Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-07-15

twenty millions -. ssi.s rnOntl, ofIun-s

Twenty millions y ne month OfJuI e.
The public dent statement for th
lolth of June. 1870. shows the large
eduction of the public debt yet mad
n any one month, the figures reachin,-
he magnificent total of $40, ,2O3. .TS4
Fnis magnificent reduction of the debt
| splendid tribute to the financial sue
:ess of the administration. 1t is, as faI
IS we have yet progressed. the eap-shea
lp N the work of reducing the publ
lebt, and enhancing the credit Of tn.
latiOn. 1t IS well for rs TO consider 2
ittle what the present administration
las done toward paying off the nationa
iebt, and the bearing which these fact
ave upon the legislation of Congress
''th regard to internal revenue taxa
ton.
me total reduction of the national
lebt since the present administration
anne into power can be most clearly ap-
,reciated from the following table:
>. bt March lst 69......-......s2 525,46s 2se
July lst, lS70.....;... 3S6 $685.
Total Reduction......,...........sIs9,IO4
In short, the public debt has been re-
luced during the sixteen months of Gen
numbers, ONE HUNDRED AND FORTY
dILLIoNs or DOLLARS, an average Of
nearly 1sf5Ee millions q atoutk, and at the
ate of 01ze hzlzdIed aud fFste millions a
ear. At this rate the entire debt would
Dc extinguished within about sixteen
years, if the present rae of taxation were
maintained, as of course every reduc-
ion of the debt reduces the annual IN
crest, and enables so much more of the.
tnnual income to be applied to the Iiqui-
iation of the principal. Frs
Another fact is preenant with teach
,ngs in this connection. The excess of
national receipts above national expend-
lures for the fiscal year ending june
10Th, 1869, was S4o,453i iI4o, three
f0zSrzhS of which was made during the
last four months of the year, while Gen
-ral Grant S. administration was in pow
er. This shows how very great was the
immediate Improvement of General
Grants administration over that of Pres
dent Johnson, both IN the economy of
the government and the honest collec-
ton of the revenue. The estimated ex-
cess OF. receipts over expenditures for
the fiscal year ending June goth, 1870,
was 500, 900, 900. But the figures show
that the administration has more than
made good the promise and expectation
furnished by this estimate, as the total
excess of receipts over expenditures for
this fiscal year just closed, even with the
present reduction of taxation, amounts
to S102, ,663 $50 over LF11e millions
more than the estimate which, when
Boutwell, made it last fall, was
denounced as extrayagant and inaccu-
rate by the Democratic press.
These figures are a sufficient proof Of
the magnificent financial success of the
present administration. They demon
strate economy and rsTenchmentin an car
rying on the government, and an unpre-
dented honesty and ability in collecting
its revenue. We need not 60 into de-
tails in the matter The country has
already accepted and recognized the
fact that the administration is collecting
the revenue as thoroughly, and reduC-
ing the debt as rapidly as possible, and
that it is financially a splendid success.
. CZe1eLznR- Le4a,eg