The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-10-03


tai current expenses OF the government in any
year OF peace prior to the war for the Union.
1t was seen that the successful management OF
the debt depended on the rates OF interest to be
paid; that reduction of one per cent? on our
whole Understanding debt would be yearly
saving in interest of over $4,000, 600; that re-
duction of two per cent in rate Of int rest would
save the country over $40 900 OO0 which is the in
terest at four per cent. on g.. OOo,OO
The policy OF reducing the debt and thereby
Strengthening the public credit having been
adopted. let us observe theresult in the present
condition of the public debt with respect to in
terest The total interest-bearing debt, August
1, 1878, was as follows -
Three per cent Navy Pension Fund. $14, 100000
Four Per cent bonds. lie, $50 900
Four and half per cents 246. 100000
rive per cents 703.266.650
xper cents 723, SOL $50
Total present int-bearing debt. 81, 800 SIT 900
The interest on which amounts to the sum OF
$s5lSl ,O07 30 per annum. It thus appears that in
thirteen years the interest-bearing debt has been
reduced from o. $50 294.96 to $lsO9 677 800;
gain.in the amount of interest-bea caring debt OF
$ozl, 6b2 ,3e496. The reduction of the annual in
terest charge is 455,79s .ssoS4, or more than fifty
per cent. OF what we now pay. If the reduction
OF annual interest were placed in sinking fund
at four per cent. interest, it would pay off the
whole debt in less than twenty-five years.
THE PUBLIC DEBT NOW HELD AT HOME
There has been another gratifying and impor-
tant Improvement in the state Of the public debt
A few years ago our bonds were largely owned in
foreign countries. It is estimated that In 1871
from 900 to 81 600 were held abroad
We then paid from &5o.o0oOOo to $50 oeo 900 anuu-
ally to Europe for interest alone Now the bonds
are mainly held in our own country. It is esti-
mated that fve.sixths of them are held in the
United States, and only one-sixth abroad. In
stead OF paying to foreigners t5cO00,O 900, we now
pay them only about $12 100000 or $4,000, 900
year. and the interest on the debt is mainly paid
to our citizens. It appears from what has been
shown that since the close OF the war, since the
panic OF five years ago. there has been great
change in the condition of the debt The change
has been one Of improvement.
l. The debt has been largely reduced
.. The interest to be paid has been largely d. |
minished.
g. And 1t is to be paid at home instead Of abroad
THE BURDEN OF TAXATION LEssENED
The burden of taxation has been reduced since |
1885, the.frst year after the war. as follows: The
axes in 1866 were:
nterna! revenue. aoss2s,sIs IL
$4Ss,27s.4s5 co
,ustoms. $3.50, ITO, $50 20
nternal revenue. n0,561.624 IA
GAO. 7E2, 3O4 "a
Reduction of taxes since 1866 .ss47. bsl, 100 os
TAXATION THE YEAR OF THE PANIC. Il
................... $18s, ,622 10
internal revenue.............. 113.7ss.3l4 IA
Total. ACKNOWLEDGEMENTS. 1901, sIs,s36 81
07o... 240, 7523O4 "a
Reduction since the panic. $sl, 0e6. bSl 90
EXPENDITURES REDUCED.
The expenditures have been reduced since the |
7ar as follows:
including pen X
,-o sons and interest 1857 $40 ,e75 ls
1856. 1864. 1926 80
eduction OF yearly expenses. $19O,57s, 34s SO
EXPENDITURES THE YEAR OF THE PANIC
$3.50 345.2 45 33
1876, 1854, 3326 so
eduction in five years......... 453,3o0,9 18 SO
JR FORUIGN TRADE IMPROVED By THE POLICY OF | :,
PROTECTING HOME INDUSTRY.
Nothing connected with the financial affairs of
le government is more interesting and instruc-
We than the state Of trade with foreign countries
he exports from the United States during the [
ar ending June 80. 1878. were larger than du- I
ng any previous year in the history of the coun-
?. From the year 1868 to the year 1873 the net
,ports into the United States largely exceeded
Q exports from the United states-the excess
imports ranging from $50 600 to 41S9 900 IL
nually. During the years 1874 and 1875 the ex- "
rts and imports were about equal. During the h