The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-08-30

year, 70 inc RWO0ubu d S0oT0AAfsgA
But, in consequence Of tho superior
economy OF the present administration
. and It's more efficient collection and hon
est application of the revenues, there still
remained in the Treasury q larger current
gold balance than was required for the
ordinary public service. This excess, II
was determined to use for the public I'D
vantage instead OF allowing It to remain
idle in the Treasury vaults, as had beer
done by the preceding administration
This object could he accomplished with
entire safety TO the Government, and with
great advantage 10 the business interests
Of the country, by the application of the
excess over q safe current balance, TO the
purchase Of United States bonds, and
bonds were accordingly purchased to the
amount of $S4 $4,000. This sum, by Ill,
rection OF an act passed ut the recent ses.
sion Of Congress has been added to the
sinking fund which as stated amounts to
$123, 42O,1OO. The difference between
tthis and the ono hundred and thirty-nine
millions shown TO have been saved Is rep
resented by IN increase of the cash in the
treasury, with which several millions
more bonds were taken up in July and
August, and seven millions moro will
be during the coming month. These
redeemed bonds represent money
saved to the government; and Congress
may direct that they DO destroyed, or it
may direct that they be held as a sinking
fund and tho interest that would accrue
on them, II held by q creditor, be applied
to . further reduction Of the, debt But
the annual interest, amounting to seven
millions and half, Is in either event
saved 10 the government II the in.
terest Is collected it Is collected BY
the government The maintenance
of the sinking fund is therefore simply
10 pledge to the creditors OF the gov
eminent that q certain sum, equal to
the annual interest on bonds redeemed,
shall be applied to the reduction Of the
debt. This improves tho national credit
still further and aids US in borrowing
money at lower rates of interest TO take
up bonds drawing high rite, and is in
this way the truest economy. ..'.'
And now q word in reference to this
work Of refnnling the debt Tho cir.
cumstnnccs under which tho debt was in
Cured compelled the government to
borrow at a rate Of interest higher than
governments usually pay. 's
1t is believed there Is enough unemploy-
ed capital in this country and Europe
that mAy DO borrowed now, upon our i'm
proved credit, at much lower rates, to
enable Us to redeem the greater part OF
the Ok per cent debt The vigorous COL
lection and faithful application Of the
revenues, and the economical measures
OF the Republican Congress and admins,
tratiOn, have so rcplcnishcd the Treasury
and enhanced the public credit, that this
funding OF tile debt, ut u reduced rate Of
interest, is already possible, and to ac4
complish this desirable relief, Congress, at
its recent session, enacted q law for that
l!purposc. The new series Of bonds are,
under that act, being prepared as follows:
Annual saving OF Interest.
200, 600 600 al per ecnt 81 900 600
800 ,0W ii ~ per cent. 10000
200, 900 1t per cent. 20 10000
Total ANIMAL saving Of interest by re.
fundlnR........,".,.... 81, JO0,UVo
This annual saving of interest repre-
sents n capital of four hundred and forty
one and two,third millions Of dollars. and,
rs measure Of relief when accomplished
is equivalent 10 tho reduction Of the debt
10 that amount; and will he wholly due
to the restored confidence and improved
credit incident to Sagacious legislation and
vigorous and honest execution Of the
laws and INithful application of the reve-
nues-u reduction due, not 10 increased
taxation, but to the prudent and enlight-
ened craftsmanship Of the present admin
istratlon and, the. Republican majority in
the Fprty.tirst Congress. 4 Z
The greatsOving effected since Presi:
dent GRANT came into power, in the face
Of enormous reductions in the revenues,
has been due 10 honest and efficient nd.
ministratiOn. While the rates OF taxation
under JOHNSON were much greater the
sums that came into the treasury were
much less. The difference went to the
rings and thieves but so vigorously did
the new administration wage war on the
rings that they have been driven from the
field. A few figures will illustrate what
we arc speaking Of. During the last fl.
teen months Of JOHNSON the internal rev.
enuc receipts were $1Gl 1921 ,OSG. During
the first fifteen months OF GRANT, the
revenue receipts from tho same sources,
Notwithstanding reduction estimated at
f1rty.ivc millions n year WIS made under
nets OF March 81 and July 90, 1868,
amounted to sees, 1897 G3O-an increase Of
nearly sixty.seven millions or Al per cent. |
Then again 70 expenditures. Our
Democratic friends talk recklessly about
the enormous extravaganza OF the ex.
penditares under Republican adnfinistra.
tiohs, and yet aside from Tic inevitable
charges which the Democratic rebellion
fastened on the country, less money Is