The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-26
Financial Operations Of the Government
Questionable Statements Of Mr.. Boutwell,.

Financial Operations Of the Governments
Questionable Statements OF MIR. Boutwell,.
1t will be seen by statement OF the finan-
cial operations of General Grants administra-
ton, published in another part of the paper,
that neither Mr.. Boutwell's figures nor the
claims OF radical partisans are as reliable as
they pretend to be. One of the electioneering
lodges OF the radicals and one which the ad-
ministration orators are using a great deal
since they opened the Presidential campaign, is
to make it appear that the national debt has
been greatly reduced, while the burden of
taxation has been relieved and the government
has been very economical. This, in fact, is
one of the planks Of the Presidential campaign
platform on which the administration, Senator
Morton and the other leaders Of the party
rely. What are the facts, as shown
in the article referred to? The receipts of the
Treasury, from all sources, for the year ending
June 80, 1869, were 1910, 943, 74S. The next
year, ending June 80, 1870, they were
$4l1, 1885, ATT. The increase Of taxes or
receipts from taxes amounted. therefore, in
that year of General Grants administration
$40. 3l1, $50. Did this look like reduction of
taxation-like taking the burden off the people
The amount of taxes collected the first six
months of the present fiscal year-that is, up
to the 1st of January, lS71-was 5000, 19S, 351.
This exceeded the amount of the correspond
ing period the previous year, which shows
that taxation has been increasing and not
decreasing all along. Indeed, there has been
raised in taxes from an over-burdened people
over hundred millions year more than was
necessary to carry on the government, to pay
the interest of the debt and to provide for the
sinking fund. How can we believe in the
promises of a party to reduce taxation which
has all along been cheating the public by mis-
representation? 1t may be truly said of this
party that it imposes burdens grievous to be
borne and will not lift one even with the little
finger
And what is the pretext for this overwhelm-
ing taxation? To pay the debt, which ought
to be left principally to the future. The
present generation bore the weight and brunt
of the war, and has paid alreadya stupendous
sum in conducting that and in paying off the
floating debt. Twenty years hence the peo-
pie Of this country will be better able to pay
two hundred millions than we are to pay one
hundred millions. But the real object in
wringing such vast amount of taxes from
the people has been to get the credit of pay
ing the debt and to have on hand all the time
an enormous surplus fund for political pur-
10 sunpn oil, Ia 70 To-
and extravaganza with such stupendous
unnecessary revenue. Mr.. Boutwell, and the
adm inistration organs boast of paying
S204, 754, 4l2 Of the debt during the two years
of General Grants term of Office, and of
saving $ll,537,4 6l of annual interest to
the country. But we have seen by the figures
quoted that il this were true-if this amount
Of debt had been paid and interest saved-it
has not led to the reduction of our taxes. The
fact is not, however, as Mr.. Boutwell, states.
Over two hundred and seventeen millions have
actually been expended, but 1923, 52S, 94S were
paid for premiums on bonds bought and
SOS, 1893. $50 more for bonds purchased on
account of the sinking fund, as provided for
by law. This leaves only $l25, 027, 600 as the
special fund applied by the voluntary action Of
the Secretary to the purchase of the debt,
and, consequently, only saving of little
over seven millions and half of interest,
instead of gil, 537, 46l, as falsely represented.
II Ia useless to talk of honesty when the finan-
cial statements of the government are thus
garbled to cheat the public. No confidence
can be placed In promises to reduce taxation
and to practice economy in the face of the
facts we have presented. 1t would hardly be
possible for the present dominant party, which
lures and extravaganoe the last ten years,
10 come down TO moderate taxation and
economy.