OOO more.
So Ear rs the internal revenue is concerned,
the whisky, tobacco and income taxes are
now being more fully collected than ever
before; the whisky tax alone yielding rev.
enue at the rate Of $50, OO0, 900 per annum
against only about Sl3, 000,0 900 in one of
the years when the tax was 80 per gallon.
If then the surplus revenue is To be
poured into the Treasury Mt the rate Of not
less than eight million and probably ten
million dollars per month, what is to be
the effect upon our credit? No law in
yolving decrease of taxation can posi-
bly, bc passed in time 10 prevent this sur
plus, even II il We're desirable. The ses-
sion of Congress does not begin practical
work until January, and any great changes
in revenue laws could only be enacted af-
ter months OF debate.
What will he done with this enormous
incomcp The Secretary of the Treasury
has already indicated his unwillingness tn
hold greenbacks in the Treasury for utc
purpose Of contracting the currency; his
only alternative is therefore the purchase
OF bonds. IL he shall elect To apply not
only portion Of the accumulation Of gold
and currency now in the Treasury, but
sS.OO0.OOO per month besides. To the pur-
chase of the comparatively small amount
of bonds now upon the market for sale.
the result can only b. the speedy advance
of our bonds to par In gold in the Europe
AN markets and n corresponding advance
in the currency price OF the bonds at home.