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Showing a net decrease on Interest • accountof 17,800,581 68
REDUCTION OP PUBLIC DEBT.
The reduction oft he public debt from
Sept. 1,1867, to March 1, 1869, wa?.$ 1,333;430 67 The reduction of the public debt from March 1,1869, to Sept. 1,1870. was.. 169,542,109 60
Showing an increase in the reduction of the public debt of 168,158,648 93
During the 18 months ;from March 1,1869, to September 1,1870, the amount of reduction in tbe public debt has been, as above shown, $169,542,109 60, most of which has been in the purchase and cancellation of bonds bearing interest in, coin, and in the payment ot obligations overdue and convertible into interest bearing bonds and certificates.
The amouut of interest which will hereafter be saved to the Government on the debt actually paid, is about $8,745,596 08 annually-., or $728,799 67 monthly, mostly in gold.
There has also been a constant improvement |U the decrease of the debt during the six months since March 1 of this year, over the corresponding six months of 1869, to the folio wiog extent:
In 1899. 1870. [decrease.
March ..... $266,798 27 $5,763 349 43 $5,499,551 66
A pril....... 6,399,070 65 11 697,793 39 5,298,722 74
May 13,384,777 97 14 301,962 57 917,184 60
June 16,410,132 64 20,203,772 04 3,793.639 50
July ....... 7,435,744 "9 17,034,128 74 9,493,379 45
August./.. 5,6':4.234 79 13,403,325 59 7,7:9,080 80
$49,500,75S 51 $82,407,326 76 $32,906,568 25 And the decrease of the debt for thfc past six months, as compared with- the 12 preceding months, is as follows: Decrease of public debt for 12 months
preceding March 1,1870 $86,931,782 84
For the six months preceding that
The foregoing is a correct comparison of the financial operations of tie Government during the periods named, made from the official records of this Department.
W. A. RICHARDSON,
Acting Secretary. Treasury Dbpahtmbnt, Sept. 5,1870.
The Committee on 'Resolutions',l through their-chairman, fDr. Bratt, of Kalamazoo, reported as follows:
The Democracy of Michigan, ^promulgating according to custom,'the principles which will control their action on the vital issues of the coming election, hereby declare—
1. That we recognize, now as^ever, the right of the people to decide all questions relating to the distribution and exercise of their political power, and we render to their decision, when constitutionally and legally expressed, a cheerful obedience.
2. That we denounce the dominant political party for its corrupt use of the power and money of the people for its unnecessary multiplication of offices; for its unprecedented extravagance; for its prostitution of public trusts to subserve private ends and personal interest; and for its utter failure to administer the government in accordance with the spirit of our institutions or* for the benefit of the governed.
3. That the destruction of our'commerce, the prostration of our agriculture, and the increasing stringency of our financial affairs, bear common witness to the incompetency of our rulers.
4. That a tariff for protection is a system of plunder, whereby labor is compelled to pay tribute to capital; and that a tariff for revenue only is all that is warranted by justice or the Federal Constitution.
; - 5.' That the public domain is a great public trust, which should be administered in the interest of the people; and public policy, as well as common interest, require that the trust should be held for purposes of settlement and cultivation, and in its disposition the landless and homeless, the soldiers and sailors of the United States, and those made widows or orphans by the wars of the Union, should be preferred to speculators and monopolists.
6. That to maintain the honor and good faith of the nation, it is necessary that the public debt be paid strictly in accordance with its terms. 7. That the present system of so-called national banks is a monopoly, whereby favored States and favored persons are unjustly benefitted; but if the system is to be continued, we demand, on half of Michigan -'