The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-08
UNITED STATES PUBLIC pEBE

UNITED STATES PUBLIC DEB1
June sOth the United States owed in ST
per cent bonds 81, 100, 1866, $50, and in five pc
cent bonds s6O7, 1872, $50, both classes amount
ing to sl7O7, 996. 800, and bearing interes
payabls IA gold. The interest on this for on
year Is SIS, l77,585.
Thsre il funded debt Of 81, 676, 900
which bears intersss paysblsin legal tender
There is debt u s1l, $40, maturei
and bearing no interest.
The debt bearing mo interest amounts Il
$49S. 1s2, All. making, with the above princi
psi and interest, : total dsbtof 81. 270. 932 0S8
Total cash in the treasury $l42,243 36l,
making the total debt, less cash, 81. 1913, $685.,
92s, decrease Of si4S99.5l since June,
1874. At'this rs.e it would require LEG year,
to pay the entire debt.
This statement does not include bonds is.
sued to the Pacific Railway companies, s64,
623.5l2, on which the GovernmsSt has paid
interest to the amount Of $26, 264, 102, oil
which Sc, 1874, 81 is Offset by mail service per-
formed by the companies. This issue began
July l, 1866, with an issue of bonds to the
Central Pacific Railroad to the amount Of
s1,25S, 900. July /. 1866. it was s.04s, 900 ;
July 1, 1867, it was s14 762, 600; July 1868.
s29, OS9, 900 1869, s5s.6ss, $40; 1870. 1874. /
457, 800, at which amount the total issue has
remained without notable variation.
The interest on the public debt reduced to
coin would be not far from forty millions Of
dollars per annum. To raise this sum re-
quires al the tariff receipts on importatiors.
which amount to one hundred and forty NH.
lions. The imports which pay this amount Of
tariff are based upon exports, SO that IS far as
the producers Of exportable products are con-
cerned the tariff is at least equivalent to q
direct tax upon such products assessed and
collected where they are produced. \
Those whose labor furnishes most of the
products of this country for expectation pay
the largest proportion of the interest on the
public debt. The South furnishes one pro-
duct for export OF an average annual valne
Of more than $500, 900. 600 gold, which
pays for an equal amount of imported
the latter paying . tariff
lax of about thirty millions. The pro-
ducers Of the cotton virtually pay the tariff
IN the returning imports. This is equally
rue of exported Southern tobacco, as we'll as
II Western grain.
Exporters, or the producers Of expostabls
really lose much more than the
mount Of the duty paid by the imports
which are brought home in exchange, since
be duty has the effect Of increasing the cost
I imports considerably more than tbs
mount Of such duty. A case Of goods,
which costs $500 to impor. besides duty Of |
200. will cost, by the time it reaches tho
'outhern planter, the original price, the |
reight, commissions, interest and profits |
pom it, the duty and interest and profits |
n the amount of the duty, besides large
,argin allowed for fuctuation in currency. |
he tariff increases the prices ofsall home
lade goods and wares protected by it So
MT duty paid on imports is . tribute not
My to the United States Government, but
lso to the American manufacturer in add.
on. SS44 ''' Il
AN the expenses of the Congress, army
id navy and judiciary of the United States,
! the profits of manufacturers, all the cost
supporting the idle, ornamental and nom
'oducing classes, all the costs Of war and all
iblic expenditures, are traceable directly to
. labor of the farmer and. the mechanic,
st as evidently as all receipts for duties are
aceable to the producers Of EXPORTS. Its i
Dor that originates wealth, however or
aerever it may be expended.