, 1875-02-05

ously, every year since, the purchases have
been made. On the 3Olh Of June, 1878, tho
amount purchased was $22,:}44, $50, and at
the close Of tile year June 80, 1874, there was
due interest on the annual redemptions Of
1863 to 1874 over $S,0O0,000 Of interest.
The total purchases for this fund mp to Juno
30, 1874, was principal Sal ,0i2 900, at cost
in gold of is135, 427 ,G57. During tho SAME
period there had been purchased Of the pub
lie debt, in ezeess Of Tie amount required jor
Tic siaking fund, $1so, o,241,7 75o.
Under tho law, tho Secretary claims that ho
must have money to purchase m equivalent
to per cent Of the public debt, and to pay
the interest on the 3l41, 100000 Of previous
purchases; the sutn required being about
i31, 900, 600. He ignores tbs fact that there
hays been purchased in exccss Of the amount
required for that sinking fluid $ls.,oO0 oou.
Now here is the question Of law. 4 debtor
Inns covcnantel to pay per cent Of his
debt annually and while doing TINT has M
ucipated Lis annual payments for about five
years. 1Io finds himself temporarily embar-
rassed, is short Of funds, mud tho question is,
Con he omit the payment Of the l per cent
for year on showing TINT ho Las already
paid five times That amount in advance
Tho Committee on Ways and Means think
one why, and the secrotary Of the Treasury
thinks the other way. The Government is
certainly not in default to its creditors.
Under this uncertainty, is it not tho duty OF
Congress to give the country the benefit Of
the doubt2 Is there such pressing urgency
in this matter that Congress, III time Of pro-
found pence, with tho country slowly rccor-
ering from the effects Of most disastrous
panic, and the sudden paralysis Of credit and
production, should now propose to impose
fresh taxes to produce S3l 100000 to meet
this sentimental idca that tho Government
must mako this contribution to the sinking
fund, notwithstanding it Inns already paid
TINT sum for five year8 in adranco? No
public creditor desires it to be done, anl
most nssurodly the taxpayers do not.
We warn Congress that the people ME kconIy
eliyo to the present condition Of tho country,
End they will not approve nor uphold that
pRrty that wautonly imposes taxes which aro
unnecessary. Nor are they any longer de-
ceiyed by tho silly pretcnse of lovy;ng taxcs
to 'protcct industry" The proposition is
to levy MI additional tax Of 10per cent on tho
whole range Of manufactured gools and mer-
chnndise. The people understand TINT, to
raise $4,000, 600 Of rovenuc, it is only ncces-
sury to reiulposo the repealed ta1 Of $18,0OO,-
600 on tea and coGoe. They also understand
that when Congress loyiea q Tux on cotton aud
wooden goods, on iron and ndsteelmanufactures,
NJ, Il
and rlows, on stoves, Blankets, aud clothing,
on aalt and lumber, On glass ind leather
goods, and on tho whole range Of articles en-
tering into domestic uses, That the tex inl-
posed is, of necessity, from three to tiyo
times greater than the amount OF revenue to
DO raised. Thus to produce tiye millions Of
royenuo from cotton goods, the tax levied on
the people must bo from eighteen to twenty
millions and 80 in different proportions On
other articles, some less md sono greater,
the tax necessary under tariff to
produce thirty-ona millions OF dollars
| revenue will not fall short of ninety
or ono hundred millions of dollars.
All tlis is thoroughly understood by the
people. It is also we'll understood That M
addition Of 10 or 15 per cont to tho tariff
! .neanH an advance. of the price of all the
goods Oh hand Of 10 or II per cent, which the
consumers must pay, but Of which the Gov.
ernulent will lot receive penny. Tho poo
pie 1nay thus be robbed Of 800, 900 tc
! S150,OD0, 600 for the beneGt OF 1nidlle.men, =
for whnt purposo III order that money may
bo raised for sinking fund which, In fact, L
| not required.