, 1874-02-16
MR., DAWES SPEECH,

the field.
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MR., DAWES SPEECH.
Mr.. Dawes, Of Massachusetts, deserves high
communication for his specoh in Congress-, on
Thursday last, On tue embarrassed condition of
tho Treasury and tho proper mode Of obtaining
! relief Tie speech was . plain atatomont Of
actual facts, bringing no accusation Of criminal-
ity against any porHon, but showing conclusigely
| the responsibility Of Congress for the present
plight OF tho Treasury. An attempt has been
mado to exotic tho animoBity Of Republicans
against Mr. Dawes, and to accuse him Of seeking
to injuro tho "party," but the country at large
will read tue speech with the interest that an
honest Btatomont Of factB can alone command.
His reviow of the present state of tue Treasury
shows this condition Of things:
| At tho beginning OF the fiscal year 1854,
thoro waa IN the Treasury over $13l ,000, 900. De-
Quoting whit was due On call, the available sum
July l, 1873, was 800 900 900, Of which ovor s4s,
100000 was in coin. Tho receintH from July to
Fob. i, and the estimated receipts to Juno 80,
1874, wero 1921 900, 900, Tho expenditures n,ado
| aud authorized for which tho Government
Is liable amount to s393, 100000. The RESOURCES,
| including the cash ba1anco at tue beginning OF
tho year, arc but ss41, ,0oo,oo lowing prob
able deficit OF $4,000, 900 On july l, 1874. In
c!udcd in these demands standing against tho
Treasury aro sundry balances Of appropriations
made several years ago, and Of these perhaps
| $72 000, 900 would not bo called for. Assuming
! t4is, the actual cash balance in July next would
DO S21 1000, ,000. Even ut this showing, the Gov
ernment would hayo $3.50 900 900 less money than
ut tho beginning Of the year. It would, in fact
be sti1l worso off. There wero several doflcie,,-
cies for tho prcaont yoar, amounting to not leas
than &9,Go0,00 leaving the actual cash balance
ut tho close Of the year about $4,000 000
This statement did not include any part of tho
$44,000,000 Of Treasury notes which the secre-
tary had issued. The Secretary had paid out the
paper and retained coin in an equal amount OK
ccpt perhaps, to the extent Of 80 000, 600, which
had been added to the public debt. Tho roau1t
Of it ali was that tho cash balance Of 10000, 600
with which tho yoar begun would bo reduced to
$40 1000 at tho closo Of the yoas, and ho
considered TINT margin entirely too small
for tho proper administration Of tho
Treasury, liable as It was to countless unox-
pectod contingencies. Tho responsibility for
this condition Of things, he declared was upon
Congress- III May, 1879, Congress- had repealed
tho tax on ten aud coffee, causing loss Of rev.
enuo OF s25, 100000, without tho least advantage
to consumers. At later dato 1t had repealed
somo other taxcs, bY which @1o, Loco, 900 revonue
Ind been lost, or, III oil, reduction Of s44000,-
600.
Tho remedy WAS to be found in ouo OF tAreo
measurcs,-by increase OF taxation, by a loan, or
by cutting down expenditures. He opposed ill.,
creased taxation, declaring that there had mover
been an instance in tho history Of tho Goyern-
ment when iu time Of peace, new taxes hayo
boen imposed for the purpose Of meeting our
rent expenses. The country WAS emerging from
a systom OF taxation made necessary by oyor-
wlelmtng nocossity. From tilno to tiEno those
taxes have beou reduced, aud, whilo ho lad
opposed the removal Of tho revenue tux on
tea mud coffee, he was not In favor Of re-
storing them, Tho industries Of tho ooun-
try aro just lifting themselves up from
tho burden Of past taxation, and out
Of depression unparalleled for It's suldonnesa
and soyority. Flo was oppoaed to renewing any
tax already repealed, SO long as tAoro was any
other rcmody. He opposed, also, the idea OF q
loan in time OF peace, when there was no sudden
demand on tue Treasury. Shall tho United
States advertise to the world TINT they hayo nc
meanH Of meeting current oxponaoa except by
borrowing money! Shall thoy say to tho people
who are aRkod to purchase the national bonds
tllat tho United States must borrow tue money
to pay tho interest? Ia answor to q suggostion
lhat this had been done iu Duohanan's time, he
ntatol TINT twenty millions wero borrowed, and
tho Government shared the fato Of every man
and nation TINT borrows money to meet thci,
current expenses. It's credit fell enormously
ue held up to tho Wow Of tho country tho OK.
pondituroa for the past five years, and they show
| as follows:
| Ytars. EsptHditHrts Debt paid
lB70.. .HN3 900 $l10,0Ol, ,0Ol
~; Nr' S1 u ny i%
| 4otoss .s,s..s+t-st.s.s 3voNutoVu 4!fuUbtNL
1a7t................,.... 3lp,oo9Wo Nothing.
Congress- was responsible for tho immense it,
oroaso OF tho expenditures which were shown
by t.luss Ggurea. In thla yaar there would ibe