Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-11-05
From the New York Old Guard.
The Debt, the Taxes, and the Ruin.

From the New York Old Guard
The Debt, the Taxes, and the Ruin.
The Secretary Of the Treasury coolly announc-
ell. on the 1t OF July, that the nAronal debt Is
only zone Thousand one hundred millions. aud
that Il increases az the rate OF two millions i've
hundrei thousand dollars per day. or one hundred
aud four thousand dollars PER hour. without
any prospect whatever OF cessation 20 that in
crease. or indeed of snv other result thin an To-
creased ratio of growth in the debt The official
returns Of debt have been as follows for two
years
Increase
- Debt Increase. per day.
JsSaary' issa. ss; 1900 ,go3s;cssc sis 600
Jaly. ls62. ..... 5s42il37I a4ss74a8 1850 O. o
January, lss5.. sls.4e7.s2i 3o5.1ss,sl4 $4,000
Jaly. lss3. .l.is7z74.9e5 81 s-7ls3 2.422.z25
For the last ar months of le62 the increase
was 81 $50 non per day. and the ratio had nearly
doubled Every successive month the increase
j. greater. Tor the reason thn more men and more
supplies are needed at Consistently rising prices.
ThOse prices. as our readers have too much rea
son to know, are raised by the u~e Of government
paper money, which depreciates in the double
ratio OF the quantity paid out aud the decrease in
the stocks OF the goods required BY the govern
Inent The increase of the debt in the last SIX
months Of 1863 will be 50 900 900 per day. IL is
u he borne ia mind that these figures do not rep
resent the whole expenditure OF the government.
but simply what !, borrows over and above the
proceeds Of the customs and taxes The appro
priations or the amount authorized tn be expend
ell for the fiscal year 1864. is 81 900 900 600.
even it the next Congress should not add dollar
To the amount.
We are now 10 remember that these debts are
To be paid BY the twenty millions of people of the
Northern States, for the reason that-even in the
event of the Union being restorel-the CONNER
cal capital OF the South and OF the border States
has been thoroughly desolated that they can
not pay. even il the whole Southern war debt is
repudiated We shall not now allude 10 the
-. 900 900 900 of claims upon the Government,
already being made out. for damages in the bor-|
der States. but coBfne ourselves simply to the
actual existing debt for which paper has been
issued and irrespective Of $500 900 ,0t0 of debt
due contractors and others, not yet adjusted
We have stated that the prices of all articles
purchased by the Government have risen in pro-
portion to the depreciation OF the paper. and the
average is 40 per cent Hence. OF s7D1, OO0 900
expended for goods. ships. supplies. &c S2O0,
600 600 has been extra price caused by the de
precated paper. and which would not have been
paid had the money been regularly borrowed.
Thus. If $500 900 900 bad been borrow ed at 6
per cent. it would have brought "a much supplies
800 900 900 OF paper MONIES, - pretty dear
way Of borrowing. The debt stands. then, as fol
lows. July l.
Interest. Per cent
Funded debt 49,. $500 $4,000 e43.27s 600 6
Paper............. 3o9,72i.957 2On,OoO.O00 50
Total. 81, 1871 ,274.366 ss4s.27s,Ooo p
IL the paper money is ever withdrawn il will
be by funding. If this can be done al per cent ,
the interest on the debt now outstanding will be
with sinking funded. $50. 100 900 per annum
We will compare this with the debts of England
and France:
Per
Paper Debt In crest head
France So OO 600 - zoo 900 0o0 $4,000 ooO 50 o.
Gu Britain 20 334.7s3 3.0I7945.s3 l27.965 7UI IS
U. S....... 2O,OCOOO0 i,Y7,27I, 800 sa7sO 900 Is
Thus the actnu Il debt now exceeds that OF
France 81 / ) per head. and nearly equals that of
Great Britiin. AT the close OF the present fiscal
year the debt If the official estimates are not ex-
ceeded will be 81 OUl .00D. $50 or $40 O00. 900
or 81 per head per annum or S35 per head for
every family of i've persons Ii will he borne in
mind that these are the lowest actual figures,
without taking into account threatened foreign
wars or possible new disasters to the army
This immense debt is now in process of crea
tiOn. The Government is paving out paper that
is yet in good credit for labor and property. The
people are giving their goods for the paper, and
investing il in bonds. Who is to pay that paper
and bons? The labor of the country-precsely
vost Marshal torn from their employments and
families to go. and destroy and devastate the
property and means OF Industry which were once
the source of national wealth. Ii is not the
property of the country that will bear the burden
it Is the farmer ard aborer The present into
cradle vexatious income and interest tax Yields
verv little in proportion To what was expected
from II: and II ever the Debt is paid at all, il
must he quadruped and what means will there
-, T. Il, -
there will be any.
Before the the 8 900 900 of the people in
the Southern aud Borer States bought OF the
North. in round numbers, S7DD 900 900 per an
mum in food. clothing, manufactures, &c. They
paid Tor these IN equr value ol cotton tobacco, na
val stores. &c The iudursty of the south produced
equivalents for the industry Of the north, ana
mutual interchange produced national prosperity
With the war that ceased The trade was cut
off Neither side could make its accustomed
sales aud purchases. and on the first our trade
par,lyzed. Gradually the expenditures IF
the government have grown up to 5000 900 600
per annum. thus aifOrling substitute for the
Southern trade The government, however does
not pay-it only promises To pay. 1t does not
give cotton, &c Tor the goods; il gives pieces of
paper These. il is said. answer the purpose OF
money, and pass from hand to hand. They do
so. doubt: but the real wealth of the country
Il thereby consumer. ne wool, the clothes, the
food, the ironware OF the country, are consumed
by the government. and the owners hold paper in
return. for which they can find use. aud they
lend il back TO the government. which Herewith
buys goods at higher prices As long ms
this process. lasts. 900 900 in uniform 20 on %
destroy The time must come when the process
must cease; .00O000 men will he turned out OF
employ. The government expenditure will Cease
War business will be at sn end The blood
drenched fields and desolate homes of the South
will offer no trade The crippled troops. the idle
manu- features, the Impoverished farmers and dies
titute laborers will be called upon TO ply s. 900.
900 400 held by a few New England States that
have driven on the war for their own benefit.
IL will be borne in mind that the six New Eng
land States with their twelve Senators. have
been the oligarchy which has driven this
Thus:
Population.
Six New England staes... 3 las 2s3 -. - Senators
Six Middle and Western States $40 IA. IL Senators
The government of the country. under our
system il is well known. exists in the congress
sional committees which govern in each de
partment. These committees are controlled as
follows:
OF Chairman.
Charles sumner Mass Foreign Relations
Henry Wilson. Mass. ...... Military Affairs.
J. 7. Hale. IN H.......... Naval Affairs.
W FesSenden. Maine. finances.
Clark-.-.--. y h.......-.. Claims.