Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-12-29
The National Dobt.

Next to the rebellion, the great national ca
lamity which the people Of the United States
! have got to face, is the enormous national
debt. Il is already large, and is increasing at
the rate of two million dollars or more per day.
1t will continue to aocumulate-how long no
body prelends to know.
Knowing, however, that a settlement must
be made some day, let Us see how we stand on
the bookp. We take Republican authority
"The present fiscal year." says the New York
Tribune, "Sill leave US with debt of nearly or
quite six hundred millions Of dollars, for the
payment of the interest on which forty million
dollars will be required"
But in its estimate of our Indebtedness, the
Tribune, like most other caIcalatora, leaves
wholly out of view our State debts At the
close of the lsst year the debts of the States
amounted to two hundred and sixty FIVE millions
of dollars, without taking into account the debts
of cities and counties. These absolute State
debts must have increased greatly within the
past year. Supposing their aggregate does not
exceed three hundred milliOns, we shall have at
the close of the current fiscal year, public
debt, national and State, of nine hundred mil.
lions of dollars.
The Tribune says that ",he coming year will
see the amount OF our national indebtedness
($6O0,O0O.00O doubled" making 1t twelve
hundred millions of dollars, with an interest on
the same Of at least seventy millions Of dollars
The State debts will alec, at the same time,
continue to increase, if not in the same ratio,
still at an enormous rate. So that We are on
tho high road to national and State bankruptcy,
whether we have the manlinees to acknowledge
it or not.
Scpposipg the war to be closed at the end OF
the next year, what then3 The Tribune says,
eve shall be obliged to maintain large army
and navy at en- sddiiional expense over past
years of one hundred million dolars making
the annual expense Of The Federal Government
two hundred millions OF dollars, exclusive Of
the seventy millions of interest on the twelve
hundred millions Of national debt. Thus, the
people will have to foot an annual expenditure
Of two hundred and seventy nilliono Of dollars
on the part of the Federal Government, and
that, too, without diminishing tho National
Debt one cent.
How is this annual expenditure to be metz
II the duties on imports should yield as large
revenue as they did before the war began, there
will remain the sum of two hundred millions to
be raised BY modes Of taxation heretofore un-
known and unprseticed in this country. At the
same time, the expenses of the State Govern
ments and the interest on their debts, to say
nothing Of paying the principal, must be pro-
vided for by heaping taxes on the people.
The truth may us well be told at once and
right out as to smooth it over with honeyed
words, IL order to pacify deceived and betEay-
ed people, Under the present management Of
our national affairs, the annual expenses of the
Government will not be met. There will re-
main each year an excess of unpaid expendi-
ture, which will be added to that great reservoir,
the original National Debt funded in stocks,
bonds, etc., aud bearing interest. Perhaps,
many holders Of Government securities who can
afford II, as in England, will be content to fore
90 the payment Of interest annually, and let the
Government indebtedness accumulate in their
hands by means of compound interess. This
will help maintain the credit of the Govern
ment and bankrupt the nation. But there are
men who do not care how poor the people be-
come, 90 long as Governmen. contractors and
creditors get rich and keep rich