Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-04-27
The National Debt.

Inc CINCINNATI DGtly Times completely
unmasks the efforts of the Peace Democra-
cy, Tor the purpose Of depreciating the ma
tlonai credit on the score that the public
debt Is now so large that it can never be Eq-
Undated, If the interest on it can even be
paid. Completely to answer their efforts at
depreciation, 1t Is only necessary to refer to
the totals as exhibited in the official state
ments of the Treasury Department, of March
10th, 1864. From this we learn that the
Immediate liabilities are S95, ,270,246 o.
Added<o this is the old public debt of S67,-
411,4l5 90 The grand total is 81 ,596, $685.
429 33. OF this were
Three year $40 bonds. Sl38, 063, 800 90
Y. 5. Legal Tenders. :. 449, 073, ,6l6 60
Fractional Currency. " 69I73, ,6l6 10
20 years loan of 63. -. 80, 600, 900 90
6 per cent $40 bonds. . SO, 749, 100 90
OF the Ten-Forty bonds there has been
issued, up to the present time, twelve mil
lion dollars. Truly formidable as these fig
ures may seem, they dwiudle away, cOmpar-
atlvely, when we take into consideration the
great contest in which large proportion of
the sum has been expended. Not a single
dollar has been borrowed from foreign po-
tentate or power, and to-day the issues of
the Government have the abiding confidence
Of the people let the Democratic oppo-
sers to the war tell Us that the day of reck-
Oning will come, and we admit it, while we
firmly hope that It's advent will be amid the
restored peace and prosperity of the coun-
try If the people have submitted calmly
to the direcbskaxation imposed on them
through the agency of the internal revenue,
when an immediate necessity for large sums
was apparent, they viii not repudiate their
Indebtedness when the unrestrained tide of
commerce shall again flow through It's usual
channels and they can accommodate them
selves more conveniently to the pressure.
An export duty, heretofore unknown In our
history, levied upon articles which must be
supplied TO foreign nations, and which we,
as an agricultural country can well furnish,
would only be following in the footsteps of
those governments older in years and better
yersed than ourselves IN the province OF po-
hcical economy. What its r6sj,lt might be
can only be cleaned from the past During
the eight years previous to 1856 the exports
from this country, on articles ofaproduce
mostly, amounted to sixteen hundred mil
lions Of dollars, Of which cotton alone was
shipped amounting to nearly seven hundred
and fifty millions
The very Indebtedness now apparently so
heavy may have the effect to develop more
fully the resources of cur wonderful country,
ana cause us TO De less lavish OF wealth
which has been ruthlessly squandered in the
past. And this, too, with no discomfort to
ourselves as people. A tariff for revenue.
the encouragement Of foreign immigration,
by which the millions Of acres OF uncultiva-
ted land shall be made productive, and
score of other results, which will follow the
re-establishment of the Union, will again
enable us to rid the country Of its indebted
ness and win back for it the title it has worn
50 long as the refuge OF the oppressed and
the home of the free.