The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1862-08-30

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Our Nasioaal Debt, aud the ourrsnt sxpe,.
d'ture - which e b grsWisg have come % 5,
matters % shsesbiag interest to the vhele
nation. They arc 10 longse oxclusivelv ~
concern Of capitalists, 6nanciers "a CsA,r..
omeisla. kins1ces, resources, pablie credit
uiugls With Our every day business, .Caien,
lation aod speculation ceneernine them kav.
escaped from their usual confinement ii IN
closet Of the political economist aud the oi6oe
Of the banker, and become the theme Of oon !.
ulsr discussion. Taxation, discount and liz
MONEY market, commerce, crops and prices.
as Efficient forces involved in the one over,
ruling solioitude for the issues Of the treat civ
il strife that troubles the Union, keep The idess
proper to financial experts constantly present
to the minds Of the people.
Now il happens that facts and figures, when
| the world 10 excited about them sre as liabls
to run of into fantasies % tho most sbtruse
speculation in other fields ofinquiry. Com
men sense Is not whit more exempt from fer
mentation than theoretic abstraction. Public
opinion on public Affairs, with rumor for Az.
thority, and hopes aud fears for Interpreters,
often mistakes . riot Of the fancy for the veri-
| ties Of reason aud experience. Madame Ru.
NOR was . sensstionslist in tho days Of Shak-
speare, and she maintains her reputation still.
She is % as much given to lying and blunder.
| ing now as she was then. t.
We are not to be duped with the story that
sthe Pope Was seen drunk in tavern in
Esstcheap 'tother day, or that the lions are
about to DO let out Of the tower Of London, to
destroy the Christian religion" These things
ere not in our line Of believing; but the Mer.
rimao, with the whole loyal navy in her NAV,
in the Delaware one day, at the foot Of Court.
land street the next, and pitching shells into
Fsneuil Hall the day after, and war expeudi-
ture Of three millions day, are Ill likely en-.
eugh, ~ things 60. a sss - i
We propose therefore to furnish authentic
data for the consolation Of our national
finances, and will take the liberty Of adding
few explanations and suggestions, which Il
they may not greatly help to right understands
ing Of the subject. shall as least not embarrass
or confuse the study. 7li vs.. sz;ai -
First, Official ststemeots, which We have
from the Treasury, put the public debt Of the
United States ct ssh ,646, 274 on the 1st Of
July, 1862, with $7,177,828 in tho treasury,
subject to draft, which, Is the immediate liabil-
tiles are included il the total is to be subtracted
leaving the debt on that day .t 5043 millions.
The funded debt, and the bonds and certificates
304} millions; the outstanding Treasury notes.
$50 millions, and 81 millions Of temporary
loans, at and per cent, make up the grand
total which is usually called the National debt,
embracing - it does, all that the Treasury
knows Of its liabilities. u- Lea !.
To ascertain the amount Of expenditure on
civil military, and naval account, since the
7th Of March, 1861. We abstract from the debt
on LIST July, 1862, first. SIS, $50, 655, the
amount Of tho funded debt ,as it stood ut the
former date; and, second, the. amount paid BY
the present Secretary on account Of the prin.
cipal and interest Of old funded debt, and the
principal and interest of old Treasury notes
redeemed amounting to Sc, 8l9, 900, together,
$50, SIS, 955, which leaves the expenditure of
the present Administration, upon the civil,
military, and naval service, from tho 7th OF
March, 1861, to the 1stJuly 1852, e. period Of
4s0 days,) $423, 450, 1929, or IN ca7erage Of
49,, 1879 per diem. . ae..s,,s lgi
But further: the expenditures of Mr.. Bu-
ohanan's last full fiscal year exclusive Of dis
bursements on account Of the public debt,
amounted to sixty millions; and assuming this
as the sum chargeable to account Of erdi-
ordinary expenses Fin time of peace, the pas
Expenditure of nearly sixteen months would
be eighty millions less than the above stated
total, or three hundred and forty three mill.
ions; equal to an avearge Of $7l4, 68S per
diem. n
There Is but ono escape from this conclusion.
The unkswn debt, orders, drafts and requisi-
sition on their way to the treasury for settle.
ment aud payment, arc not embraced, and I'D.
cordingly they are exaggerated beyond Ill
reasonable limits. Without any data what
ever fer estimating this unknown liability, it
is usually spoken Of Is enormous. But these dc.
mands come 10 promptly for payment; they have
been sfoat for moro thas year successfully,
aud reporting themselves continually, yet, fall.
ing in oil tho while with the ssoertained war
debt, they have never yet swollen the average
Expenditure to three quarters Of million per
diem. We do not presume to guess ct the id.
ditiou to the known figures which these would
| make to.day. or any other day, but it is safe
| to infer from years experience, that . final
settlement willaot carry the rebellion expenses
to three hundred millions year. We there
fore confront the Vallsudighsmistic Congress
sional Committes's proclamation Of three mil.
lions day, aud eleven hundred millions .
year, with this calculation Of our own, snd
leave then and tho authorities which respect
lively support them to tho judgment Of the
reader. !aag.iI .le sssa4 .afl
II must he reoollscted, moreover that il this
two hundred asd sixty lone millions per snnun,
of rebellion expenses proper are enbrseed the
cost Of constructing navy. covering the sea'
coast aud rivers Of the rebel States and TIE
permanent Geld works Of the army, o we'll %
the subsistence and equipments Of both Here
| is CAPITAL Of material on hand, requiring rs.
pairs and additions Indeed. but net to 10 WHEEL
" created again; and in NO case requiring %
heavy IN outlay hereafter. II tho army and
| the navy are T. be larger than they have been,
still tho prime cost Of veasels,4 ordnance snd
military WORKS, will b greatly lsss. aiq 3.
e Again: Oar debt is spoken Of . at enes en-
oraeus in amount and unpr ssedeet IN the rap
idity q it, growth. England And France tits
adnittsl, are not bankrupt; bst We ars told
tAae they were ssvsaty yssss building up their
debts, sad thirty sf them engaged il fsrsigs
wars, while ears hes sprung up ID tlsss than .
wear sad halG Let 10 sees IA
Prsn The Financial Report sf The British
House Of Commons. We fad On che 3lst Of
March, 1881. the capital Of the unrsdeemed
dsbt Of the Unitsd Kagdom, funded, and IN.
flsded. e806. 6s4. 1897, which Is, in The e4uivs.
/ =. 100. mn mn 4 ~ q -