The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1871-05-20

30, 1870, were As fellows:
E intsrn n rcyenne 50
Miscellaneous 1853
p.7iS.. year ACKNOWLEDGEMENTS H 55S, Il Il
Increase OF siOSl 80
Instead Of q reduction Of taxation we nd that
during the year ending the Both of June last
there was extorted from the people in the shape
Of taxes over $40000,000 more than during the
year previous; in fact, the exact increase was
$40, ,13O.42, very nearly 100000 per week.
Let US come down Elk months later and see il
matters mend. The receipts of tho national
government from all sources Of taxation during
the six months ending the LIST day Of January last
were $500, 1875, 351.35 The receipts for the cor.
| responding six months Of the previous year were
$199,246, 722 10. It is PLAN, therefore, that
there was no reduction Of taxation up to the lst
day Of January Of the present year, but, on the
contrary, steady increase. Nor is the future
| any more hopeful.
1t is estimated that the Both Of June next will
show that there has been raised from all sources
OF taxation during the fiscal year that ends on
that day, $ll0000,00O more than enough to pay
| all the expenses Of the government and the in
tersst On cur public debt for the year.
The unnecessary tax or excess over and above
the requirements Of the government, has been
about $lO0,0O00O0 per annum during the first
tive years of President Grants administration.
The extortisn of the third year bids fair to be
increased 100000 or more. And yet we have
official bulletins and speeches without number
showing a great decrease of taxation The
burden i. rendered all the more grievous by the
certain knowledge that the enormous amounts
thus extorted are not properly used.
Some days ago the treasury department fur.
nished the Washington correspondents with an
official bulletin, which was telegraphed to the
press all over the country. 1t stated that dur.
ing the first tive years of his administration
President Grant had reduced our public debt
1904, 154, 4lS.O9, and thereby decreased eur an.
nual interest burden exactly Is ,537, 461 most
ly in gold"
Now, in fact, there is scarcely truth enough
the whole bulletin for a foundation. Where it
is not wholly false the facts are distorted almost
past recognition The whole thing Is fraud
upon the taxpayers.
The real truth is, that up to the 9th inst, or
during the hrst two years and one month of his
Administration, President Grant has through his
secretary Of the treasury, extorted from the tax:
payers, unnecessarily, over and above the re-.
quirements of the government, the sum of
$2l1, 3i969S, which has been expended in efforts
to pay off eur national debt before it became
due, bat which has been SO badly managed that
really bsen paid
U to the present. time only $l25 1927 800 of
onr national debt has actually been paid, and
our annual interest burden has been decreased
exactly $I,5Ol ,656-no more and no less. The
money has been expended by Secretary Bout.
we'll as follows:
Premium on bonds bought. sls
Bonds bought for sinking fund. Is 1850
Bends paid special fund.- 800
Money exnendsd soI- 80 SOS
Only the amount Of tho special fund can be
regarded as the paid.up portion of the national
debt. The bonds purchased for the special fund
are at once destroyed, the interest stopped, and
the amount of the principal properly deducted
from the public debt
Every dollar, on the other hand, that is turned
into the sinking fund largely increases our bur.
don of taxation. 1t adis to our interest burden
the difference between simple and compound in.
terest, and practically doubles the principal.
Dnrng the past two years there has been paid
from the national treasury the sum of S6,S49, $50
interest on the sinking fund. In short, we have
been paying something over 100000 per year
compound interest on the paid.up portion of our
national debt the treasury electioneering bule.
tins all the while informing us that the interest
ceased the very instant the bonds were paid.
Secretary Boutwell, informs US in his last pub-
lie debt statement that he has paid $6S49, $50
interest on the sinking fund
On the other hand, Acting Secretary Richard.
son, in his official seotioneering bulletin, dated
Treasury department, April ), 1871, gives US to
understand that the interest has ceased on all
the bonds purchased, and that our interest bur.
Gen has been reduced %ll .537, 46l per snnum
Mr.. Boutwell, is for once correct, and Mr.
Richardson in the wrong. Tho reduction of oar
interest burden is but $7,501 $3.50 per apuum not
$l1, 537, 46l, rs he enormously states. If tho
$2l73A9, sos that has been unnecessarily extort.
ed from the Taxpayers and expended in the pur.
chase of bonds had been properly managed, the
reduction of interest would have been q per cent.
in gold on the whole amount, or $1,000, .SS
per annum. Through vicious legislation and
executive Encouragement it falls short about
half
We have opposed from tho first the Eolioy Of
excessive taxation for the purpose of paying the
national debt before it is due. 1t we could have
had our own way, the Whole $217,000,00 that
has been unnecessarily sxtorted from the tax.
payers would now be in the channels of trade
instead of the treasury vaults. where it is so
badly managed by Secretary Boutwell,. We have
characterized this extortion az tho policy Of the
administration. President Grant has encouraged
and sustained his finance minister in his opposi.
ton to every measure for tho reduction of taxa
ton. Had he exerted himself half as much for
the reduction Of our taxes as he did to forward
the questionable spheme Of annexiug st. Domin-
20, the expressions complained of would have
been long ago removed.
The por Indians are becoming civiliz.d. Five