The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-26

luCIeuse VI ~
Instead Of q reduction OF taxation we find that
during the year ending the 3oth Of June last there
extorted from the people In the shape Of taxes
over $40 ooo 600 more than during the previous;
In fact the exact increase was $4o,3l1 7SO AZ very
nearly 81, O00, 900 per week.
Let US come down SIX months later and see II
matters mend The receipts OF the national govern
ment from oil sources Of taxation during the *
months ending the LIST day OF January last were
$780, 1851 49, The receipts for the corresponding
six months OF the previous year were $l09 25 1872 49,
1t Is plain 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 estimated that the 3oth Of June next will show
that there has been raised from all sources Of taxa
ton during the fiscal year that ends ON that day
sll0,oo0.Oo0 more than enough to pay all the ex-
penses or the government, and the interest Oh our
public debt for the year.
The unnecessary tax, or excess over and above
the requirements OF the government, has been about
$10oo0o,O00 per annum during the first two years Of
President Grants administration The eXtOrtiOn OF
the third year bids fair TO increased ten million dol
lars or more And yet we have official bulletins and
speeches without number showing great decrease
or taXatlon The burden is rendered all the more
grievous by the certain knowledge that the enor.
nous amounts thus eXtOrsed are not properly used.
some days ago the treasury Department furnished
the Washington correspondents with an official bull
the country 1t stated that during the first two
years OF his administration President Grant mad
decreased our annual interest burden exactly
"sll, $751; 46l, mostly in gold.n
Now, in fact, there scarcely truth enough in the
whole bulletin for q 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 5th inst or during
the first two years and one month OF his adminls-
ratlon, President Grant has through his Secretary
OF the Treasury, eXtolted from the taxpayers, UNI
necessarily over aAd above the requirements OF the
government the sum OF $2l7, e9s, which has been
expended i'll efforts to pay of our national debt be.
fore 1t became due, but which has been so badly
managed that only about half that amount OF the
debt has really been paid.
Up TO the present time only 1926, OF 600 Of our
national debt has actually been paid, and our an
nual interest burden has been decreased exactly
1851 ,658-nO more ana no less. The money has
been expended by secretary Boutwell, as follows
Premium Oh bonds bought. 52s 94s
Bonds bought for sinking fund. ....... 49, .g3. $50
Bonus PAID special fund.-. 125, 021, eco
Only the amount OF the special fund can be re-
garded as the paid up portion OF the national debt
destroyed, the interest stopped and the amount
OF The principal properly deducted from the puolc
debt
Every dollar, on the other hand that is turned
into the sinking fund largely increases burden OF
taxation IL adds TO our interest burden the differ
ence between simple and compound interest, and
practically doubles the principal.
During the past two years there has been paid
from the National Treasury the sum OF $3.50 $50 IN
terest on the sinking fund. In short, we have been
paying something over three million dollars per year
compound interest on the paid up portion Of our
national debt the Treasury electloneerlng bulletins
all the while Informing that the Interest ceased
the very instant the bonds were paid
Secretary Boutwell, informs US In his last monthly
debt statement tnat he has paid S6SI9 100 interest
on the sinking fund.
On the other hand Acting Secretary Richardson.
In his Official eecioneering bulletin, dated Urea.
sury Department, April s, 1871, gives us to under
stand that the interest has ceased all the bonds
purchased, and that our interest burden has been
reduced $11, 531, 46l per annum
Mr.. Boutwell, is Tor once correct and Mr.. Ricnard
son IN the wrong. The reduction OF our interest
burden is but 81, SOL 656 per annum, not SILL 46l
as he enormously states II the SILT, 34e, sos that
has been unnecessarily eXtorted from the taxpay-
ers, and expended III the purchase OF bonds mad
been properly managed, the reduction OF interest
would have been SIX per cent in gold ON the whole
amount or Sl3,040,9sl SO per annlim. Through
vicious legislation and Executive mlsnanageulent
II falls short about half.
We have opposed from the first the policy OF ex-
Cessye taxation Tor the purpose OF. paying the ma
tional debC before IL Is oue. IL We coulu have had
our own way the whole s217, 900 that has been
unnecessarily eXtorted from the taxpayers would
be in the channels OF trade instead OF the Trea-
sury vaults where II is SO badly managed by Secre.
tarj Boutwell,. we have characterized this extor-
ton as the policy OF the administration. President
Grant has encouraged and sustained MS finance
minister In his opposition TO every measure for the
reduction OF taxation. Had lie eXerted himself half
much FOR the reduction Of taxes as he did to
forward the questionable scheme OF annexng ST.
Domingo the expressions complained OF would have
been long ago removed.