Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1872-12-12

ordinary expenditures, including interest OF
public debt, $27C,559, ,695.91; total, $94, ,134,
on Gales of gold, in excess of the premiums
paid On bonds purchased, So, ,454, ,470.S9; add
amount of reduction of the cash balance al
the close of the year, accompanied with the
1897 34S.65 total, 500 $50 ,253.54. This state
ment treats solely of the public debt. By
the monthly statement of the public debt
which adds together the principal and in
terest due and unpaid and the interest ac-
crued to date due, and deducts the cash in
the Treasury, accordingly on that day OF
publication the reduction was $l00,544,- >
491.2S. The source of this reduction is as
follows: Reduction in principal account,
$99, 800 ,OO3.54; reduction in unpaid interest
account. s., ,95296; total, $103, ,29O, ,956.5O.
Reduction in cash on hand, $2,746, ,465.22;
total, $100, ,544 ,491.2S. On the basis of the
last table the statements show reduction of
the public debt from the lst of March, 1869,
to the present time as follows: From March
| 1, 1869, to March L, 1870, $s7, ,134,7S2 "a;
from March 1, 1870, to March 1, 1871, $117,-
$50 25; frem March 1, 1871, to March 1,
1872, $94, 1896, ,34S.9 %; from March /, 1872, to
Nov. 1, 1872, eight months, $64, ,O47 ,237 "a.
Total, 1856, ,696, ,999.S7. With the great re-
| duction of taxation by the acts of Congress
at its last session the expenditures of the
| Government in collecting the revenue will
be much reduced for the next fiscal year.
1t is very doubtful however, whether any
further reduction of SO vexatious a burden
| upon any people will be practicable for the
| present. At all events, as a measure of JUS
tice to the holders of the nations certificates
| of Indebtedness, would recommend tn at no
| more legislation be had on the subject unless
| it be to correct errors of omission in the
present laws, until sufficient time has elapsed
| to prove that it can be done and still have
| sufficient revenue to meet the current ex-
penses Of the Government, pay interest on
| the public debt, and provide for the sinking
| fund established by law. The preservation
| of our national credit is of the highest i'm
portance. Next in importance to this comes
a solemn duty to provide national curren-
| cy, of fixed, unvaryingv alueias compared
| with gold; and as soon as practicable, hav-
| ing due regard for the interests of the debtor
| class and the vicissititudes of trade and
commerce, and convertible into gold at
par:
The report of the Secretary of War shows
| the expenditures of the War Department for
| the fiscal year ending June 80, 1871, to be
$35, ,799 ,991.82; and for the fiscal year ending
June 80, 1872, to be $35 ,372 1920, showing
a reduction in favor of the last fiscal year Of
! 1927 ,S3462.
| The at ention of Congress will be called
| during its present session to various enter
prises for the more certain and cheaper
| transportation of the constantly increasing
| surplus of the Western and Southern pro-
ducts to the Atlantic seaboari. The sub
| ject is one that will force itself upon the
| legislative branch of the Government sooner
| er later, and suggest, therefore, that i'm
mediate steps be taken to gain all available
| information to insure equitable and just legis
| lation. The route connecting tho Missfssi ppi
| Valley with the Atlantic, at Charleston, s. c.,
and Savannah, Ga, by water, by the way of
| the Ohio aud Tennessee rivers and canals and
slack water navigation to the Savannah and
| Ocmulgee rivers, has been surveyed and re-
| port made by an accomplished engineer of
! the army. Second and third new routes will
| be proposed for the Coz sideration of Con-
| extension a.
| wha and James river canal to the Ohio, and
| by extension of the Chesapeake and Ohio
| canal. l am not prepared to recommend
! Government aid to those other enterprises,
until it is clearly shown that they are not
| only of national interest, but that when COM
| plete they will be of a value commensurate
| with their cost. That production increases
more rapidly than the means of transporta-
| tion in our country, has been demonstrated
| by past experience. That the unprecedent-
ed growth in population and products of the
| whole country will require additional facili-
ties and cheaper means for the more bulky
| articles of commerce to reach tide water and
market will be demanded in the near fu
| ture is equally demonstrable. would there
| fore suggest either tn at committee or COM
missioner be authorized to consider this
whole question, and to report to Congress at
some future day for its better guidance in
| legislating on tho important subject. The
railroads of the country have bean rapidly
extended during the last few years to meet
| the growing demands of producers, and re-
| fleet much credit upon the capitalists and
managers engaged in this construction. In
| addition to these, project to facilitate com
| merce by the building of ship canal around
| Niagara Falls, on the United States side,
| which has been agiLated for many years,
| will no doubt be called to your attention this
| session. Looking to the great future of the
| country and the increasing demands of COM
| merce, it might be well, while on this sub
| ject, not only to have examined and report
| a1 hn Ineh Ia 1tQct tor
connecting the Mississippi with tide-water,
| but the feasibility of an almost continuous
| land-lecked navigation from Maine to the
| Gulf of Mexico. Such a route along our coast
| would be of great value at all times, and of
| inestimab1e value in case of foreign war.
| Nature has provided the greater part of this
| route, and the obstacles to be overcome are
easily within the skill of the engineer.
have not alluded to this subject with the
| view of having any further expenditure OF
| public money, at this time, than may be
necessary to procure and place the necessary
| information before Congress in authentic
form to enable it hereafter, if deemed prac-
ticable and worthy. to Iegislate on the sub
ject without delay.
The report of the Secretary of the Navy
herewith accompanying, explains fully the
condition cf that branch of the public SER
| vice, its wants and deficiencies, expenses in
CURED during the past year, and appropria-
tions for the same. 1t also gives a complete
history of the service of the Navy for the
past year, in addition to its regular services
1t is evident that unless steps taken tc
preserve our Navy, that in a very few years
the United States will be the weakest nation
upon the ocean of all the great powers
With an energetic, progressive, business peo-
pie like ours, penetrating and forming busi-
ness relations with every part of the known
world, a navy strong enough to command
the respect of our flag abroad is necessary
for the full protection of their rights. I re
commend careful consideration by Congress
of the recommendations made by the secre
tary of the Navy.
The accompanying report of the Postma as
ter General furnishes full aud satisfactory
exhibit of the operations of the Postoffic
Department during the year. The ordinar,
!. revenues of the Department for the fsca
year ending June so, 1872, amounted to $2I
9I5 1861, and the expenditures $26,65S,
J 1921. Compared with the previous fisca
year, the increase of revenue was $l,S78,
3SO.95, or 9.37 per cent, and the increase Q
expenditures $2,26s, ,o8S %, or 9.29 per cent
t Adding to the ordinary revenues the aunua
appropriation of 100000 for free matter, an
3 the amounts paid in subsidies mail steam
ship lines from special appropriations, tn
3 general Treasury was $3,317, ,765. .94-an ex
/ cess of $3.50 ,7O7.2S over the deficiency 70
r the year 1871. Other interesting statistica
3 | in form alton relating to our raDidly extend