Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-04-08
month and $50 600. 900 a year.equal
to the interest on et, 900, ,0OO, 600 Of

]
to the interest on et. 900, ,00O, 600 OF
the public debt.
1t is not necessary to go into {,
detail to show how this reduction of
expenditure has been brought about
The figures themselves are the best
evidence of what has been done.
They show that there has hcen an
| earliest effort, which has been emf
nently successful, to rctrench the
expenses Of the Government and
carry 1t on economically Over ST.
100000 hate been saved in the re.
dnccd expenses Of the collection Of
internal taxes alone under-lts pres
,nt management
All the heads Of the Departments
are united in the determi nation with
the President to reduce expenses
and rctrench abuses in every posi-
hlc form, and are working earnestly
to that purpose and to accomplish
that end.
! am in hopes, from the spirit
manifested in this House, that the
expenditures Of the current year
will be much less than those of the
last. Justice to the people requires
| that wc should also scrutinize care
fully every item of expenditure, and
impose upon our constituents no
greater burdens than are absolutely
necessary to carry on the Govern
ment and preserve the public faith
plighted for the public credit.
have shown, Mr. Chairman. in
the first yeas of President Grants
administrations las compared with the
last year of johnson an
Excess Of receipts of $a6, $50 05
Add for II months u dccreasc of
expenditure amounting to SIS, ,l39, ,9S1 a
Total saving SsI $50 56l 40
And how has the money thus saved
been applied? The monthly debt state
ments show. In the act of February
20. 1852 which created the iive-twcnty
loan. that loan which attested the faith
OF our people in the national existence
and saved the life of the Republic.
there was provision requiring Il sink
ing fund to be created for the cXtinc-
tion of the public debt. to which should
be applied annually l per cent. OF the
amount of the principal of the public
debt. This provision of the law had
never been attempted to be enforced
until the present Administration came
into power. During the war, when
new loans were being constantly called
for. it WAS impracticable to comply lit
orally with the law; but it WAS not at
tempted by the johnson administra-
ton.
1t is we'll known that when Mr.. Bout
well took charge of the Treasury port
folio this sinking fund existed only i'm
the law and not in fact. but he promptly
proceeded to carry ont the law; so that
there is now in the Treasury. as shown
by the statement of March !. 1870,
bonds to the amount of SIOO.G59.292 81.
counting both principal and accrued
interest TO LIST Marck. for the benefit Of
the sinking fund. The tables l have
already presented show the reason why
the Secretary has been able to secure
this large amount of bonds and practi-
caify To extinguisll this amount of the
public debt Ii We examine carefully
the public debt statements of March |.
1869. and March !, 1870. we still find
the actual decrease OF the public debt
+. t.
If to this sum we add the accrued in
tcre>t tincludcd in Mr.. Boutwells but
omitted i'll Mr.. McCullOch's statement)
and the premiums on the bonds pur-
chased for the sinking fund we find
the actual reduction of the debt to he
Sl059I9,l95 &c. Another thing is
worthy of notice. On March ], 1869,
gold was 13l; on March !, 1870. it was
Ill. and our bonds in Europe about
par
Surely the Republican party can be
satisfied with this exhibit and record
The Government has been one Year in
its hands. and the public debt. without
increased taxation, is reduced $lO5.OO0-
600. With such results in one year We
may confidently expect in the future
such il gradual reduction of the debt,
and its funding ut u much lower rate
OF interest on long time IS to greatly
relieve the burden of taxation from the
people.
This price of the nations life must
every dollar be pail. But. in my j,ldg-
ment, it is not good policy to continue
the present taxation to reduce the debt
SO largely as during the year just
clased. l would pay off much smaller
sum. and to that extent relieve the peo-
pie from taxation. This generation
has already Sustained heavy burdens
to save the life of the nation. Let the
next one, which will be much more
numerous and wealthy. pay off the
greater part of this great public debt
incurred for their benefit as well lis
ours. l wonld reduce the ctistuiil's
revenue ut least $4,000 600 and take it
from articles of necessary and common
use. as much as possible. not produced
in this country; and rptlurS the inter-
nal revenue ut least $3D.UO0.0OO. abol-
ishing most of the special taxes and
also many of the staiitp duties upon
small contracts and fiOtcs and receipts
But, Mr.. Chairman. do not intend
now to discttss questions of tariff or
taxes or finance. only desired to pre-
Sent these general facts as to the man
her Iii which the Republican party has
So far redeemed its plighted faith with
the people. and to chow that it can be
trusted for the future. and that the
interest of the people are safe in the
hands of this great party and that it is
worthy Of their confidence.