Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1862-01-09
The National Debt.

Next to the rebellion, the great nation
al calamity which the people of the Uni
ted States have got to face, is the enorm-
GUS national debt. 1t is already large,
and is increasing at the rate of two mil
lion dollars or more per day. 1t will
continue to accumulate--how long no.
body pretends to know.
Knowing, however, that settlement
must be made some day, let us see how
We stand on the books. We take Re-
publican authority. "The present fiscal
year. says the New York Tribune, "will
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 calculators,
leaves wholly out of view our State debts.
At the close of the last 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, q public debt, national and
State, Of nine hundred millions OF dol
lars.
The Tribune says that "the coming
year will see the amount of our national
Indebtedness 0,000,000) doubled"
making it twelve hundred millions Of
IL Il, hn of
at least seventy millions Of dollars. The
State debts will also at the same time
continue to increase, If not in the same
ratio, still at an enormous rate. SO that
we are on the high road to national and
State bankruptcy, whether we have the
manliness to acknowledge it or not.
Supposing the war to be closed at Tho
end OF the next year. what then? ? The
Tribune says eve shall be obliged tC
maintain large army and navy ut al
additional expense over past years of one
hundred millions of dollars" making
the annual expense of tho Federal Gov
crnment two hundred millions of dollars,
exclusive OF the seventy millions of in
terest on the twelve hundred millions OF
national debt. Thus, the people will
have to foot an annual expenditure OF
TWO hundred and seventy millions of dol
lars on the part of the Federal Govern
ment, and that, too, without diminishir &
the National Debt one cent
How is this annual expenditure to be
met? If the duties on imports should
yild rs 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 unknown
and Impractical in this country At the
same time, the expenses of the State Gov
ernments and the interest on their debts,
to say nothing of paying the principal,
must be provided for by heaping taxes
on the people.
The truth may as well be told at once
and right out as to smooth it over with
honeyed words, in order to pacily de-
ceiyed and betrayed people. Under.the
present management of our national af-
fairs, the annual expense of the Govern
ment will not be met There will remain
each year an excess Of unpaid expendi,
ture, which will be added to that grea,
reservoir, the original National Debt
funded IN stocks, bonds, etc and bearing
interest. Perhaps, many holders of Gov
ernment securities who can afford 1t, as in
England. will be content to iorego the pay
ment Of interest annually, and let tn,
Government Indebtedness accumulate il
their hands by means of compound inter
est. This will help maintain the credi
Of the Government and bankrupt the ma
ton. But there are men who do not car
how poor the people become, so long a
Government contractors and creditor
get rich and keep rioh.-.SioteSmon,