The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1873-06-26
spinner,s Finance.

From the New York World1
Treasurer General Spinner has come,
it appears, to four conclusions as to
the best things to be done. 4afss
One is to pay of the debt that bears
interest, and let the protested debt
wait until it is called for.
The second is to squeeze as much
revenue out oil the people as we pos
sibly can, and with the surplus pay
the debt.
The third is that the generation that
creates debt. should be made to pay
it, no matter what its amount.
The fourth is that the proof of the
pudding is in the eating. We save
S24, ,3S5, ,086 annually in interest alone,
and from March 1869, to March 1873,
the savings must amount to no less
than $50, 900, 900 in interest.
After this exhibition of wisdom,
General Spinner shows the wit with
which he used to delight the female
clerks of the Treasury Department.
"All the calculations and figuring
that can be made or done, cannot be
made to prove to my mind the con-
trary, any more than could be made
TO comprehend by figures how man
may lift himself by the waistband of
his breeches."
The operation that the General re-
fers to is rather difficult; but if Spin
ner cannot hoist himself by his waist
band, we can hoist him with mis- own
petard. The chief blessing that the
reduction of the debt has worked in
the Generals eye is the saving of the
interest he leaves out of the account
honor and honesty, and he says: s'The
cheapest way to pay debt that bears
interest is to pay 1t at the earliest day
possible And therefore he con-
fesses himself q repudiator IL defer
ring the payment of the non-interest
bearing debt long overdue. H
We will show him what his policy
has cost the nation. He may disdain
political economy and figures, yet
there are people who belieYe in fig
ures, when they are correct. Now
then, during the four fiscal years 1869
to 1873, we imported, in round unm-
bers, exclusive of bullion: .saste
1870 ! $461, ,13s O5S
is45 1872 S5S S55, 55l 55l 1gs Ggs
1873 testimated)- 4.--.-.-..... 100000, 600,
Total. ,......... 81. 200, ,aO4 7aa
On which the following duty was
paid in gold: -
1870 $1945 .s74
1871 ...... 206 970. .40S
1S SdS sd S60 s 5S6
lS'5 lestlmatedl -: ;-.. 100000
So Totgi in gold. .SsOT .O8s
Total importation of merchandise in ss af
four years, paid in gold. 81 300 ,205, ,T32
Total duty thereon in gold S0t179,06s
= Total 70 be paid in gold s...,, $, ,O97 ss4 500
Now to q pay this amount of over
three thousand millions, for which we
had to find gold, Mr.. Spinner tells
US that our best resource is green
backs. If they had been paid and
taken up, paper currency and gold
would have been of the same value,
The result of our policy has been that
we have had to buy from time to time
the above three thousand millions of
gold, for which we paid an average of
10 per cent. per annum, or in round
S464, 4,607, 600 premium.
Thus, then, the account stands:
Saved in interest by reducing the ''a- n
debt from March, 1863, to June,
1873, in round sum, =, ...... SEQ, 900 900
Premium paid on gold for foreign
merchandise and dnty -. .....-. 464, ,607. 900
Balance of which the people. have
been cheated and sdesponed. S404. .G07, 600
These figures are conclusive to any
body except Gen. Spinner, who has a
contempt for figures, always except
ing the, graceful figures of The female
Treasury Brigade.