New national era. [volume] (Washington, D.C.) 1870-1874, 1872-07-11
Republics Econon,y.

more than $500 ,000, 900 of the expense of
the war, besides interest, having been paid
during its progress. Between that time and
the Inauguration of Grant, March 4th, 1869,
a Republican Congress had succeeded in
forcing Johnson's administration to reduce
this debt to $685., 1916, 46l, showing a pay
ment in that time of 1858 ,229, 3l9, notwith-
standing the johnson "Whisky Ring" rob-
bed the Government Of taxes on whisky
amounting to sl5O, 200, 900 annually for three
years. This is exclusive of the entire revenue
of the New Orleans Custom-House, almost
every dollar of which was stolen by Perry
Fuller s. Co. for corruption fund.
Upon the Inauguration of President Grant,
therefore, our national debt was 1885 1885,
46l. At once his administration set about
ferreting out Johnson's defaulters and plum
derers, correcting abuses, removing incom-
petent and corrupt officials, Topping off
everywhere unnecessary expenses, inau-
gurating a system of the most rigid econo-
my and the strictest accountability on the
part Of officers of the Government, and the
extinguishment of the public debt. As the
result Of this system Of retrenchment and
reform, the policy to which the Republican
party was pledged, of gradually removing the
terrible burdens of taxation Democratic trea-
son had imposed upon the people, s2G6, 800
Of the debt was paid OFF the first month his
administration, 81, 400 900 the second month,
nearly sl4, OO0, 600 the third, about SIG, $780,
600 the fourth, and so on at an average rate
Of slO0, O00, 900 year, till, on the first of the
present month, July l, 1872, the debt had
been reduced to so,l9l, 4sG, 343, showing the
payment on the principal of our national
debt Of $3.50, 977 ,9l7 during the three years
and four months of Grants administration.
But, notwithstanding this reduction of
about 1894 200, 900, taxes have been abol-
ished during the period to the amount Of
sl4O, 200, 900 yearly-that is, sl40, 100000
less yearly is collected in the shape Of inter-
nal and customs duties or taxes. Yet
much larger sum has been paid than dur
ing the same length Of time under the apostate
johnson, when the tax on whisky was two
dollars gallon, instead of sixty cents, and
on other articles in proportion. And COM
parison between the expense Of collecting
the revenue under Grant and Buchanan will
prove as honorable to Republicans as their
economy in every other respect. In 1860,
when the tariff was vastly more simple than
now, the Democratic party spent 1925 for
every 500 Of duties they collected from GUS
toms. In 1871, when the tariff had become
much more complicated and difficult of coll
lection, Grants Republican administration
collected these duties at the rate of s3.ll on
each 800, or less than one-ha,f what the
Democrats under Buchanan charged the
Government for the same service. In the
face Of this damaging comparison, the authors
of the rebellion and the creators Of our public
debt ask the people to restore them to power
on the ground that they can manage the
finances of the country better than the party
which put down their rebellion and have paid
Off nearly $500, GOO, 900 of their debt since
July, 1866, besides more than $500, OOO, 900
of interest IN the same time, and $500, 900 900
of the cost of their rebellion during it's pro-
gress :...t - ''a.a s'..a-:..' 81 ..-t'"
There are still other facts that illustrate
the economy, integrity, and ability of Gen.
Grants administration quite as forcibly as
those We have given. We find them en-
bodied in letter addressed by Assistant
Secretary Richardson, Of the Treasury, to a
friend about to visit Europe. They show the
amount Of losses--about which sorehead
traitors and Democratic corruptionists have
raised such an outcry-in the collection of
the internal and customs revenues, the losses
Banks, and the amount Of public money lost
through defaulting officials. most of whom
were appointed by General Grants prede-
cessOrs. ,.%. 80. ...t....tJ ...... ..i.I l..-.
BY this statement 1t 10 shown that during
three years Of General Grants administra-
ton, ending March l., 1872, CAST March,
there has been loss to the Government Of
internal revenue Of less than .oae-tenfh Of one
per cent, or rather that less than that amount
was remaining outstanding March l. Much
Of it viii yet be collected. Collectors esti-
mate four-iifths oft, so that there will be an
ultimate loss of only one..tittiea Of one per
cent, or 90 In clio, 600 collected! ''.'"'..'.
According to the statement of the Com
missioner of Customs, the amount of money
collected from customs for a period Of two
years and three-fourths of a year, from the
LIST Of April, 1869, to the 3lst Of December,
1871, compared with the balances outstand-
ing, officers engaged in the collection Of
customs during the period mentioned, the
latter is about the one fifty-iiith part of one
per cent. of the former. The estimated ulti-
mate loss to the Government is s28, 900 out
of s553, 900, 900 of collections, or the one tpo-
hundredh part Of one per cent, being some-
what less than s5 In 100000.
The Controller of the Currency makes an
exhibit quite as favorable in regard to losses
by National Banks. lie has published
schedule of all these institutions that have
failed during the three years from June LIST,
1869, to June LIST, 1872, with their capital,
the amount of claims proved, and the divi-
dends paid on the claims, from which it APP
pears that the estimated average annual
losses Of these years were from $2l, 100 to
90, 100, Of which the mean Is 10000. On
the basis Of the constant average amount of
deposits of 1914, 300 900, it is found that the