The daily Evansville journal. (Evansville, Ind.) 1862-1863, 1862-06-30

| Average rate of interest raid on the entire deb
Is 334-lOO0ths per annum
of The debt, S74, ,253, 967 55 are a legac,
from Buchanan; that due to the war /
$4I7, ,I95, ,O16 Sc
The gentleman from Indiana TMr. Voor
hees fixed the sum at Sl,055. 600 COO
which be arrived at in this way: Having
heard the chairman of The Ways and Means
Mr.. Stevens say during the winter that
our daily expenses were then So. .OOO, 600,
he assumed that they had been So, 600. 600
per day for the whole of the past year. az d
thar, hence, the debt at present is 81. .O95.-
600, 900, or 365 times s., 100000 Having
by this GssumptVe process created an i'm
mense debi, he, with refreshing confidence
IN his arithmetic, added the comprehensive
remark, that "no intelligent and candid
person will deny that our Indebtedness at
This moment is equal TO that vast sum. The
gentleman from Ohio, Mr.. Vallandigham.
In his address, contents himself with the
naked assertion, not giving any evidence or
decryiug those who deny it, In truth. they
are both wrong on this important re,inr
gEGtr6rKa u nod 5d"fhdTaHa pIumes himself on
the discovery that the Secretary of the
Treasury was mistaken about S25, 600, 900
in his estimate OF the revenue from duties
the current fiscal year. Wherein has he
the advantage of the Secretary At most,
the Secretary erred twenty-five millions in
au estimate Vf an uncertain trade at a most
unsettled period. The gentleman from In
diana, who cannot excuse this erred to the
extent of FIVE hundred millions in the state
ment of an ascertained fact.
THE DEBT YEAR HENCE.
Second. 1t is further asserted that our
debt one year hence, if the war should con-
tinue, will be two thousand millions. This
estimate is based upon the other estimate,
that the Government will spend, the whole
of the next year, at the average rate of
$3,000:000 per day. This is an egregious
biuuder. The average daily expenditure in
the Mar and Navy Departments is less than
one million of dollars, and the average
daily exp nditure in all branches of the
Government is a shade over one million. So
that, upon the basis of present operations
the public debt one year hence will not ex-
ceed l 200, 600, 900. showing an error in this |
statement of the gentleman from Indiana of
one thousand millions. He proceeds upon |
the false assumption that we now are, and |
will henceforth spend three millions daily. |
The gentleman from Ohio Mr.. Vallandig- |
ham in his address, says tie daily ex-
penses are at the rate Of four millions Of |
dollars" The difference between these two |
false prophets is about the true sum.
This point is settled by the official state |
ment of the Secretary of the Treasury, and |
the well-ascertained average daily expendi-
ture as shown on the books of the Treasury
AS to the probable amount of debt year
hence, there is another method of reaching
it, w: by consulting the appropriations
asked by the various departments for the
operations of the fiscal year just closing, as
well as that soon TO commence. These fig
hor b1I 4L,o |
from Vermont Mr.. Morrill,, and are to this
effect:
The appropriations for the fs-
cal year ending June 30,
1862, were ......... .........-..S S5S6, 900 900
The appropriations for the is-
cal year ending June 80, go 544 OS2. 900
Total appropriations for the
two hscal years.. ......"Sl, l30, os2,00
That is, if all the money estimated for
and appropriated shall be expended, the
public Indebtedness will be, by June 80,
1868, should the war be continued on the
present basis, eleven hundred and thirty
in which event the amount will
be eight hundred and seventy millions less
than the prediction of the gentleman from
Indiana. In his apparent anxiety to swell
the sum, and sustain his estimate, he sup
poses that, owing to the increased expenses ,
of transportation, growing out of an inEa-
sion Of the enemy's country, our expeDdi- ,
lures will be proportioRately heavier next !
year than this, forgetting that our army is
1ow supplied with arms equipments, tents, :
md all the material of war, which need not =.
soon be replaced, and that the cost of re- :
;ruiting, organizing, preparing and bring :
Dg this large army into the field, need not
De repeated, both of which causes will
greatly diminish expenses. Besides, he is
n error in supposing that we cannot sub e
list the army to any extent on the enemy. 4
They cannot, if they would, destroy every Il
hing. Already we have successfully sub o