The Daily state register. [volume] (Carson City, Nev.) 1870-1872, 1872-08-27
N

Tie supporters of General Grant
~rer>istently urge the alleged financial
success of his administration as a
reason for his reelection. An able
administration of the finances would
certainly constitute a strong ground
for popular favor. The Grant Repub
fcans appear to have an impression
that such a ground exists. Let us see
What the financial condition OF the
country is, and what 1t needs.
:. is claimed that three hundred
millions of dollars of the national
debt has been paid off in three and
one half years of the administration
of General Grant. If this enormous
reduction-nearly n seventh of the
interest bearing debt of the nation
has been made land for the purposes
of the case we shall that it
has the result is certainly gratifying
t. the country. But is this enormous
reduction of the debt due to the tinan
cal policy or wisdom of the present
administration? Was it wise to so
RAPIDLY reduce the debt, and to what
credit is Grants administration en-
titled for its boosted financial policy?
When General Grant was ~inaugurated
3 system OF taxation was in operation
that Yielded four hundred millions OF
dollars annually. The same may be
said of Mr.. JohnsOn'S administration
pIring Mr.. Johnson's time a large
amount of floating war Indebtedness
WAS paid of and the interest bearing
debt. greatly reduced. Did anyone
then think of giving Mr.. johnson
credit for this reduction? If the re
duction of the debt vas not as grea
under the administration Of MK. John
son as under General Grant, it mus
be remembered that in the collection
of tie revenue the administration o.
the former was embarrassed by a hos
tile Congress, while in all respects the
administration of the latter has re-
ceived the cooperation of all the
branches Of the Government. 1t i:
in time of peace-together with the
wonderful resources of the country
that have filled the Golfers of TIN
Treasury and enabled the Government
to discharge the debt. The liquida
ton OF the debt is the natural result
OF our enormous taxes. The incom
OF the Country is far in excess of it
expenditures, and there is no othe
way of disposing of the vast sum
that are pouring into the Treasur.
than tic pay off the funded debt.
The policy of tho administration o
General Grant has been to keep thi
~hurdensonAe tax upon the country
We carnot see that this policy is il
any wise commendable. 1t gave Sec
retary Boutwell, an opportunity il
North. Carolina to make a bid for pop
ular appreciation. The only object o
the boosted exhibits is political effect
There is every. reason to believe tha
had a different financial policy bee
pursued tue country would to da.
have been more prosperous, neare
specie payments, and with an i'm
proved credit.
With our enormous surplus rev
enues, our $40 bonds stand but littl
higher in London than ''consols
bearing three per cent. interest. Gu
resources are as we'll understood j
ne great money markets of Europe 8
at home. F.nanciers and capitalist
see in our enormous surplus revenue
a mistaken financial policy. Th
creditors of a country look more I
its industrial capacity and the way j
are used than to a great di'
pay of money in its treasury. Ever
dollar unnecessarily taken from indu!
tIy by taxation, Is so much taken frol
the productive wealth of the nation.