The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1870-09-09

q -
tlle withdrawal of the SIS, 10000 Of
three per cent. certificates, mainly
from localities having more than
z their propOftioH Of banking capital,
and the distribution ofa correspond
ing amount Of national bank notes
in localities wich are deficient. can
not fail to bring into use a large
I amount of now dormant capital, and
arouse and invigorate the energies
and material interests Of those sec
tions.
It's CaIue to the Government and the
People
I The direct advantages TO the Uni
ted States Treasury will be the pay
inent and cancellation Of $45, 10000
more of interestbearing indebted
hees, and to the people the annual
saving OF 81, ,362, 500 Of interest.
Inns measure Of simple justice to
the South and West, and of such
marked advantage to the whole
people Will be accomplished under
the wise provisions Of the statDte
without detriment to any section or
| interest.
u POSTAL SERVICE.
/ This, more than any other. tbs
peoples Department, which comes
! to all our homes, laden with vel.
come messages Of business or friend
ship, and with intelligence from
every cline, has been enabled, bv a
more exaetsystem of administration
and by the enforcement of "a rigid
economy and a strict accountability,
to perform largely increased and
more efficient service at a diminish
ed prOportionate expenditure.
The year ending June 3Oth, 1869.
only one quarter Of which came nm.
der the present Administration the
Expenditures were s2s.ess. .1sI so
Lhe receipts Is,344,5l0 -
The deficit s5s53s59 -
Since the Department has been
under the direction of its present
able head, there have been added to
the service as follows: 856 New
Post Offices; GIG New Money Order
Offices; 2,44s, ,44S miles ofannuaI in
land mail transportation-eoual to
ninety-six times the circumference
of the earth. And yet, with this
increase Of service, the estimated
expenditures for 1870 are but s25-
5Sl, ,093,-Only 81, I,SS2, ,961,5O. more
than was expended on the inferior
service in the year ending June Both.
1869. At the same time, the re-
ceipts Of the Department are rapidly
incEeasing-the ratio of expendi-
ture diminishing-to an extent.
warranting the declaration that
there will not only be no daheit Al
the close of the current wear. but
justifying the expectation that the
expenditures will fall. considerably
below the estimates.
PACIFIC RAILROAD BONDS.
The Bonds Of the Pacific Rail
roads are not included in the above
statement for the reason that tbev
are not debt due from the people.
at least at present, and probably
never will become so; but as thew
are a contingent liability the state
ment of their amount is herewith
presented.
On the first day of July 1870, the
amount of Pacific Railroad bonds
issued-including accrued interest
was 6,3S4,061, rs, on which the
amount OF interest advanced BY the
United States, and not yet reimburs-
ed by the Railroad Companies, wss
81, ,734, ,044,35.
But it is fair to state that these
are not liabilities which will ulti-
mately fall upon the Treasury Of
the United States; for the reason
first, that the property and fran
chises of these great companies are
pledged for the redemption Of all
the liabilities incurred by the o. S.
Government, and second, they have
already with their road scarcely
completed, and its business still un-
developed, repaid of interest. by
transportation for the Government,
the large sum Ct $2,1z5,756,16. It
Is confidently believed, that with a
line fully completed, and a devel-
oped domestic and foreign COM
merce, the remainder of their In
debtedness to the Government will
be adequately secured, and payment
of the same more easily made than
was the first two millions of dollars
during the progress Of the consrue-
tion of the road. ai ~ #e.
0fthe liability on account of the
Pacific Railroad, there was incur
red, prior to March 1st, 1869, the
sum Of $57,134,757,99; and, subse-
qUent to that date, the sum Of S13,-
9S3, ,368,14.
CONCLUSION.
BY the foregoing, among other
facts, will appear the fonoWing:I
deduction of AaRgQ5 Interest,
Annual saving of interest upon
principal of public debt paid,
about o4 a ss.5OO,OOOoO
Reminding at lower rate, con-
sequeHt upon improved credit 26,SOO.OOO 90
Interest on three per cent. CT
t1heates to be paid under cur ~,
rency act ya.,.E B.. I,S62,6o 90
Total annual saving of inter-
est when the new series of
bonds shall be negotiated $50, ,362, 600 90
Reduction Of Tares.
The internal taxes and customs
duties have, in five years,
been reduced to the amount
per annum Of s25l,S4as27 s5
.,... Expenditures.
Reduction Of annual expendi-
lures, as compared with last
year Of JohnsOn's administra-
tiOn s565s2,isa 81
As compared with last year Of
Buchaman's administration,
upon same basis, the annual gt.tl.
reduction per capita Is 80
cents, 100000 people s14.40O. 600 90
The efficiency of the service under
President Grant has been such that
upon a tax basis S45,000,OOO, less.
The collections have been increased
S66,5l5,953, 10 or Al per cent, and
ihe penalties for frauds diminished
IL per cent.
PrSv-irfny hoe baar y,aIa g. a.