, 1875-02-13
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A FALSE PHETEXT.


bill imposing an immense aud unwelco1uo in
crease Of taxes, was guilty Of several augges-
aions TINT were true and soma omissions OF
fact, thus rendering his statement unworthy
Of the occasion and Of his own position. He
quoted the law by which the Government at
tho beginning Of tho Wax provided that a
sum in coin equal to per cent Of the public
debt should DO annually put into sinking
fund for tho retirement Of tho principal Of
tho dobs There was no such payment into
the sinking fund until 1863, since which
time there have been purchased for that pur-
pose bonds to the amount OF $l41, ,012, ,050, and
in addition thereto there have been purchased
other bonds to the amount Of $1B2, 2i1 ,750.
The expenditures Of the last year left but q
surplus revenue Of three millions of dollars,
and no payment into the sinking fund WAS
made. Tho pretext for tho increase Of taxes
il, that the Government must have
thirty -four millions OF dollass regenuo
to pay this per cent into the
sinking fnnd and TO pay the interest on tho
various purchaser since 1860. The fact that
since 1860 the United States have purchased
S182, 600, GOO Of bonds in excess Of the sum
required for the sinking fund is met by Mr.
DAWES with tho assertion that, had the pur-
chases for the sinking fund been made from
tho beginning, in 1902. they would now
amount to $A17, ,b6e, ,G5c, leaving deficit in
the sinking fund Of $500. .ooo, 900, aud tina. If
against this the $l82, 600, 900 Of other bonds
bo Offset. there will DO still deficit Of over
hundred milliono Of dollars. This IL little
better than psttifogging. The amount Of ths
public debt paid of and dischargod between
1869 and 1874 is not represented alono BY
tho purchase Of tho bonds since 1869. On
tho lss Of July, 1866, tho public debt wes
$2,773.2aG.174, 3 large sum having previ-
ously been reia. On tho LIST Of July, 1874,
the amount Of tho public dobt waa $2,951,-
0,4Gs, showing that in tho eight years from
1866 to 1874 there had been paid Of tho prin-
cipal of the public debt no less than $751;
545t7oG. But tho debt in 1874 includes $58,-
ooo, 900, for which tho Treasury has cash Oh
set. Computing the payment into the sink-
own figures, $411,566,G58, we have pay
mont Of over one hundred md sixty millions
in excess Of the requirements Of the law. The
figures may DO thus statod
Bonds purchased for sinking fnpd. ,5t2 150
Oiher bonds purchlsed 1lncs 1862 1872 24 100
Qther form of debt pa4 sines 1885, 2a7,05l 900
Total reduction Of dobt aincs 1888. ..$sS0
Required for sinking fund. 417 868
E1ceaa Of payment .&1t2 7a9 $50
Hero, then, ia ono hundred and sixty three
millions paid mora than the sinking fund
calls tor. III tho face Of theao notorious
facts, Mr. DAWES has the hardihood to soy, in
e1tenuatiou Of his schome Of extra taxation,
that the public credit has suffered bocntse
the sinking fund has not been keptup for the
last year! The Government that con Rhow
q surplus Of payment amounting to one
hundred and sixty-thrce millions Of doliars
over and above tho requirements Of law can.
not suffer in its credit by any suggestion thai
the sinking fund has not been kept up. That
suggestion that the national honor is involved
il increasing the taxes to meet this aenti.
mental payment is not warrantsd by th<
facts.
1lr. DAWES made a pretense Of fairneai
when ho gave the statcnent Of the receipt.
aud expenditures TOR the last avo years. Tha
statement was a. follows:
f4.AJ