Year: 1869


THE publication of the monthly debt I
statement gives occasion for another OF
the senseless periodical jubilatlons OF the
Republican press. 1t is asserted that the |
national debt has been reduced more than |
five millions during the month of August, |
and the country is asked TO admire Presi-
dent Grant and his Secretary of the Treas |
ury for - auspiciOus result. But what
have then done, during the month of Au-
gust. to entitle them to this shallow and
fulsOme praise? They have been jour
neying and junketing, attending dances
and clam -bakes, hOrse-races and monster
musical festivals; fitting from place to
place on pleasure excursions, leaving the
Government to be run by clerks and sub
ordinates; the President and whole Cab
met being absent from Washington, andas
free from care as the gayest butterflies of
fashion that firt and talk nonsense on the
corridors of the watering place hotels. If
the amount of the debt is lessened, small
thanks to our jaunting, loafing President
and finance minister, who have cOntribut-
ed no more to this result than they have
to the unwonted abundance Of the August
peach crop.


Dismissing their agency in the matter as
too ridiculous for consideration, let us look
into the actual state of the case, and see If
it affords fair subject of congratulation.
The debt has been diminished out of taxes
which were laid by Congress before Gene
raj Grant was inaugurated. IL Secretary
Boutwell, had never lifted a finger, II no
bonds had been purchased, If the money
sent to him by the collectors of the reve-
nue. had lain in the Treasury, the monthly
debt statements would nevertheless have
shown reduction. The net amount OF
the debt is reached by subtracting the
money in the Treasury from the sum to-
tai of the bonds and greenbacks; and the
balance would have been about the same
if no bonds had been purchased. What
the country is asked to rejoice over IS the
enormous amount of our taxation. The
capacious pool of administrative wasteful-
ness and extravaganza Is not only hlled
but runs over If the revenue were less
redundant, if the people were not so
plundcred by taxes, there would be less
money for the Republican officials to
squander; and because they collect more
than enough to gorge their rapacity, we
are expected to admire them as great
geniuses in finance Instead of praise for
saving a little out of the overfiowing reve-
nues, they deserve censure for spending
and wasting so much. The business of the
country is crushed under oppressive taxa





place in the debt merely attest the prodi-
giOus amount of the Federal taxes.





The Republican glorifcation over the
monthly debt statements is both foolish
and knavish. 1t Overlooks the disastrous
and ruinOus effect of our crushing taxes on
the business ofthe country; and it is made
convenient cover for the rascalty and
extravaganza of spendthrift party. 1t is
used to give a deceitful and delusive i'm
preston of prosperity, which blinds the
people to the prOdigal expenses of the gov
ernment. lfthe government costs three
or four times as much as it did before the
war, the country is expected to feel that
our resources are bOundless and we can
afford it, inasmuch as we have Il constant
= surplus to be applied to the payment ofthc
debt. That surplus is trile, and the
country could well enough stand it, if ii
were rot for the hundreds of millions that
are annually raised and squandcred to pro-
duce this delusive show of prosperity.
But the country cannot stand the enOr-
nous taxation by which so many great
industries are crippled and crushed; and
the TACT that there is a surplus over and
above the prodigal expenditures of the
government, proves that our taxes could
be largely and Immediately reduced with.
out injustice to the public creditors, OF
detriment to the public credit All that is
required OF us is to meet our obligations
as they mature and money that is no
necessary for that purpose had better be
LETT in the hands of the community to be
productivity employed in increasing tn,
national wealth. A reduction of the ras
cally tariff and the abolition of the income
tax aressamOng the most urgent financia
reforms demanded at this juncturc of af
fairs.-N Y. World, Sept ;.