Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1864-09-09
FREMONT SANDJJSKY COUNTY OHI0 SEPTEMBER g. 1856
OF THE NATIONAL DEBT.

SCARECROw OF THE NATIONAL DEBT.
Schuyler Colfax, in his speech at Peru, indi-
ana, the other day, gave the following statements
and figures in regard to national finances:
"OppOsition to the war is also based on tie CON
'litlon of the national finances During the last
session Of Congress the oppOsitinn insisted that
the soldiers ought 10 be paid in gold They
We're the champions of the increased pay of the
soldiers. We increased it i, to $l6 per month,
but they wanted 10 make it 500 and pay it in
gold One would have supposed them the
greatest friend of the soldier. But when we
come to pass the tax bill, every one .of
them voted against it. How were the SOL
lers TO be paid in gold or in anything
else, WITHOUT the passage of tax billl While
pretending 10 be their friends, they were seek
ing to destroy the credit of the nation. They
eudeavoredto make it appear that the bonds ol
The Government were worthless, and tO the same
extent that they could establish such state Of
things would they prove that the property and
everything else you have is worthless, for the
credit Of the Government is based on these.
"To get at the truth oC this matter let ms in
guire how much the national debt amounts tot
IL is seven per cent ON all the wealth of the
country and by your last statistics you are IN
Cressing in wealth every year, even during the
war, more by hundreds Of millions than your
debt is increasing. They say your expendi-
lures are three or four millions day They
seek every opportunity TO eXaggerate your debt
and your reveTses and To belittlc your victories.
We have been IN war three aud q hall years
lthcy say, and the entire debt is 81 800 900 900
al which $I0O,OO0OO0 was bequcatbed by Bu-
chanaI, az legacy To- remember him by =
though think we have enough else beside that.
| I our debt has Increased less than $500 900 tO0
a year. one and half millions day Mr.. Fes-
sender states that since the new tax bill has
come into operation, the receipts have been
nearly million a day and your tariff gives
$I000O0,00O a year ID gold. If the war We're
20 continue fifteen mouths longer, the debt
would amount 10 $500, ,000,0 900, at the present
rate Of increase $500000000 Of it would be in
greenbacks, on which There is no interest; aud
1000 00O000 would draw an average interest %
six per cent or less. want to show you thai
our financial credit is based upon a rock, which
Ieven the rebellion may cast its storms agains
in vain.
I "Your interest would be SI20,o00OOO, If tn,
war should continue fifteen months longer
which il cannot, and your annual civil expenses
would be $3.50 000,000 making total of $3.50
100000 year. The internal tax bill raises
ST. 100000 day, while you are getting no tai
on whisky, aud when it comes under the pro
visions Of the bill, the amount will be increaseC
Enormously, unless you stop drinking whisky
which few will do, especially since 50 much o
what win be paid for it will go to the Govern
meut. Putting the receipts from the interna
tax bill at $3O0,O00O00 and from the tariff a
$lOO, ,OOO, 900 you will have 500, 100000 a yeai
with an expenditure ofonly $3.50, 100000 whicl
will give surplus for the reduction Of taxes o
the sinking of the debt, of $l5O,000,0O0 year
! cat the end of your last war, the nationa
debt was just Z per cent on the wealth of th
nation, Just what it is now; and in twenty years
without any internal tax, that debt was paid of
aod jackson left the Presidential Chair with tn
country free from debt. You are not in hal
as bad condition as our fathers were in the Rev
olution. With population of less than 5000
900, and one third of them disloyal, they pu
$395,0O0 soldiers in the field. If you were b
put the same proportion into the field now, yo
would have 4,000O00 men in your army. p
"Look at Great Britain in her war wit
France Her debt was Al per cent of all be
property; and with 29,O60,006 of populatio
you would have supposed they would hav
been crushed out. Yet they went on increasin
in wealth, till their debt is now diminished b
the increase of their wealth TO IL or ID per cen
And during that long time, though they had a
loppositon party that Wanted peace, aud NapC
leon was in the acme of his power, Great Britai
fought it out, aud maintained her history an
nationality.