The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1882-09-06
NATIONAL FINANCES.

NATIONAL FINANCES.
The debt statement for August shows |
\ decrease OF the national debtor the montl
or $1G,000,000, against $13,S60,00O for July
The available cash IN the treasury, whlcl
on Aug. was sl39,4eIO72 had increased
on Sept. 10 Sal ,629,2il. This favorable
condition of the treasury results from the
unexpected increase of receipts from al
sources--customs internal revenue anc
misceIlancous--the footings being $40,
304,34s tor August against S3S,727,375 fol
the preceding month.
The total public debt, less money IN The
treasury, is now placed at S1,65s, 92G,l71
including, however, nearly S4OO,OOO,0OO OF
gfeenbacks, which IN point OF fact are nc
debt, as the people are decidedly opposed
TO the government ever being called upon
to redeem them. The actual debt is, there.
fore, but trife over 81 ,200,0O0,000, upon
which the interest is not over $4,000 900 a
year. Sixteen years ago the debt was ST.
500,000000 with an annual interest charge
4 of $135,000,000. No other nation in the
history of tbs world has been able to pre-.
sent such financial exhibit as that of the
U. S. In the past 20 years.
This "happy condition of the national
finances, however, is not without its serious
drawbacks. The statement for August
shows $242,060,51S cash IN the national
treasury. This IS an increase Of over So
100000 as against July, ana as the increase
Is going on the money markets. threatened
with stringency, and Wall street IS beg
ging the Secretary to do something to
avoid the calamity. The only outlet seems
to be TO call in more of the Window 315
per cent. bonds, which cuts unpleasantly
in another direction. No doubt relief will
come in q month or two in another form
when the call begins to come in for the
enormous appropriations made BY the last
congress, though even these will not wholly
relieve the treasury from its plethora.
The ills of gorged national treasury DO
not end here. 1t plethoric condition was
as evident year ago as it Is now, and the
obvious sensible remedy was in the hands
of congress and consisted in prompt re-
duction of the national taxation. There
were two ways to do this: one was to abol-
ish the whole internal revenue system, Tex
cept the tax on spirits0 and the other 10
reduce the tariff The secretary OF the
treasury had told congress that the surplus
at the end of the next year would not be
less than $1j0000000, and as the entire
internal revenue receipts, except from the
tax on whisky, were not over $70,000,000,
the whole Of that taxation, an outgrowth
Of the war and as distastetul as inexcusa-
bic In time of peace, could adyantageously
be wiped out
But our republican congress had no such
notion. To abolish the internal reveAue
system would involve the discharge of
$4,000 government officials, who were not
only vastly convenient, in q party point Of
view, to make Jay Hubbcl assessments
upon, but constituted an admirable "hudy
guard" scattered all over the country, to
be on hand and do the party dirty work in
every exciting campaign. No. no: The
dismissal Of such q convenient army of
party workers was not to be thought of.
And as TO the tariff obviously that was
a subject altogether too ticklish for the
party to NEEDLE with on the eve of the
election OF new congress. So at the very
beginning of the session the republicans
held o caucus and decided that the house
was unfit TO undertake such complicated
job as TO reform the tariff; and to put the
whole subject out of the way not only until
after the fall congressional elections, but
also until after the next presidential cleo.
ton, they resolved to refer it 10 do moth.
ing commission
So, as for purely for party reasons there
could be no reduction of taxation, either
in the form of internal revenue exactIons
or tariff robberies, congress had no re.
source but to tall hacl, on the vicious and
demoralizing alternative Of cmptying the
public treasury by eXtravagant and waste
full appropriations. For such an undar.
taking never was the leadership of the
house placed IN more fitting hands than
those of Geo. II. Robson, who had SO
magnlcently plundereG the treasury while
secretary Of the navy under Grant. HIM.
self member of the appropriations com.
mlttee, he put that body to work and their
river and barpor appropriations, the
pubic buildings appropriations, the in.
crease of pensions, &c, &c, attest tie Ell.
cheney with which that committee worked.
1t IS sufficient TO say that the approprla-
tons were worked up to some $400,OOO,0OO
against $202,000,000 last year, ard would
have been sufficient 10 cover nearly The
whole Of Secretary Folger's anticipated
surplus hut for the unexpected increase of
the revenue as noted above Aud So to
help the republican party taxation must GO
on, and waste and decentralization, courrup.
ton and profligacy.
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AT length it seems to be working jiswav
10 The brains OF the working men that a
hi ga,;fr Co. H.