Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-06-22
THE TREASURY.

The following opinions from the finan-
cial columns of leading Western pa
per are those generally entertained in this
locality. All agree that the administration
has made good its pledges to reduce the
public debt, lessen taxation and promote
economy. but they also think that the debt
is now being reduced at the expense OF
the general interest faster than is necessa-
nv. The following is from the Chicago
Adrance a religious paper:
The first and most obvious inference to be
drawn from the present state of the treasury
is that President Grant has abundantly made
good his inaugural pledge to collect the rev.
enues fully, and disburse them honestly.
The efficiency and general Integrity of the
present revenue service cannot be doubted.
and the unwavering determination of the
President. Secretary Boutwell, and Commits
sioner Delano, TO prevent Sinking among tax
payers and thieving among tax-colleetors is
conspieuous--to some unpleasantly so. With
precisely the same or less taxation, and with
general business no whit more prosperous,
the revenue receipts in Grants first year ex-
ceed those of .Johnson's last by nearly sixty
millions, and expenses fall far below.
While we undeniably have an honest and
energetic administration, another thing is
made clearly our marvellous monthly treas
ury statements, namely, that our Congress, If
not rigidly economical in all things, at least
nobly forbears to increase expenditures in the
same ratio that receipts augment. A stand
ing, and valid argument against large rev.
enue surplus above the current needs of the
government, is that it furnishes an irresistible
temptation to extravagant legislation and leg
islatiye corruption, but it is only fair to say
that the present Congress, with an annual
Incorporated surplus of more than one hun
dred million dollars at its disposal. has stead
lily and materially reduced instead of increas-
ing the expenses of the government, even
cutting down the estimates of heads of de-
partments, who are themselves regarded as
rigid economists. We consider this a fact of
great significance and great hopefulness.
Frequently as we find it necessary to criticise
Congress, we take pleasure in doing it JUS
tice here. If it blunders it does not deliber-
ately waste.
From these hopeful aspects of the Situation
we are forced to turn to the unpleasant side
and to assure Mr.. Boutwell,, in all friendli-
ness, that the country cannot afford the lux
ury of his monthly balances. They cost toe
much for the good they do. They take the
lite-blood from the veins of business to make
the. treasury look ruddy faced. Two-thirds
of the present overgrown monthly surplus,
if left in the hands of taxpayers and in the
channels of trade, would often make just the
difference between comfort and hardship
case and embarrassment, business activity
and business depression. The holders o.
our unmatured bonds do not want their mon
cy, and the canceling of one hundred millions
of our debt each year will not help our credi
abroad half as much as the basis Of that cred
it-national prosperty-will be injured by
the present weight of taxation.