, 1875-01-16
p7opos7o r,,cREAsE OF THE TARIFF,

In thu Presidents special message to Con-
gress on the finances lie calls attention to the
possible want Of revenue to mike good the
annual apportionmont for the sinking fund,
aud to thu additional possible demand couse-
prcnt upon tho retirement Of the eighty mill
ious Of weenbncks during the ncxt four
years. lie makes certain suggestions oil this
subject which deserve careful examination
by tho people rs we'll az by Congress. It is
perhaps true that, according to thu present
standard Of expenditure by Congress, tl1ero
may 10 q temporary deficit Of revenue during
tile existence of tho "hard tines; Int upon
the restoration Of easy times revenue Of
production, which may, aud probably will
commence iu tue spring, this fnlling of in
tho reycuue will be made good by tile in.
crease Of trat1e.
It liz possible that the assumed deficit in
tho national sinking fund is not SO glaring or
so serious rs it has been represented Thu
original stipulation WAS, TINT sum euual to
ore per cent of the public debt should be set
apart annually to redeem that debt This
obligation was assumed i'll 1868, and las con-
tinucd to DO complied with ever since until
within the last two years. The deficit stated
is tllirty-four millions of dollars. But ihe
Government has not contented itself with tho
redemption Of per cont of tho public debt
annually in many years it has largely ex-
| cecdcd this sum. The deficit in the pur-
ch:ses for tie sinking fund will bo, for tho
present fiscal year ending July l, 1876, say
$;,1 QUO, QUO. But, as au otIset against tlat
sum, the Government has purchased bonds
in excess Of tho amount required for
the sinking fund, siuco March, 1863,
ZIP to Juno 80, 1871, to the amount
Of $1s2,2ll, $50, principal. Tho amount
purchased for tho sinking fund in that same
| period was $14l, ,o5o. Admitting that
the Government has failed to purchase $s3I,.
GOO, 600 Of bonds for the sinking fund, the
Government is already in advance on the pur.
Chase Of bonds $145, 100000 III excess Of its
pledges to tho creditors. The country, there
fore, need t,sko no unnecessary trouble abon'
that sinking fund. 4 debtor TINT has pait
his obligations i've years in allyAnce OF thu
requirements Of Ills bond il not likely tt
suffer in credit BECAUSE lie olnits adding tt
that payment auother year. The TreGsur,
| lH!,lL t4Alt lAo l1Ay1AeAt 1ALO tllp h4llhIul
fund Of tlollat for four or five years and It'll
preserve its faith with tho creditors. To in
crease taxation to mako payments, a1read,
anticipated by five years will not be favored
by tho country, md should not be urged b,
the President or Secretary of tho Treasury.
Tho real remedy for the deficiency in til
rove,luo is not a general incroaae OF taxation
but tho reduction II expenditures. The polio
Of tho Government should DO that of an
! well-regulatcd corporation, or Of any prutlen
} businessman, AMI tint is the retrenchmeI
of expenditures to the level of tho income
Congress has HOW conclusive evidence tllf
tho Pacific Mail subsidy was faGrful1y cor
rnpt job; let it he repealed. The Postn.e:
ter-Generul proposes certain reforms th'
!, will save two or more millions annually. IT
D expenditures Of tho army and navy may
0 easily reduced like amount, anl that Of til
Treasury two or threo millions. The India
0 scrvice offers m opportunity Of reduction,
;. docs tllo appropriations for rivers and In
: bors and public buildings. We give fe
{ of these items, showing the actual e1pend
/ turs in tho ycar ending June 3U, 1874, III
It tho amount OF reduction that may ba ,nes
N without injury to shs public service: