Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-08-07
The cities, towns and plantations are
le following number of delegates:
REDUCING THE DEBT.

The exhibits which come from the ma
tional treasury every month, are evidences
of the fidelity with which the financial af
fairs of the government are conducted tina
the people appreciate. The last statemen
shows that the national debt was reduced
during the month of July $S,7O1 ,976
Differ as financiers may about the rate al
which the debt should be reduced, there is
no doubt about the genuine and general
satisfaction which is felt at knowing that
it is steadily becoming less. The two
years of President Grants administration
which have passed were a critical period
in our financial history. Up to his inaug-
uration the debt had steadily increased.
The war had been closed four years but still
the debt grew. To turn its course the other
way was the difficult task before President
Grant, and TO this he addressed himself
How successful he has been the figures
tell
During his term the debt has been re-
duced $242, 134, 40l, being an average re-
duction per month since he became Presi-
dent of more than eight million dollars.
And while the debt has been thus large
" reduced, taxes have been taken from
more than 10000 articles which enter into
use or consumption by the people, SO that
the aggregate annual decrease of taxation
for the last five years is $251 ,S4S, S27.33.
The economy with which the admins
tration has been conducted is seen in COM
pairing its expenditures with those of the
administration of President Johnson
Under the latter the expenditures for the
last eleven months of his term were $685.
CSC ,245.85; the expenditures for the first
year of Grant were 1922, 124, 052.1S;
saving of SGT, 532, 103.67.
And if we compare the expenses of the
government in the last year of Buchanan's
term with the first Of Grants, deducting
the expenses properly chargeable to the
rebellion, we find the following facts.
Expenses under Grant in currency $780,
SS2, 935.45; reduced to gold basis, the
premium being for 1s69-70 90 2-10 per
cent, the amount is $65,651, 1888 40. The
expense of Buchanan administration in
the fiscal year $500 was $63.025, 7S9. "a in
gold. Estimating the population of the
United States at 10000, 900, the expense
for the year of President Grants admins
tration ending June 80. 1870 is, per capita,
Sl.64 1-2; while for the year ending June
1860, with a population of 81, 400, 900, the
expense per capita is $2.o7, showing a
proportional expenditure of IS per cent.
less in 1870 than in 1860, upon the same
basis.
Notwithstanding that taxes have been
reduced SO much and the expenditures
curtailed. all permanent improvements, as
public buildings, Notifications, river and
harbor, have been amply provided for, and
the public credit stands secure.
Resting upon these unimpeachable wit
nesses to its financial integrity and ability,
the administration may defy the weak as
saults of the democracy, who are just now
astonishing the country with an example
of their financial honesty and ability in the
gigantic robberies perpetrated upon the
city treasury of New York.
The Belfast Journal says: each deserted
silent shipyard is a democratic orator. telling