Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-09
FINANCE AND TRADE
OFFICE OF THE DAILY APPEAL,
MEMPHIs. September 8, 1870.

The Philadelphia SSe, in q recsnt num-
Der. comments on the speech of Alexan
der Dslmzr, Esq, late United States Cons
missioner of Statistics, delivered at 20
lumbus, Ohio, on the 18th ult, which is 3
telling and graphic exposure of the whole
financial policy Of the Radical party. Mr.
Delmsr dwells in facts and figures, which
cannot be coniradicted, and infiets hard
blows upon the party, which, after rob
bing the people, attempts to cheat and de-
ceive hem. The FIRST bubble which Mr..
Dslmar prieks, is the claim put forth by
the Radical orators and papers, that the
partyi in power at the present time, have
succeeded in paying of a portion of the
public debt, and so reducing it and that,
too, in a manner as II it were the FIRST adj
ministraHon TO make payment and re-
duction. To this claim, Mr.. Delmar re-
plies;
As to its claim in respect to the pay
meut of the public dobt, i have 70 reply,
in the first place, that a gradual reduction
of the public debt has been going on ever
since the fiscal year H65 6. AT the close
Of that year July. 1866 the pnonc deos
lana UN TINS NtAAA Il ANNN
administration means, viz; the written
debt OF the Government; the sum OF
bonds and Treasury notes, actually out
standing and unpaid) amounted TO ~
S7S 100000, as is stated in the last annual
reDOrt of the Secretary of the treasury,
lS69. page SID. On the lst OF july 1870
This debt. calculated by the same method,
and npon the authority of the last the
JuIy} monthly debt statement of the Sec
Rotary of the Treasury, was S2,54s,OO0,O00,
This Shows q reduction of S239, OO0, 600. OF
this amount, there was paid on 1n.lS66-7
the sum OF sci, O00, coo; and in lS67-S the
further sum of $50, 900, Oc0; altogether,
Sl47. 900, goo. The year 1878 was the last
complete fiscal year Of the Johnson-Me-
Culloch Administration.
During the following year, 1859, there
wss no debt paid of, buI, on the coatrary,
the debt was increased S20,0 600, GOO. MIR.
boutwell, did indeed claim that he had
reduced the debt somewhat; and this he
attempted to demonstrate by means OF an
arithmeticsl comparison, in which the
Pacific railroad bonds, the accrued inter
est made on ali the other bonds, and the
cash in the Treasury, we're so arranged as
10 make it so appear. But it was not the
fact: and the pretense set up was after
ward dropped when his annual report on
the finances was transmitted to Congress.
The present method Of preparing the
monthly QepI sLabbllbALs AANoAfoS 0AA
lar r~eprehensihle practice.
During the hscai year 1869 20, there was
psid OF the debt SIP, 00O, 900. Allowing
for the $4,000. 600 Of increase during the
nreyious yesr, the net result is S92,cOO.GO0
paid OF under Grant Boutwell, against
sI47, 10000 paid of unde Johnson-Mc-
CullOch.
So much for the claim of having first
reduced the public debt. When it is
stated tina even the amount that was paid
of this year was in consequence of laws
of taxation and appropriation which were
enacted under the JJhnsOn-MeCullOch
administration. and could not possibly
have been in consequence of any meas
ures enacted or practiced since that time;
the claim OF the Administration is shown
not only TO be baseless as to the merit of
having brought about the first reduction
of the debt, but baseless as to the merit of
having brought it about at all.
Mr.. Delmsr then proceeds to dissect the
assertion of the Radicals that they have
increased the resources, and at the same
time lowered the taxes. On these points
he says:
The other claim of the Administration
that the revenues have been increased
while the taxes have been diminished,
might be disposed Of Just as summarily
A. that relative to the debt. For IL the
reyeuue have been increased in conse-
auence of a lowering Of the rates OF tax
alton, tney could not have been increased,
in onsequenc of any lowering of the in
rates under the present administration,
seeing that be only law IN which the
rates had been lowered, and which has
been enacted since the Grant admins
tration, does not 90 iEto effect until some
time next fall. IL the revenues have in
creased in consequence of the tax laws
that occasioned such increase of revenue
must be credited 20 President johnson,
and not to President Grant. It annOt
seriously be meant that the assumed in
crease of revenue is the cause, and lower
taxes the effect; in other words, that the
taxes have been lowered in -nsequen
of the increase Of the For II
such be the case, and the increased rev.
enues are due as has been shown, not 70
any measures enacted unde Grants adj
ministration but to the measures enacted
under Johnson1s administration, then
the present lowering Of rates is 70 be
credited TO johnson. And even this low
ering of certain taxes, which only goes
into effect in the future, is more than
balanced by the raising of others; and
moreover was effected by Congress, which
in his respect ignored the recommends
ton of h administration, an admins
tration that has on all occasions been in
favor of keeping the taxes up, so as TO Sc
cure to the Treasury q surplus WhereWlth
20 pay off bonds; and IL by Congress
contrary to the recommendation OF the
administration, this credit OF the future
belongs to Congress, and not 70 the ad-
ministration. Both Grant and boutwell,
have again and again insisted that the
revenues ought to be kept up, that the
time had not yet cOme TO diminish them,
that it was desirable to pay of as much OF
b debt as possible, and that they needed
large revenues for this purpose.
mol what Is meant by the cunningly-
wordedc claim Of the Recommendations
the revenues have increased an conse-
uuenee of a better administration of the
laws.
In this claim we are asked to believe
two things. 1st. That the revenue have
increased. ID. That they have increased
in consequence Of the increased efficiency
in the administration Of the laws. Now
such is the nature of the second PROPOSE
lion, that should the hrst n be refubeus
il must inevitably share its fate and fall.
For if the measure Of increased efficiency
of administration is Increased revenues,
1t follows thai decreased revenue would
meet out only decreased efficiency of ad-
ministratiOn.
Very good. Now It happens that the
revenues this year $50 were sill, 600, 900,
and last year 1891, 600, O0O-while in 1883,
they were S4O6, COO, 600; in 1851, S49l ,O0O, 600,
and in 1865, 1853, 0OO.OO0. In other words,
that OF evenues under the Grant admin
istratiOn rave been much smaller than
they were before. So much for claim
number two.
Instead Of the financial policy Of the
Grant administration being strong in
point Of fact or application 30 the needs
Of the country, Mr.. Delmsr demonstrates
It is the weakest part Of the present ad'
ministration. SO weak as TO be entirely
ir~reparable; that it has so Numbered snc
failed In this administration, that nothing
short OF an entire change of men and
measures can help the country; and thai
the bold front which has been presented
by the Administration, has been affected
with a view TO cover up this organic in
capacity, and hide It from the people. II
this also they viii fail, and meet a dc
served defeat at the coming election.
FINANCE.
The money market tO-day was possibly
sbsde tighter than yesterday. It wa