Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-02-13
THE RUTLAND HERALD.
The Public Debt-Taxation.

crease of nearly half million OF ooliars
~ 10 no axact of four hundred and six
thousand two hundred and forty three
dollars and eighteen cents ($406, 243. 49,
This increase is accounted for, at the
proper department, by the payment OF
one million eight hundred and twenty
six thousand two hundred and seventy
four dollars ($1, 1926, 274), during the
month, for interest on bonds issued to
the Pacific railroad company, in excess
of the amount retained from the sum due |
them for services rendered the govern |
ment. The amount thus advanced and |
paid, if paid by the railroad company,
would have made an actual reduction in
the public debt, amounting to one mil
lion four hundred and twenty thousand
thirty dollars and lightweight cents
(S1, 420, 03O. 88), instead of the actual IN
crease noted above. There was also
paid, in January, one million dollars Tor
deficiencies in the post office department,
and twelve hundred and forty thou
sand dollars to the board of public
works Of Washington, thus swelling the
extraordinary expenditures of the month
over four million dollars. 1t is stated,
also, that there was a considerable de-
cline in the receipts from customs. TAX
inc these facts into consideration it is
undoubtedly safe to confidently predict
that the present month will again show
the expected decrease in the amount OF
the outstanding public debt We know,
also. that the funding of a new loan by
the Secretary of the Treasury will result
in the immediate placing of large por-
ton of our Indebtedness at less rate of
interest, and thus correspondingly de-
crease the principal, by leaving larger
proportion of our annual income to be
applied thereto But does not this ia
crease for the past month, aside from the
reasons why it should thus be increased
and the probable additional amount of
recourses in months to come, admonish
us to be careful how we reduce taxation ?
We know that to say anything in OPP
position to reduced taxation is not &C
ceptable to the public as a general rule,
i
look matters squarely in the face? We
have the debt. 1t was honestly incurred
and the faith of the nation is pledged fol-
its payment. 1t may be possible tc
meet our every pledge punctually and
honestly and still further reduce taxa.
ton, but let us wait and see. Previous
to May last our annual burdens of taxa
ton had been reduced some two hundred
and fifty millions. In May further re-
duction was made, and in June still an
other, amounting in the aggregate, if We
remember rightly-we have not the
figures at hand for reference-to some
fifty million dollars annually. Be the
reduction, by the acts of May or June
more or less, we have notyet commenced
to have the difference felt in the public
revenue. The assessment and collection
of the reduced tax, of course, consume
time, and its ultimate effect upon The
net revenue cannot yet be fully estimated
1t will be remembered that the President
IN his annual message, as well as tn
Secretary of the Treasury, in the repor
of his department, expressed opinion
averse to present attempts at further re
duction, and it would seem by the recen
action of the Senate, that the majorit,
OF that body comedies with their view
of the matter. The estimates submitted
by the treasury department for the mex
fiscal year were but little, if any, in ex
cess of what is required for the paymen
of the interest on the public debt, 70
the sinking fund and for the ordinar
expenses of the government. Thes
estimates are, of course, liable to be in
creased or decreased by the action o
Congress on the several appropriation
bills, as well as by other contingencies
Taking them as they are, and they ar
generally as accurate as estimates can b.
made, it may be possible with justice t
ourselves, as the payers of the tax, an
to our obligations, as in reality tn
overs of the public debt, to, within
short time, effect further reduction i
taxation. But is it not better to defe
action thereon until we ascertain pre-
cisely where we stand? Two drains O.
the public treasury have already bee
lessened. One by the abolition of tn
Thanking privilege, which will leave il
the treasury the large sum now annuall
appropriated for the deficiency in tn
post office department, unless our Sen
ators and Representatives shall appl,
this saving to their own salaries. TIL
other is, as we have already said, by tn,
saving in interest on the public debt
These two sources alone will, it is hoped
be ample to more than make up the de
ficiency of the decreased amount of ia
ternal revenue. 1t may prove, also, tina
an increase of imports and largely in
creased receipts from articles which ar
still liable to an internal revenue ia
will still afford large surplus revenue
Notwithstanding the fact that we hav
steadily decreased these taxes, from tim
to time, until they are some fifty pc
cent. less than they were seven year
ago. If these actual and possible source
of increase to the net revenue shall re
suit as it is hoped and expected, the
the people will be justified in demand
ing further decrease in their burdens
Until this can be realized, it seems to u
that it were better to endure the presen
hardships of heavy taxes, than hav
them temporarily lightened with tn
danger of a still greater burden to b
borne in the future.
TuR NEW Froprn, SpD-,ro1 w