The New York herald., 1871-05-05

IL unuerStOOu that tne ScCrctary Oi tne treasury
has reconsdered hts decision to authorize, once
twice month, for electioneering purposes, his
wonderful comparative Statements /" showing
rapid reduction OF taxation. increased income and
accelerated payment OF the public debt. The show
ing up Of his efforts In that direction in last Wednes
days HERALD, was terribly disc0uragtng.
BROAD DISTINCTION.
1t Is well that the people should understand the
difference between the records OF the Treasury De.
partment and the oirlcla eectioneering bulletins
and monthly debt statements issued therefrom.
The records are made up daily from the results OF
the labor Of as many thousand pair OF hands are
employed In the department, including OF course
the Internal Revenue and Customs Bureaus Tne
daily labor OF this army OF officials Is dbvetalled
together and forms the records Of the department..
Colusion Is impossible among so many. The
records therefore, are absolutely correct and reli
able.
The onlcial Treasury bulletins and monthly debt
statements are, on the other hand, not In many
spects, correct or reliable They are made up by Q
single clerk, with the aid, perhaps Of one or two
copyists, OF isolated statements their con-
texts distorted facts and absolute msstatements.
They are made up for electioneering purposes-m
fact TO deceive the people into the belief that taxa
ton is reduced the public DEBT being paid or at the
rate OF 500 900, 20 per and interest bur.
den reduced In proportion. All Of which is false.
There has been steady increase In the amount
OF taxes collected annually during the entire period
OF President Grants administration; the public debt
is not being paid as rapidly as the statements pre-.
tend, nor is the interest burden reduced 70 the ex-
tent claimed.
AN HONEST STATEMENT
The statements In relation to tins subject published
in Wednesdays HERALD is q fair ana honest tran
script OF the Treasury Department records. Turn TO
n IA firap fpr and
you VIII ind the receipts OF the national govern
men from all sources OF taxation for that fiscal year
were $3.50, CAB TAI On the third page OF the repOrJ
for the year following 1t VIII be seen that the re-
ceipts for that year amounted to SAIL 255,477 show
Ing an actua, increase 60 Of receipts from oil sources
ministraton. In fact there has been a constant
increase in receipts from taxes ever since President
have been particular to give the page and date
of the Treasury records, 80 that any one who likes
can see that the HERALD gives a fair and honest
transcript garbled distorted facts like those
put forth IN the electloneering bulletins.
A VERY SINGULAR OMISSION.
In making up his monthly debt statement Secre-
taiy Boutwell, 0mits very Important fact-the most
important fact OF all. scarcely know how 10 char
month.
on tine back Of the monthly debt statements there
Is printed statement Of bonds purchased by the
Treasury Department, sinking and special funds.n
The statement Issued on the lsL inst. showed that
mp to the 10Th OF last mouth Secretary Boutwell, had
purchased for
THE SINKING AND SPECIAL FUNDS
exactly $lo6 $40, $50 United States bonds, at cost
TO the national Treasury OF $2ls,08s S4a, pre-
MUM paid to induce the holders to give them up
before maturity being $ or over twelve per
lnis Is explicit il not satisfactory as far as 1t goes
II Is clearly understood that we have been taxed
over 600 to pay OH less than $751; 0O0 n
deDtedness. That much Is 1ully, clearly ana OH
clav stated.
Now, 1t would be equally or far more interesting
10 know II the Interest on the bonds paid at sucn
sacrifice is stopped, or continued To De paid at q
higher rate from the national Treasury. Does the
Secretary Continue pay interest on any portion Of
the paid up national debt II 50 Ehat portions
is to all intents and purposes creditor OF the
United States-iite less, II any, rapacous than the
national banks. Five-twenty bonds paid In ful and
turned into the sinking fund nevertheless practt-
caIiy stand charged against the United States Under
law OF Congress approved July IA, 1870, an amount
equal 10 the compound interest on their lace con-
tlnues 70 be appropriated from the National Trea.
sury and paid. 70 De sure, tue interest money thus
paid Is used eventually for the further reductlon OF
the public debt; but 1t Is the less OF burden on
that account. The people are taxed TO pay the
principal OF and premium on bonds 10 create the
sinking fund.- and after IL Is created they are taxed
to pay compound interest OH the entire amount
turned into II. Our nigh officials do not like to have
the nature oi this Institution very generally KNOWN
and no wonder
THE SPECIAL FUND
Is quite another Institution. Bonds purchased for
this fund are at once destroyed. memorandum OF
the amount Is entered upon the books at Treasurer
Spinners bureau, and the interest them forever
stopped. Every dollar aud twelve cents that MIR.
Boutwell, expends to increase TINS fund reduces the
public burden six cents per year.
This IL not much TO Drag Of but II Is the best fea-
ture OF President Grants financial policy that can
be discovered. There ought be any surplus In
the Treasury to be disposed of-in this or In any
other manner. Better reduce taxes To point tnag
will leave no surplus, after paying necessary ex-
penses OF the government and interest Oh the pub
lie debt.
THE QUESTION
Up to the present time secretary Boutwell, has ex.
pended nearly 200 In the purchase Of bonds
Why does he not inform the people how much OF
this enormous sum Is turned into the special fund,
10 reduce the public burden; and how much into
the sinking fund, whereby our burden Is very largely
increasedY
why has the answer to this important question
been 30 studiously suppressed by the admnistra-
tion
the twenty-fo four monthly debt statements issued by
present Secretary IL Is not 70 be found IN any
official document. In making up the Official elec.
information suppressed a. usual but the people are
falsely led TO believe that the whole amount has
gone into the special fund and the interest stopped.
There Is one, and only one, place wnere this much
desired information can be found. The HERALD Of
Wednesday last mas II. See page 3.
II appears that little over onc-ninth OF the Trea-
sury surplus is used TO pay premium oa bonds pur.
nIntns goes into the sinking fund TO increase our
burden. and fiveninths Il turned into the special
fund 10 pay the national debt and stop the interest
10 VIII shortly be offlcally announced that the
Secretary has expended s225 000, 00J III the purchase
OF bonds, ana the electionccring bulletins win an
nounce with flourish that the interest on the full
amount Is stopped. The HERALD readers WILL how
ever know that over s25 Oo00 900 has been expended
as premium on bonds purchased and the public
debt not reduced one cent thereby. They will know
that about $75, 900 has gone Into the sinking
fund TO increase their burden and that Tue remain
ing Sl25 900 has been used 10 pay on the national
debt
NO LONGER sUPPREssgD.
Now that the administration Is longer able to
suppress the publication OF these facts 1t may rea-
sonaDly expected that future oilcial statements
Will show what disposition has been made of the
bonds purchased with the peoples money. Do NOS
try, Messrs. Onicials, to suppress the truth any
longer. IL cannot be done.
FEARFUL DISASTER ON LAKE ONTARIO.
Eight Of the Garrison at Fort Niagara
Iroyyucd nv the l,unszur of u U0af.