New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-23
OUR FINANCIAL TRIUMPH

One year ago, we were making no progress
in the reduction of our National DeOt, had
made none for months, and were nkely 10
make none for months to come. Mr. Alex
Delmar, the leading Copperhead Free Trade
statistican, had recently put forth a mani
festo, at the solicitation and with the emphatic
Endorsement of Messrs. Wilson G.. Hunt, Henry
Grinnell g. Co., showing, by elaborate cOmpu-
tations and marshalng OF long columns OF
figures. that there would be Treasury deficit
of $175,OOOOOO on the first day of this present
July. And as nothing but Rebel victory
ever exhilarated the Sham Democracy like
prospect of National Bankruptcy, The Horld
had surrendered many columns to Delmars
exhibit, and the Democratic press had every
where hailed it with exultation as n sure pre-
montion of a future of National distress, dis
credit, 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 obscurlty
for which they should feel so grateful, and
Republicans appointed to fill their places.
The laws are the same as ever-there has been
no change calculated to increase tho Revenue
or essentially reduce the Expenditures; yet the
Revenue is increased, while the Expenditures
are reduced, so that we are paying off nearly Ten
Millions per month of the principal of our
Debt, after discharging every current obligation,
including the payment of oyer Ten Millions per
month of Interest in coin.
Meantime, the general thrift is quite beyond
precedent We are building new Railroads at
the rate of some thousands of miles per an
mum. We are improving and re-laying many
old ones, in many cases with steel rails. We
are erecting factories and furnaces by hun
dreds mainly i'll the West and South, where
they have hitherto been deficient. In spite OF
too prevalent fondness for Trade and Specu-
lation, 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 home
steads and farms out of wild prairie and
forest with unwonted energy and rapidity.
Michigan, Wisconsin, Minnesota, Iowa, Mis-
souri,, Kansas, Nebraska, are growing as new
States have seldom grown, though hundreds OF
thousands are reaching beyond them to Colo
RADIO, Wyoming, Idaho Montana, Nevada, Cali
|
Debt and Of the formidable State, County,
| City and Township War Debts which we are
more rapidly paying of, this country, including
her States lately desoated by Civil War, is in
creasing its productiyeness and wealth as no
country ever did before.
The achievement next in order is the funding
Of our DEBT at q loWer rate Of interest. We are
now paying six per cent, which is entirely too
| high for state of peace and prosperity. We
made the bulk of that Debt redeemabe after
| five and within twenty years expressly that
we might, after the return of Peace, be at lib
erty so to fund it. We ought to begin the
process of funding directly and complete it
within Gen. 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 lifetime.
We trust, therefore, that the People will
! turn a deaf ear to all projects of essential Tax
Reduction till the work of funding is COM
pete. To effect it, the Treasury must be in
the receipt of q large surplus and must be
constantly paying off mot merely converting
Debt. So long as it shall persist in buying
and putting aside or burning Five to Ten
Millions per month, it will be master Of the
situation, and may dictate terms to the holders
of its Five-Twenties. Let every citizen who
believes in National honesty realize that every
dollar distracted from the Revenue now will
cost many dollars in keeping up the interest of
our Debt, and the schemes of open or covert
regulators to deplete the Treasury by reduc-
ing taxation will be repealed and rejected.