Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1873-06-26
FINANCIAL PROGRESS.

IT is the happy fortune of the Admins
tration and of the Republican party to
have been able to fulfill most of the
pledges they have made to the people. In
none have they been more truthful than
in their financial engagements. When
President Grant entered upon his first
term of Office, and the real rule of peace
full repubiicanism began, corruption and
extravaganza prevailed in every depart
ment of the government. An immense
debt q heavy taxation, general waste
fulness, and throng of untrustworthy
officials had been the necessary legacy of
the previous Administration, and it was
to the financial reforms of the state that
the Republican party gave its chief atten-
ton. 1t promised the people order,
economy, and wide reduction of taxa
ton. In every particular it has fulfilled
its pledge Within four years the in
terest on the national debt has been reduc-
ed by $24,0O0,O00, the whole amount of
the debt by nearly $400,0O0,OOO. Instead
of an annual interest of $1240OO,00O on
their Indebtedness, the people are now
called upon to pay only 800, 900, 900. And
although the same ratio of decrease can
not be looked for in the four succeeding
years, yet it is possible that the whole
national debt paying interest at the close
OF President Grants second term will be
be not far from 81 100000, and that
the intescst may be reduced to less than
$S0000000
In connection with this gradual extinc-
ton of the national debt, the Republican
party has steadily fulfilled its promise of
reducing taxation to the lowest limit. A
throng Of weighty and annoying taxes
have xxr.fi, ~, -
four years. Hundreds of millions of dol
lars have been taken from the burdens OF
the people. The internal taxation is con
fined to small number of articles; the
import duties have been lowered year by
year. But this has been done, it should
be remembered, only through actual and
unsparing economy. The army and navy
expenses have been reduced to a lower
limit, contrasted with the immense extent
of the country and its interests, than has
been known before. 1t has been the
policy of the Republican party to provide
only for the most pressing wants of peace
The salaries OF all the Government officials
are singularly moderate, and happily sug.
gestive of Republican simplicity. Yet
nothing but the unprecedented growth OF
the country under a rule of peace and
order has enabled the Treasury to bear the
rapid reduction of taxation and to pay
its debts while it diminished its resources
Here, indeed, we meet with a most graft
flying proof of the discretion and foresight
of our intelligent financiers. Notwith
standing the great reductions made by the
last Congress in the sources of revenue
the estimates of the financial department,
of the receipts of the year from internal
taxation will probably be exceeded by
$4,000, 900, and the flourishing condition
of our foreign commerce promises a heavy
return from imports. There will remain a
considerable surplus at the end of the
year.
We presume the same policy which has
been heretofore suggested and sustained
by the people, of reducing taxes and pay
ing off the debt by a simultaneous pro
cess, can be steadily continued. General
Spinner argues that the cheapest way of
paying debt is to pay it at once; that it
is no wise plan to incur interest on a liza
bility that might be discharged; and we
believe the general feeling of the people
is IN favor of a constant reduction of the
national debt. Our community of Repub
licans is thoroughly honest whatever NAV
be the failing of its less cultivated mem
bers. The national creditors were paid
IN the darkest period of the war with
great regularity. No stain of reputation
rests upon our financial honor. And the
people will never be satisfied until they
have freed themselves from all dangers of
debt. 1t is plain that they approve highly
the economy, foresight and honesty which
have marked the conduct of their financial
agents since the first election of President
Grant and that in no department does the
Republican Administration satisfy the
whole nation more thoroughly than in its
management of the fnances-HaTper's
Weekly.