The Russellville Democrat., 1882-06-15
THE PUBLIC DEBT.
Figures that Indicate Gross Fi- nancial Mismanagement and
 Excessive Taxation.


 strated that an accumulation in nine months of surplus revenue of $l05,- 100000 not only failed to furnish occasion for rejoicing, but ought to be denounced as an outrage upon the taxpayers of the country, and that the increase of our surplus revenue at the rate of nearly $60,000,000 a year was evidence of gross financial mismanagement and increasing raids ou the part of the Government on the property owners of the United States. The public debt statement for April affords still further proof of wicked mismanagement of the financial affairs of the country. It is boasted that the largest reduction hitherto made in one year in the public debt was in 1867, when the reduction was SIPS, S,000,0Q0, but that during the last ten months the re- duction of the public debt has ex- ceeded this vast sum by $l 100000. It is proudly claimed, as though this were a fiscal virtue. that the reduc- tion for the current year leads all preceding years and is likely to reach $145, 100000. The reduction for April was $l4, ,4l5,S2 and after this huge outlay the available cash bal ance in the Treasury is $l42, 334, lS3.
 These figures should be cause for shame rather than exultation. They indicate a Federal taxation so ex- cessive as to amount to robbery. The most perLicious and alarming feature of our current fiscal manage ment is the rapid and monstrous in crease in our surplus revenues-for surplus revenue means nothing but eXorbitant taxation. In the fiscal year 1880 the surplus revenue amounted to S65, ,000, ,000, and in the fiscal year 1881 to $l00,00o,000. In the fiscal year 1882, according to latest estimate, it will reach $l45,- 000,00 and may considerably eX- ceed that sum. Here is an increase in two years in our surplus revenue of at least $S0,000,000, which may grow into an increment of $90,000, 900 CT more. While this growth Of excessive and predatory taxation Is in progress nearly $l50,000,000 are at this moment piled up in the Treas ury, the prey of public plunderers.
 The World has frequently pointed out the danger into which this spoil ation in the name. of taxation is lead ing the country. There are only S450, 100000 of United States bonds outstanding that can be redeemed at par at the pleasure of the Govern. mcnt or prior to 1881, Then only S259, 100000 of bonds can be so re. deemed. If this surplus revenue continues to increase at the rate of fifty millions or more a year, all the bonds redeema6le at par within the next nine years will be cancelled m a little more than two years. What then will be done with the surplus revenue, which, at the existing rate of taxation and following the current rate of increase of the surplus reve- nue, will then have amounted to S2OO, ,OOO,OQ perhaps to S250,000, OO0 in one year?
 Happily, prosperity reigns in the country, and while prosperity reigns the hand of the tax gatherer is hard. ly felt, But these two facts linked with each other-thc too rapid pay ment Of the pubhc debt, and the governmental plundcrlng which is digniiicd by the name of taxation, which makes such rapid reduction of the public debt an absolute neces- sity-arc an outrage upon the tax. payers of this hour and this genera. tiou, to which the people of the coun- try seem blindly inditterent-an in difference Of which the first touch of hard times, the first halt iE the uni versal prosperity, will cause them to bitterly repent
 From now till 1907 we can only pay at par S700,000,000 of the pub ! lie debt, or S2S,000, ,00O a year. But we are actually paying the debt more ! than five times as rapidly as this. l At this rate of payment All of the ! lebt that can be paid at par within the next twenty-five years will be paid in four years and eight months, and even less time than that unless taxation is reduced. Excepting the 5 per cents, the Government can 'nly pay the debt thus rapidly by purchasing bonds at the market pre- nium. The premium on the out. 4 per cents at their pres