The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1870-12-15
VOLUME 29-NUMBER

nation, Is not usually very large. Out
side Of the Department, and in the
several States and districts Of the
country, the number of applicants for
local services, does not often exceed
three or four to each Office, and oeca-
sionally there are not more than two
who are really so presented as to be
considered in connection with the ap-
pointment. In justification of the
present tenure, and as a proper rec
OgnitiOn Of the services OF the officers
and clerks employed in this Depart
ment, l express the opinion that the
business, upon the whole, is not only
done in satisfactory manner, but
that it VIII compare in accuracy aud
efficiency, with the business Of the
country generally, which is carried
on by corporations or individuals.
TAXES AND INTERNAL REVENUE,
In my annual report Of December
last advised the continuance Of the
existing system Of taxation as an es-
sential condition to the success Of the
proposed loan. The circumstance
that war was declared between France
and Prussia simultaneously with the
passage Of the loan bill put it out Of
the power Of the Department to make
the negotiation, as had been expect
ed. The large revenues Of the Gov
ernment, however continuing without
material abatement until the present
time improved the credit Of the cOun-
try, enabled the Treasury Department
by weekly purchases to reduce the
amount Of surplus bonds offered for
sale, and contributed to depreeiate
the market value Of gold.
! also expressed the opinion that the
settled policy Of the country should
contemplate q revenue sufficient to
meet the ordinary expenses of the
Government, pay the interest on the
public debt, and from twenty-five to
fifty millions Of dollars of the prinei-
pal annually. The reduction of the
public debt since the 30th day OF June
last has been so great as to render it
certain that the total reduction for the
present fiscal year will exceed S6O, ,OOO,-
600. The natural increase of the bus
iness of the country during the next
Is months is likely to be such as to
show a surplus for the fiscal year en-
ding June 80, 1872, of about S4O,OOO,-
600. The principal of the public debt
on the last day of November, 1870, not
dedueting moneys on hand, was 81
as, ,673, ,O44 43; Of this amount $685.
269, ,237 OS was represented by United
States notes and fractional currency
not bearing interest. The banks Of
the country, acting within the author
ity Of existing laws, viii require about
S393, ,OO0, 600 of bonds to be placed on
deposit as security for their eircula-
tiOn. Should the present system of
furnishing q paper circulation for the
country, partly by the Treasury, and
partly by the national banks, be con-
tinued, or the entire circulation be
furnished by the Treasury or by the
banks, the credit of the United States
will be the security for the redemp-
tiOn Of the notes. From this view Of
the policy of the country, it follows
that about $500, ,O00,O 900 Of the Public
Debt will remain unpaid, existing
either in the form Of treasury notes in
without interest, or in
bonds, owned by the banks, and held
as security for the redemption Of their
notes; and that only about 81 SOC, ,OO0,-
900 Of the principal of the debt is sub
jeet to payment. The financial pros
peet, although highly favorable, Is not
such as to warrant important changes
in the revenue system Of the present
session of Congress; but should the re-
suit during the coming year meet my
expectations, it will be possible at the
December session of the XLIId Con-
Zress to make a very material reduc-
ton in the revenue without impairing
the ability Of the Government to make
payments Of the Public
Debt.
A PUBLIC DEBT A PUBLIC EVIL.
The reduction already made has
been advantageous to the country, not
Jnly in the particulars indicated, but !
IN other respects hardly less impor-
amt. There is much evidence tend
ng to show that no other event, since |
he conclusion of the war, has con-
so much to the diffusion of
republican opinions in Europe. The !
spread of these opinions stimulates !
emigration from Europe, and at the |
Iame time prepares the way for the |
Of free institutions on !
hat continent. Nor can there be any
ioubt that policy accepting the debt |
Is permanent would retard emigra-
ion from Europe, especially Of the
eading and rejecting classes. What
.ver arguments may be addueed, or
whatever theories may be advanced, |
he fact must ever remain that a pub
ic debt is a public evil. It is
burdensOme to the labor
ng classes, and it is therefore
n their interest TO provide for the
Onstant reduction Of the existing Ma
iOnal Debt. This policy will not pre-
-ent such changes in the revenue sys-
EN- from time 70 time as well equal
zed the inevitable burdens Of our
resent condition, and within q COM
,aratively short period the taxes may
,e removed from many articles Of
rhine necessity.
THE NATION PROSPEROUS
1t is the occasion Of satisfaction that
10 other nation ever passed through a
reat war with so slight a shock to in
ustry and business. Specific infor-
nation and general intelligence from
ariOus parts of the United States
how that all classes, and especially
he labOring classes, are in the enjoy
lent Of more than average prosperity
tested by the experience Of
his country or by the present eondit-
on of other nations. No reason can
,e found, however, in the favorable
Of public and private affairs
or negleeting any proper means for
and diminishing the burden
taxation, but it does justify the
that the nation can make
revision for the public debt in the
lanner recommended, without en-
arrassing its industry or retarding its
rOgress.
GEO. s. boutwell,,
Secretary of the Treasury.