The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-24

cratic press had everywhere hailed 1t with
exultation as a sure premonition of future
of national distress, discredit, and humiliation.
One year has passed, and with it the rule of
Andrew Johnson The Wholesale thieves
whom he installed in power over our great
Custom Houses with the lesser villains to
whom he largely confded the collection Of
internal revenue, have been dismissed to the
obscurity for which they should feel so CRATE
full, and Republicans appointed to fill their
places. The laws are the same as ever-there
has been no change calculated to increase the
revenue or essentially reduce the expendi-
tures yet the revenue is increased, while the
expenditures are reduced, so chat we are pay
ing off nearly ten millions per month of the
pTIacipdJ of our debt, after discharging every
current obligation, including the payment of
over ten millions per month Of interest in
coin.
Meantime, the general thrift is quite be-
yond precedent. We are building new rail
roads at the rate of some thousands of miles
per annum. We are improving and relaying
many old ones. in many cases with steel rails
We are erecting factories and furnaces by
hundreds, mainly in the West and South.
where they have hitherto been deficient. In
spite Of a TOO prevalent fondness for trade
and speculation, we are building many new
farm-houses and repairing old ones, as every
one who travels in whatever direction must
observe. More than this: we are making new
homesteads and farms out of wild prairie and
forest, with unwonted energy and rapidity.
Michigan, Wisconsin, Minnesota Iowa, Mis-
souri, Kansas, and Nebraska are growing as
new States have seldom grown, though hun
dreds of thousands are reaching beyond them
to Colorado, Wyoming, Idaho, Montana, Ne
vada, California, and Oregon. In spite of
our heavy debt, and of the formidable State,
county, city, and township war debts which
we are more rapidly paying off, this country.
including her States lately desolated by civil
war, is increasing its productiveness and
wealth as no country ever did before.
The achievement next in order is the fund
ing of the debt at lower rate of interest
We are now paying six per cent, which is en-
tirely too high for state of peace and pros
| perity. We made the bulk of that debt re-
deemable after five and within twenty years
expressly that we might, after the return of
peace, be at liberty so to fund it. We ought
| to begin the process of funding directly and
complete it within General Grants first term
If the Five-twenties could be funded in a new
four per cent, the saving in interest would
be some thirty millions per annum, which of
itself would extinguish the debt within life
time.
We trust therefore that the people will turn
deaf ear to all projects of essential tax re-
duction till the work of funding is complete.
To effect it, the Treasury must be in the re-
ceipt of large surplus, and must be con-
stantly paying off (not merely converting)
debt So long as it shall persist in buying
and putting aside or burning five to ten mil
lions per month, it will be master of the stu
alton, and may dictate terms to the holders
of its tive-twenties. Let every citizen who
believes in national honesty realize that
every dollar abstracted from the revenue
| now will cost MANY dollars in keeDino I'D the
interest of our debt, and the schemes of open
or covert repudiators to deplete the Treasury
by reducing taxation will be repelled and re-
ected