The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1871-11-01

Total S37O,9l2, 747
The receipts for the fiscal year end
ing June 80, 1870, were rs follows:
Customs ......$I94, 1913 ,37l
Internal Revenue. lS5, l25, $50
LINUS ----.------ o'ooo'9o~
miscellaneous -. 2S, S37 ,76S
Total SAL ,255, All
Previous year. j7O,943,74
Increase of tax $40, BE, 730
"Instead of reduction of taxation,
we find that during the year ending
the both of June last, there was ex-
torted from the people, in the shape of
taxes, over 100000 900 more than dur
ing the year previous; in fact the enact
increase was s40,3l2,720 very nearly
a million per week. Let us come down
six months later, and see if matters
mend. The receipts of the National
Government from ali sources of taxa
ton during the SIX months ending the
first day of January, 1871, were $780,
l95,35l 35. The receipts for the cor
responding six months of the previous
year were sl99, 2l5,722 10. 1t plain,
therefore, that there was no reduction
of taxation up to the first day of Janu-
airy of the present year, but on the
contrary steady increase. Nor is the
future more hopeful. 1t is estimated
that the 3Oth of June next will show
that there has been raised from all
sources of taxation during the fiscal
year that ends on that day SllO,OOO,-
GOO, more than enough to pay all the
expenses of the Government and the
interest of our public debt for the year.
The unnecessary tax, or excess over
and above the requirements of the
Government has been about $lGO, O00,-
900 per annum during the first two
years of President Grants administra-
ton. The extortion of the third year
bids fair to be increased ten million of
NoAiutS 1Aha y U it&N e OiLSfSsi
bulletins and speeches without mum
Der, showing a great decrease OF taxa
ton. The burden is rendered all the
more grievous by the certain knowl-
edge that the enormous amounts thus
extor;ed are not properly used.
Some days ago the Treasury Depart
ment furnished the Washington cor
respondents with an official bulletin,
which was telegraphed to the press all
over the country. 1t stated that dur
ing the first two years Of his admins
tration President Grant had reduced
our public debt S2Ol,754,4I3 %, and
thereby decreased our annual interest
burden exactly $ll ,537 ,46l, mostly il
gold. Now, in fact, there is scarcely
truth enough in the whole bulletin fol
Il foundation. Where it is not wholly
false the facts are distorted almost pas
recognition. The whole thing is {
fraud upon the taxpayers. The rea
truth is, that up to the 5th inst, OF
during the first two years aud ont
month of his administration, Presiden
Grant has, through his Secretary of thu
Treasury, extorted from the taxpayers
unnecessarily, over and above the re
quirements of the Government, th'
sum of s2l7,349,69S, which has beer
expended i'll efforts to pay off our ma
tional debt before it became due
which has been so badly managed tina
only about half that amount of TIL
debt has really been paid. Up to til
present time only $l25, 027 600 of on
!, national debt has actually been paid
and our annual interest burden ha
been decreased exactly S7,50l, 756-n
moreno less. The money has beel
expended by Secretary Boutwell, a
follows:
Premium on bonds bought -. $23 ,528, ga
, Bonds bought for sinking fund. 6S,793, 5
, Bonds paid Especial fuud)- 80. 125 ,027 go
Money expended S2l7 ,34S, $50
Only the amount of the special fun
= can be regarded as the paid up porto
, of the national debt. The bonds pur
chased for the special fund are at ono
destroyed, the interest stopped and til
amount of the principal properly de
r Quoted from the public debt. Ever
dollar, on the other hand, that is turn
, ed into the sinking fund largely in
: creases our burden OF taxation.
:, adds to our interest burden the differ
ence between simple and compoun
j, interest, and practically doubles til
= principal. During the past two year
g there has been paid from the Nations
Treasury Ss,s49,75O interest on til
sinking fund. In short, we have bee
paying something over S3,000,000 pc
. year compound interest on the paid u
), portion of our national debt, the Treas
ury electioneering bulletins all til
while informing us that the iutere.
ceased the very instant the bands WEI
paid. Secretary Boutwell, informs I
e in his last monthly debt statement tia