National Republican., 1883-10-04

accrued interest'which they recognized as due
being fatty repudiatedl And now we behold
the difference as TO the debt between fundor-
ism and readjustment at the date when tho
Riddlobergcr bill took effect the funder de bt
exceeding the readjuster debt las fixed by
official and incontestable fgures) by Sl2,473,-
1000. That is tho saving in principal by
readiustment, without reputation of q dollar
of just obligation. And If since July l. 1889,
there has been an accumulation of interest,
that interest itself is greater or less, in tho
same proportion las indicated above), accord
ing TO the account, funder or readiuster, upon
which IL is to be estimated and settled.
Not only have we thus saved SO, ,473, 100 20
in principal to July /, 1882, as between tho
brokers' bill and the Riddleberger bill, but
we have scotched, If we have not killed, the
tax coupons, and we have fixed the interest
at q uniform rate of 3per cent. year With
out estimating the worth of tho exemption
from taxation accorded the bonds and coupons
(Which has been estimated as worth . per
cent? under tho brokers' BILL We find that
the average rate of interest which it provided
for is per cent. Upon the brokers' bill debt
of $33.50S, ,497S5, therefore, the average an
nual interest would be 81, $40, ,339.91, while
tho interest ON the Riddleberger debt of
S21, ,035, ,377.15 is only $631, ,061.3l-tho annual
saving in interest thus being sos, 9,27S 60.
But the debt under the Riddleberger bill is
10 run UlJy years unless sooner redeemed.
We may be sure Judging from the past) that
at the expiration of that period, under the
funder scheme, the debt, instead of being paid
or diminished, would be increased but as
suming that under tho rcadjuster settlement
we shall pay of tho debt ut the end of fifty
years, then the saving in interest under the
Riddleberger bill for tho whole period is
S35, ,d63,930, which, added to the principal of
$l2, ,d73 1000 saved, makes total saved
under readjustment Of $A7,037 050.7O.
IL will be observed that in all these figures
aud calculations VIC mako as favorable an ex-
hibit for the funders rs possible, making no
allowance against them for their exemption
of bonds and coupons from taxation, and con-
sidering the funder debt as under the brokers'
bill at per cent, instead of under the fund
ing bill at per cent. Yet the saving, as we
see is $47 ,937, 7,050.70-with not dollar of in
terest repudiated or put in tax coupon The
annual interest saved is S709,27S.60; and the
saving annually for fifty years, including the
principal saved, is S95S,741.07.
FLOATING DEBT.
When the state government was restored
in 1870 there was no floating debt at all.
After ten years mismangement with ST.
$4,000 in the treasury when pay ment Of in
terest under the funding bill began) the
funders surrendered the administration to
the readjusters on the first of January, 1880,
WIN ploO,Oo1sOO uuO upOu war
rants, 100000 due and unpaid to the lunatic
asylums, $i0,520 due and unpaid in fines
to tho literary fund, $60,4S2S9 due to in
terest on college endowments, and $1,504, PAS
due the public free schools-making total
floating debt of $1,969, 1899, with only $22,-
494.09 in the treasury Besides, at that date,
the funder administration was in arrears of
interest to the sinking fund 81, ,S77,712 and
in arrears of interest on the state debt 3d.
SS9,679. There is now no floating debt at all
except remainder of $715,000 of the $780,.
000 diverted from the schools by the funders
ANNUAL EXPENSES OF GOVERNMENT.
For the eight years beginning with 1S71-'72
and concluding with 1S7S-'79, the annual
average of regular expenses of government
under the bourbon-funder rule was S1,0Si,.
664-74. For the four years of readjuster rule
beginning with 1879 and ending with
IS52-S3, the annual average of regular ex-
penses of government was $500, ,234.l4 The
annual average ofsaving in expenses of gov.
ernment under readjuster rule, as compared
with the expenses under funder rule, is thus
$252, ,430.60.
THE STATE REVENUES.
The following statement shows the assess-
ments Of taxes on the principal subjects of
taxation for the years named: