Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-08
raie d LIE. bod. Zoo year ihe present

Il
| ducing our surplus taxation, can no Ion
ger be found In a rapid payment OF the
funded debt. Setting aside tho vanishing
three per cents and the unfunded debt oil
s84G, 600 900, the residue OF the public
/ deDt has been In such wise funded by oul
predecessors that $3.50 600 600 can
not be paid, except by pur
chase at a high premium tc
the bondholder, before September 4, 1891
and that $751;, nc, 400 ca not be paid, eN
cept by purchase at n high premium 70
the bondhJlder, before July /, 1907. On
and after these dates, respectfully, but
not until then, those loans are payable,
at the option OF the United states, AT
their face and without premium. The
present premium on the four aud hall
per cents Uf 1891 Is about IL per cent.
The present premium on the four per
cents Of 1907 is about 70 per cent. To
continue our present surplus taXatiOn,
and 10 employ its proceeds now or for
some years 10 come In giving to the
bondholder any such, or sui higher,
premiums by snticipatory purchase OF
those bonds before they are due and
payable ut par, Is lscal policy so un-
necessary, extravagant, and merclless 70
the industrious toilers OF our land, from
whose earnings, profits, or capital are
deducted and taken all the revenues
OF the treasury, that | cannot presume
their representatives In congress would
let stand any law devolving upon the
head OF this department such thrliuess
task.
also set aside as equally indefensl-
Bile, the continuance OF our present sur
plus taxation aud it's employment in ex
travagant appropriations, by which, OF
course, neither mean to include snlta-
bic annual appropriations for the large
expense OF deepening the channel to
carry OFF the foods OF the Mississippi
river, nor such as are needed for the
still larger expense Of providing our sea-
board cities with permanent coost
defense. These are not the means of
naval aggression nor indictments to
mill ancY at home or abroad; they are
prudent provisions "ior the common de-
tense and general welfare" which re-
quire no blanket clause 10 Justify or cover
them. Our engineers do not need
extraysgant appropriations TO carry on as
fast as practicable these great wor' &,
which shuu ld be the labor and the legacy
Of a peaceful generation for the benefit OF
those who will succeed to our in
heritance.
also set aside as alike ndefensible the
continuance of our present surplus taxa
ton, and its employment to increase the
treasury boards. These are now in
enormous excess Of any need which
would continue 10 exist were the legal
tender dent paid off aud were the silver
basis Gually averted and the fear or 1t re-
moved from the puolic mind by stopping
the silver purchase.
But this outline Of our financial situa-
tiou, prospects and pitfalls requires the
addition Of one more fact.
SINKING FUND Will CANCEL FUNDED
DEBT WHEN DUE.
The computations OF Treasurer Jordon,
In his subjolned report, shows that the
provisions OF the Revised Statutes
(scl tions 1894 and 3G95) rs
to the sinking fund and the public
debt, and compliance herewith, by
their continued operation hereafter, will
effect the payment OF the whole public
debt, greenbacks and bonds, by the year
l90S-within twelye-month after our
last great funded loan becomes due and
payable.
In other words, / am advised by that
able officer that the whole punlic debtcan
be thus duly paid without continuance
OF our present surplus taxation but
merely by conformity to the sinking fund
law aon q G regular annual appropriation
therefor from now till l90S-to-wit, by
"the purchase or payment Of | per cent.
Of the entire debt Of the United States to
be made within each FISCAL year, which Is
TO be set apart as sinking fund, and the
interest on which shall in like manner be
applied to the purchase or payment Of
the public debt, as the secretary OF the
treasury shall from time I time Direct
But In order TO transfer our present
and Gccruing proceeds Of surplus taxation
from the treasury vaults 30 the pockets
Of the people; in order, also, to effect the
most economical compliance with the
sinking fund law above cited, VIII lat the
bonds moi yet due are too far beyond on.
reach; and in order also to fulhll the law
In which "the faith OF the United States
Is soltmnly pledged to the payment In coin
redemption Is elsewhere separately
promised, and SINCE 1879 has been prac-
used) to the payment in coin or It's equiv
alent OF all the obligations OF the United
States not bearing interest, known az
United States notes." Or. S., 5000, March
is lSG0,) mere reduction OF our present
Currency reform and taxation reform
are both necessary and both unavoidable,
II the FOrty-ninth congress, during the
remaining three months OF It's life, Shall
perceive how powerfully we are con.
strained by our duty, cur Interest, and
our necessities 20 enter now upon the
open path OF safety.
Thu financial situa' ion, scanned at large
and as u whole, plainly indicates our best
policy. We should
Reduce taxation Immediately TO an an
nual revenue suncing to pay orr annual
expenditure, including the sinking fund,
and excluding the silver purchase;
Pay our unfunded debt OF S846, GSl DIG
with the present surplus, and the surplus
which will accrue before the whole reduc.
ton of taxation can be made or take
effect, and while no more funded debt can
be paid except at premium during the
five years from now until 1891.
REDUCE TANEs-pAN uREENBACK DIRT
WITH SURPLUS
therefore respectfully recommend:
l. Repeal OF the clause IN the act OF
February 2s, 1873, making compulsory
treasury purchases OF silver, for the rea-
sons heretofore given and In order 10 re.
duce surplus aud Unnecessary taxation
S24, 000, 900 year,
Further reduction OF surplus taxa
ton, beginning In a manner which win be-
suggested below, close down TO the ueces
stiles OF the government economically adj
ministered,
Q. Repeal Of the act OF May 81, 1878
making compulsory, post-redempti0n is
i