The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1865-12-21
From thssecretary ofths Treasury's Report
~ ~ The Public Debt,


wealth of the country. While 1t is deb
OF the nation. it becomes the capital of tn
citizen. The means of the merchant, tn,
manufacturer and farmer, and also thos
of the working man and the soldier. hav,
been literally invested in it; and it Is al
h interesting fact-a practical evidence o
the great resources of the country-that s,
large an amount of their wealth could b,
loaned by the people to the Governmen
without embarrassing industrial pursuits
Notwithstanding more than two Thousand
millions of dollars of the means of the Uni
ted States have been thus loaned, M
branch of useful industry has suffered b,
the investment. 1t is undoubtedly true
that, if the wealth which has been invest
! ed in the United States Securities coulG
have been employed in agriculture, ir
commerce, in mining and manufacture.
lin opening farms and the better improv.
ment of those already under cultivation,
i'm building railroads and ships, in work.
ing the mines, and in increasing the varie-
tyand amount Of our manufactures, the na.
ton would have been far in advance OF
%
But it is also true, that. notwithstanding
the large investments by the people of the
United States in the securities Of their
Notwithstanding, also, more
than two millions of men, i'm the Northern
States alone. were, for longer or shorter
periods, in the military service, and at
least seven hundred thousand for a good
1 ha m
constantly under arms-and notwithstand
ing the immense waste Of life consequent
upon operations so extensive and battles
so sanguinary rs characterized this men,
orable struggle, the larger part of the
country, has still, since eighteen hundred
and sixty, progressed both in wealth and
population. The loyal States have adj
the great drain that has been made upon
them; and now that the war is closed, the
Union is no longer in peril, and the men
| that made the armies on both sides so eff
fective and formidable, are to be again EN-
ployed in profitable pursuits, the onward
march of the country--even if a tempor-
ary reaction, as the result Of the war, and
the redundancy of the CURRENCY, shall he
experienced-will be decided and resist
less.
The debt is large hut if kept Mt home as
1t is desirable it should be, with Judi
cious system of Taxation il need not be
oppressive. II is, however, a debt. While
it is capital to the holders of the securities,
it is still a national debt, and an encum-
brance upon the national estate. Neither
its advantages nor its burdens can
be shared or borne equally by rhe people.
1t adds to the power Of the Executive hy
increasing Federal patronage 1t must be
disasteful TO the people because il fills the
country with informers and taX-ga therers.
II is dangerous to the puf,lic virtue, be-
cause il involves the collection and dis
bursemont ofyast sums OF money. and
renders rigid national economy almost
impracticable. 1t is. i'm word, a national
burden. ard the work of removing it--no
matter how desirable il nnv he for indi-
vidual investmcnt-sshould not be long
postponed.
As ali true men desire To leave TO their
heirs unencumbered estates, so it should
I've the ambition OF the people of the Uni
ted States to relieve their descendants Of
this national mortgage. We need not he
anxious that future generations shall
share the burden with MS. Wars arc not
at an end. and PROSPERITY will have enough
to do 10 take care of the debt of their own
creation.
Various plans have been suggested for
r ~ ~.
secs no way of accomplishing il, but 10y an
increase OF the national income beyond
the nationa! expenditures. In a matter Of
40 great importance as this, experiments
are ont of rla.'n. Tho plain beaten path Of
experience is the only safe one to tread.
The first stop to we taken is. ro institute
measures for funding the obligations that
are soon to mature. The next is. to pro-
vide for raising. in n manne- the least obi
ons and oppressive to taxpayers, the rev.
nue necessary to pay the interest on the
debt. and certain definite amount annn-
ally for the reduction of the principal. The
Secretary respectfully suggests that on
this subject the expression ~ Congress
should he decided and emphatic. MS Il is Of
the greatest Importance. in the manage
| ment Of So surprising interest that the
right start should he made. Nothing but
| revcnue will sustain the national credit.
and nothing less than fixed policy for
the reduction Of the public debt will he
likely to prevent it's increase.
| After careful reflection. the Secretary
concludes that no act Of Congress fexcert
| for raising the necessary rcvnnue) would
be moro acceptable to tho people, or better
calculated to strengthen the national cred
it than ono which should provide that two
hundred millions of doll re; commencing
with the first fiscal year, shall be annually
applied to the payment of the national
debt. The estimates for the next fiscal
year indicate that a much larger amount
could be applied without an increase o
taxes. ... .- r. e. aa. 30 fa.. .n
Before concluding his remarks upon
the national debt, the Secretary would
suggest that the credit Of the fise-twenty fl
bonds issned under the acts Of February
%, 1862 and June 20, 1864, would be i'm.
proved in Europe. and consequently, thei'
market value advanced at home, if Con.
gress should declare that the principal. as
we'll as the interest Of these bonds Is to be
paid in coin. The policy Of the Governs
ment in regard to its funded debt is wei
understood in the United States, but th'
absence OF a provision in these acts thai
the principal Of the bonds issued under
them should he paid in coin. while sucf
provision is contained i'm the act under
which the ten forties were issued, has ere