Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1870-10-05

What Is that2 we mean Dy unu-
ing bill, bill by which we will be
able to reduce the rate Of interest on
the public debt. Our bonds now draw
six per cent. and five per cent. We
could not get money at any less rate
during the war, but the time Is come
now when we think we can borrow
money at lower rates. How do we
propose to do it2 Not by violating
the contract by trying to swindle our
creditOrs-the men who loaned their
money to the gOvernment-but by an
honest and legitimate method, such
as has been praeticed by every honor
able government in the world. We
passed a bill authorizing the gov
ernment to issue three kind Of new
bonds. First, bonds to the amount
Of two hundred millions, drawing
five per cent; second, bonds to the
amount of two hundred millions,
drawing four and One-haif per cent;
third, bonds to the amount Of one
thousand millions, drawing four per
cent. We authorized our Secretary
to sell these bonds, if he can, at par.
If he can sell a bond at par that draws
only four per cent. interest, then he
can take the money he gets for that
bond and buy with it another bond
that draws six per cent, and thus
save to the government two per cent.
per annum. If he sells bond draw
ing four and One-half per cent, and
buys a bond Of like amount drawing
six, he saves to the government one
and one-half per cent. per annum.
That is what we call funding the debt,
and we propose to put the debt into
new bonds that draw a lower rate Of
interest, by which we can save from
ten to twenty millions per annum.
Do you not think that is a good pur-
pose? We have been trying to get
such bill for two years. We have
got one secured; 1t is signed it Is the
law of the land tonight. And yet
this bill could not secure the vote, so
far as know, Of a single Democrat,
although they have been complaining
so much about the great burden Of
interest the people are paying. They
complained about our paying interest.
They want to stop the interest by
paying off the bonds in irredeemable
paper money; but when we get an
honest, honorable and proper method
of putting down this interest, and
reducing the expenses Of the govern
ment, it is not able to secure the vote
of a single Democratic member or
Senator. No. They talk about these
things, but when the time for action
comes-when the time to accomplish
it cOmes-they are not there.
So much, then, in regard to the
Funding bill. We expect that we
shall fund this debt. We expect that
we shall be able to sell low priced
bonds and buy up those bearing a
higher rate of interest, and thus save
millions every year, until the whole
debt is finally funded, and the money
thus saved in the way Of interest can
be applied to the payment Of the
bonds.
REPUBUBLICAN HONESTY - GRANTS s
AND JOHNsONis ADMINISTRATIONS
CONTRAsTED.
Now, the question may present
itself to your mind, how is it that we
have been able to repeal eighty mil
lions Of taxes? Why was that not
done before? You have had Repub-
lican Congress all the time why
could you not do it before? ? 1 viii
tell YOU. We have had Republi-
can Congress, but not a Republican
administration until the last sixteen
months. The last three and one-half
wears Of President Johnsonis admin
istration was as thoroughly Demo
cratic as was that Of James Buchanan
or franklin Pierce. want 70 tell
YOU how we are able at this time to
repeal eighty millions OF taxes and
still have surplus money coming into
the treasury. First, by economy
by reducing the expenses OF the gov
ernment, and we reduced them, as
compared with President JOhnson's 8
administration, over fifty millions OF
dollars. They have been eurtailed
here, and eurtailed there, and in the
other place, and the expenses OF the
government have been greatly re-
duced. Then we have gained large
amount in another way-by the non
| est collection of the revenue. wish
to show you a statement l obtained
from the Secretary Of the Treasury
only three or four days ago. saw
Mr.. Boutwell, the day before | started
from Washington, and asked him to
send me a statement, over his own sig
nature, as to the amount OF the gam
by the honest collection Of the reve-
nue. since General Grant came into
power. Here it is, and I shall read 1t
to you:
TREASURY DEPARTMENT.
WASHINGTON, d. c., July 9TH, 20.
Hon. o. p. Norton
In reply to your verbal inquiry l
/ have the honor to state that there mas
been an increase Of thirty-twO mil
lions six hundred and seventy-hYe
thousand dollars in the Internal Rev
enue receipts during the first sixteen
months of President Grants admins
tration, as compared with the last
sixteen months of President john
sons administration
There, you have it. On the same
rate of taxation-even with less, be-
cause under JOhnsOn's administration
the tax on whisky was two dollars
per gallon, while it is now fifty cents
per gallon, we have an increase OF
more than thirty-twO millions in the
receipts of Internal Revenue in six
teen months. Mr.. Boutwell, gOes'On
"And an increase of nineteen mil
lions four hundred and six thousand
nine hundred and fifty-three dollars
in custom duties for the same period
and upon the same comparison, max
/ ing an aggregate of fifty-one millions
/ four hundred and eight thousand six
hundred and ninety dollars"
Just resulting from an honest al
ministratiOn When you add this to
what we have gained in the way Of
economy by reducing the eXpendi-
lures, you will understand how We
are able to reduce taxation eighty mil
| lions of dollars by one single blow.
I read again from his statement
"The decrease of the public debt fol
the last sixteen months is one hun
dred and thirty-nine millions one
hundred and four thousand six hun
dred and sixty dollars"
THE WAR DEBT MELTING AWAY.
Since Grant came into power, and
up to the 5th day of July, nearly one
hundred and forty millions Of the
public debt have been paid off, and
have lust got a dispatch showing thai
up to tonight the public debt vii!
have been reduced over one hundred
and forty-six millions since Genera
Grant came into power, while during
the last sixteen months Of President
johnson being in power only eight
millions of reduction was made, or
little over; certainly less than ninG
millions. At this rate the public deb
will be paid off in less than fifteeI
wears. 1t is true you have all beer