The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1875-01-07
THURSDAY. JANUARY 7th, 1875.
THE PUBLIC DEBT STATEMENT


ment revenues ran behind the expendit
ures So, 659, 967 in the month of Decen-
Der, which has reduced the total decrease
in the public debt of the six months of
the current fiscal year to $409, 939.
Though this is very material falling off,
IL could not have been unexpected. It
is, as matter of course, the direct re-
suit of decline In revenue; and this de-
cline is the direct result of hard times.
When the panic came, something more
than year ago, people began to retrench
both in their business and in their fami-
ly expenditures. This retrenchment
slowly but surely affects the revenues of
the Government, mainly in the decline
of customs duties. It can only be met
In one of two ways, either O by in
creased taxation, or (2) by reducing ex-
penses.
The second of these methods reduc
ing expenses-is the true remedy. The
first is an exercise of an exclusive pow
er which could not be brought into play
by a private person. When the bust
ness man finds that his income is falling
off and his debts increasing, his only re-
source is in the reduction of his expen-
ses. He cannot levy taxes on his Gus
toners. This is the rule the Govern
ment ought to apply in similar case.
It is not as though we were experiment.
ing in the matter. We know that the
number and amount Of taxes now levied
are sufficient in good times to produce a
great surplus; if they fall short in bad
times, the shrinkage in the business of
the country must be met by a shrinkage
In the expenses of the Government. AS
the deficit is brought about indirectly
by individual retrenchment, it must be
met by public economy. If this princi-
pie had been recognized as fully and as
early by the various Government depart
ments as it was by wise and judicious
business men, there would not have
been an increase in the public debt of
three and half millions in a single
month.
There are only two of the general Ex-
ecutive Departments in which economy
and projects for retrenchment have been
inarguated on scale commensurate with
the necessities of the case. These are
the Treasury and Post-Ofice Depart
ments. MIR. BRIsTOW began his official
career by cutting down expenses, and
there is reason to believe that he will
continue in this direction. Postmaster
General JEWELL has announced that he
will be able to reduce the expenses of
his Department from So, 900, 900 to $780,
900, 900 a year has practical projects for
realizing this expectation. But we do
not hear similar reports from the War
Department, nor the Navy, nor the In
terror, all Of which (and particularly the
LAST might contribute equally with the
Treasury and the Post Office Department
to the general plan of retrenchment. In
the army the cutting process should be-
gin above the rank and file. In the
Navy, the increased expenditures order
ed at the time of the Virginius complica-
ton should be stopped where they ere.
In the Interior, especial attention should
be directed to the Indian contract sys-
tenn. Everywhere there should be the
same effort at economy which a private
individual would exercise under the
same conditions.
There is but one thing that might be
done il the way of increasing taxation,
and that is to restore the. duties on tea
coffee. The low duties which existed
before the repeal-3 cents on coffee and
Is cents on tea-would yield a revenue
of about 80, 100000 year. They ought
to be restored, not on account of the
present deficiency, but because they are
duties for revenue purely and ought
never to be taken of. The amount which
they would yield to the Government
should be turned over to the Sinking
Fund, in order to keep good the pledges
heretofore made, thus leaving the deficit
In the revenue to be offset by the reduc-
ton III expenses.
In some respects, the late increase in
the public debt viii be Of benefit to the
country. The vast amount OF surplus
which has been devoted to decreasing
the public debt within the last few years
has encouraged extravaganza in all the
branches Of the Government, and indi-
Gated a prosperity which was fauacious
enough to betray the people into an
overweening confidence. IF a temporary
suspension in the rapid progress We were
making toward extinglLshing the public
debt shall bring people back to their
senses. and induce the various Depart