The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1872-10-24

I by auy OF its advocates, to my knOwl
edge, but seems to be accepted as
something which is to supply every
mans wants without any cost or ef.
fort on his part.
The following table shows the ex.
! penditures per capita, from the yeaI
1900 to 1871, inclusive:
Year. Population. Expenditures. Per eapftc
1850 --- 5,S5,s25 slO,sis,s7I I SOS
$50 - 7,Z39Sl4 S,474,753 81 LII
l lS20 -- eos, ,l3l I8,2Sj,534 ~ LIZ
lS3O l2,S69,020 I5,l42,l0S 70 liz
lslo - = l7,069,4j3 24,3l4,5ls 10 I.42i
/ $50 23,19l,s76 4O,9fs,Ss3 ~ I.76t
I 1850 81, 1921 Of, ,4O2, ,408 "a l.95.
is7G is7G $sSpi, 81 II, isis g 09Oi2sss Ia Ii9 i
But to complete the list of three OF
| the greatest financial achievements
in any age or government, viz, a SIM
ultaneous reduction of debt, reduc-
ton of taxation, and increase of reve-
nues, let US glance at
OUR REVENUES.
The success of their management
entities the present Secretary TO a fl
nancial fame equal to a Necker or q
Richelieu. We quote Mr.. Greeley's
opinion of Mr.. Boutwell,:
Mr.. Boutwell, is fortunate in his
enemies. There is not an unchanged
enemy of the Union-nOt one who
wishes Gettysburg and Vicksburg and
AppomattOX had gone the other way
who does not improve every OppOr-
tunity to disparage and belittle his
achievements. what if he has paid
of over Two Hundred Millions of the
National debt? the money came into
the Treasury, and he couldn't help
paying the debt with it, Why, gem
tlemen, money has come into other
treasures, yet no debts have been
paid with it, unless it be the private
debts of the financiers. 1t is some
thing that Mr.. Boutwell, has vigilant-
ly guarded the Federal Treasury, and
applied every dime of receipts, first,
to the payment of current expenses;
next, to the liquidation ofthe Nation
al Debt.
Having reduced the principal large
ly and steadily, Mr.. Boutwell, is try
ing hard to reduce the interest on
what remains unpaid by funding the
Five-Twenties, now redeemable and
drawing six per cent. interest, in new
bonds drawing lesser rates of interest.
Suppose he could succeed in this, and
reduce the average rate of interest
barely one per cent, the amount thus
saved would pay off the entire princi-
pal of the debt in less than half a CEN
tury. Ought not every patriot to
wish him well not merely, but to rem
der him all possible support in his ar
duOus undertaking? Every dime he
thus saves inures to the benefit of the
whole American people. - Tribune,
august %, 1871.
A survey Ofthe whole field indicates
an astonishing increase in the reUeRue,
-Uhila ths-ra -rato-of- formations has hssas-
less. Let a single example illustrate.
By comparing corresponding periods
under johnson and under Grant, the
administration of the latter is found
to have collected upon tobacco, in
Virginia alons, almost ten times as
much as the former, viz, Sl3, 900, 600 to
81 800, 900. This is an extraordinary
case; but taking the revenue system
as a whOte, it has increased almost
so per cent. How does this happen? e?
lst. By an honest collection of the
public money. Touching this point
we quote from a letter of Assistant
Secretary Richardson, dated June %,
1872. He says:
According to the accompanying
statement of the Commissioner of
Customs, showing the amount of
money collected from customs for the
period of two years and three-fOrths
Of a year, from the 1st of April, 1869,
to the 3lsU of December, 1871, compar-
ed with the balances outstanding
against officers engaged in the collec-
ton Of customs during the period
mentioned, the latter is about the
One-fiftyfifth (l-55) part of l per cent. of
the former. The estimated ultimate
loss to the Government is twenty
eight thousand dollars out of five
hundred and fifty-three million dol
lars of collections, or the One-two-
hundredth (l-2OO) part of l per cent,
or somewhat less than five dollars in
one hundred thousand dollars.
ID. By the improved machinery, so
10 speak, of our revenue system, by
which under valuations, smuggling,
and illicit manufactures have been
largely done away.
Sd. By wise modification and i'm
prOvement of the revenue laws,
which have been made, in recognition
of the fact that a reduction in the
amount of tax does not necessarily
result in a prOpOrtiOnate reduction of
revenue, for the reason that the high
er rates somewhat tend to dimlnlSh
ProddctIon and importation, and ELI
courage evasion and fraud.
Since March l, 1869, there has been
a large reduction in the number of in
ternal revenue officers, including col
lectOrs, assessors, assistant assessors,
supervisors, &c, by which an aggre-
gate saving of four and three-fOiTths
millions of dollars has been accom-
plished. Large reductions haye also
been made in the other Executive
Departments, and in the army and
navy, since the commencement of
the administration of President Grant.
THE PUBLIC CREDIT.
Itappears, from a careful calcula-
ton:
lst. That the borrowing power of
the Government on the first of July,
1872 was 81 per cent, greater than in
1861, prior to the lCdT.
ID. Ii was 43 per cent greater than
during the month of March, lS6S-the
beginning of the last year of the Ad-
minIstration OF President Johnson,
Sd. 1t was % per cent greater than
during the month of March, 1S69-at
the commencement of the Admins
tration of President Grant.
In other words, the same annual
payment of interest, which, in the
early part of the year 1851, would
haYe enabled the Government to bor-
row 500, would, on the first of July,
1872, enable it to borrow Sl62.
The same annual payment of inter-
est, which, in March, 1868, would
have enabled it to borrow 800, would
July l, 1872, enable the Government
to borrow SI2s.
In addition to this, there is a reas-
enable prospect of such further i'm
provement of our ability to borrow as
will soon permit the funding of the
debt at a reduced rate of interest,
bringing with it a further reduction of
from SI5,OOO,OO0 TO S20,000,O0O in our
annual expenditures.
SPECIE PAYMENTS.
There can be found no better indi-
cation of the wisdom which has dis
tinguished our financial policy than
the gradual reduction Ct the premi-
um upon gold. Toe fluctuations
which have taken place in this regard
have indicated our varying condition
with the fidelity of a perfect ther-
mOmeter.
Since the termination of Andrew
Jobnson's calamitous crusade against
decency, good order, and good gov
eminent, the approach TO specie pay
ments has been uniform and encOur-
aging. During the last three years
gold has gradually gone down from
an average of 80 1-2 per cent, to II
SO, and finally TO IL 10, the average
/ Of the present year thus far.
! Every business man is well aware
that resumption of specie payments,
/ in order TO be safe, should be gradual,
effected not by arbitrary law, but by
a natural increase of business and the
augmented confidence of the public,
not merely in the ability, but in the
willingness of the Government to ex-
] tinguish its Indebtedness. Such q
coincidence has already grown up, and
is constantly encouraged by the policy