Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1864-10-21

But Is 1t true th1t Nr. lincoln adminisrrl-
ton has been fr-n-ally O failure We think
not. few facts u,d 1sures Wil put THE mar
ter in proper light. on the 18th of ue-em-
Der, $50, Congress authorizej The ISSUE OF
Slu,O0O,Ulr0 treasury notes, payable IN year,
at the lowest rates Of interest offered. The So
rotary q the treasury offered Immediately 80
100000 Of these notes t. the public. the hi4- rn
be opened December 18th When the tim, exc
pred. only $500, 900 had been bid ~ the rate
# l. per cent The very best rate al which
Mr.. Buchanan administration could borrow
money, three months before II went cut, vas J.
per cent, and could only get mere trife at
that In January Gen. DIX being secretary of
the treasury, he offered TO the public So
10000 more Of this loan Il was taken az tAe
average rate Of 10 IS per cent. The last fua1-
cial effort Of Mr. Bucnanaus admiuIst~aficr
was to sell $1,000, 900 OF nationa. STOCK 60 ,le
highest bidders The stock was sold az rates
varying from 905 to sc, that Is, from ~ 20 !
per cent discount.
Such was the state OF the national finances
when Mr.. Lincoln came into power We have
no room now to detail the steps Of the process
10y winch the national credit mas been gradually
lifted from this low point, and by which nearly
nineteen hundred millions Of dollars have al
ready been borrowed, directly or indirectly. Of
the people. Il i a simple fact that while Mr.
Buchanan 5 administration In December. 1850.
could not raise S5.0G0,000 by paying J. per
cent interest, Mr.. Lincoln Administration has
raised nearly 81 900, 0oo, 900, Of which the ay-
erage rate OF interest Is less than TO per cent
We ask attention to these Figures They seem
10 Us 10 indicate financial success. bn the
frat day Of the present month the whole ma
ti0na debt, including about 9U,oO0,e JH winch
this administration inherited from the past,
amounted 81 300, g73, 7l6 an tie annual H.
terest on the whole Of this 20 SsI, 77s.6f2 ANY
person who happens 20 be Ike the miugte-ha1l
Of the farmers Old clock, quick 81 figures, can
easily see that this amount Of interest Is ius-
about I Is per cent OF the principal In other
words, our whole national debt, We ere paying
so-day is per cent interest. Surely this Is
not an exorbitant rate. ENGLAND herself pays
an average OF % per cent on her national debt,
which il lust the double Of ours as ours s.o0d
on the lst Of October. lStf. If we cal ours
in round numbers nineteen hundred and fitv-
SIX millions dollars. hers Is thIriy-rine hun
dred AMI fifteen millions dollars.
1t is true, indeed, that on a part o. our debt
we pay no interest Al all, Al that exists IN the
form Of currency Is SO much borrowed OF the
people without interest The legal tenders and
the fractional currency form par 81 tine debt,
but a part on which 30 iuferes- trl.I. ~t,re-
tary Fessenden's monthly staten a,e
Of October foots up this part ~ fe- cent
S46S 900 600. SuhtracuLg this from Oh SUI
total, and we find that the average rate e. -
jerest on that part OF the debt on which inter-
IS paid Is almost exactly 81 per ceat. "esu
nit then. on the basis Of these ind>putlblc f--
ures, that IL the article of raising mohes-,a--
sums Of it-at a -ry moderate rate Of iurefes-.
Mr. Line, ms administration las net been '.huar-
cially failure"
Spri gieia Repu ilc0a