Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1882-07-25

ISL 80, 1919
lisa 100000
When it is remembered that at least
81 900 900, 900 was raised BY current
taxation and expended for war purposes
during the four years Of rebellion, and
that 81, 750, OO0, 900, in addition to as
much more for interest, has been paid
since the suppression of the rebellion for
war claims, reduction Of the principal of
the debt, and pensions, without seriously
retarding the progress of the nation in pop
ulation, wealth and prosperity. is no won
der the distinguished English statesman,
Premier Gladstone, should declare on the
floor of the House Of Commons that the
wisdom and success Of the financial adj
ministration of the Government of the
United States challenged the admiration
Of the world.
Already we can clearly see that by
continuation Of the Republican financial
policy within twenty. five years every dol
lar of the immense expenditure necessi-
cated to preserve the life Of the nation
can be paid. The average annual reduc-
ton of the principal Of the national debt
since the close of the war has been about
sec, 000, 900, the largest reduction being
in the fiscal year just closed, and the next
in 1867 and this rate Of reduction in the
future will extinguish the interes.-bear-
ing debt by the time the last series of
bonds become payable, in 1907.
Only one thing can prevent this well
come consummation, and that is the sue
cess of the movement to abolish the in
ternal tax on tobacco and abolish or re-
duce the internal tax on liquors. There
should be, there will be reduction OF
several millions in the customs revenue
by the revision Of the tariff, the reduc-
ton coming mainly on necessaries of life,
like sugar and molasses, where the home
production is so small as to forbid the
regulation of their cost by home compe-
ti,ion, and where every cent Of duty is
necessarily added to their price.
The receipts and expenditures of the
fiscal years ending June 80, 1881, and
June 80, 1882, were as follows:
RECEIPTS.
1881. lS2
Internal revenue lS5.ea.3.5 'i46lE.9I6
Miscellaneous s7,s5',ssl s7ssi.eio
Total 500, ,sss 4os 46o.2s4
About tss. OoO. 90 from liquors. and vi 10000
from tobacco.
EXPENDITURES.
Ordinary lst ti?s.I4a ssa sls' 5000 eco
ISsersss on deb, ss,sss.I's sis";SS
Total e6O,7l2,sss s5s.ss6,ooo
Leaving surplus of over sl5l ,OOo,-
600 for the last fiscal year which has
been applied to reduction of the public
debt.
1t is estimated that the expenditures
for the present fiscal year ending June
80, 1883, will be about $500, 5000, OOO,
an increase of over s4O,OOO,OOO, of
which s35, 900. 900 will be due to the
increase of pensions. tT~F
The House has already passed a bill
repeating the tax on bank deposits and
all the internal taxes except those on liq.
uors and tobacco and dealers therein, and
making small reduction on the tax on
cigars, which will involve reduction of
s24, OOO, 900 in the revenue for the pres
ent fiscal year. With reduction of no
more than an equal amount in customs
duties it is inevitable that there will be
reduction in the revenue Of the Govern.
mept Of nearly if not fully $4,000, 900.
This will reduce the surplus to Sos, OO0,-
600 to be applied to the reduction of the
debt.
All of the internal-revenue taxes ex.
cept those on liquors and tobacco and