Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1865-06-16
The National Debt aud How to Paw it
by Taxation.

We have now in official figures, from the
hands of Secretary McCulloch, showing US
the aggregate Of the national debt as it was
known to exist on the LIST of the present
month The following are the details:
Total indebtedness -----S2 .635 205, 1883
Interest. both in gold and paper-----124 63S, s74
Account bearing interest in coin--l l02, ll3 S42
Interest ------------ -----6f, 4S0 4S9
Bearing interest fin lawful money!, 1858. 476 81
Interest -------eo, 1853 1884
Amount on which interest has ceased---7s6 ,o7O
amount bearing no INTEREST," ---472, S29, 27O
legal tender notes in circulation Let, 500
Fractional ,667 900
Uncalled for acquisitions --------40,O 600, 900
Treasury notes oyer A------25,0 600 600
1t thus appears that we have already a
debt of over two thousand six hundred and
thirty five millions, which before the end Of
the fsc Il year. III 1866, will no doubt be
swel!ed to three thousand millions, with an
interest of one hundred and fifty millions in
gold and currency to pay annually.
The willingness aud alacrity with which
the people have subscribed to the fund for
paying off the debt of the nation affords a
true and gratifying indication of the gener-
al desire to sustain the credit of the govern
meat and reduce its Indebtedness as far and
as speedily as possible. Doubts are freely
expressed as to the feasibility Of the project !;
but in case of its failure it is satisfactory 10
be reminded that we may derive, with good
management, sufficient from our taxable re-
sources to accomplish the great end 10 view
during the present generation. At the
same time. the subscription project has call
ed attention to the ability of large property
holders to contribute more than the common
share towards removing tue national bur-
den. and this is not without its uses.
e'now present series Of tables, with
an explanatory introduction and Eotes,
which will be found in another part of this
days issue, showing how all but three hum
dred and thirty-three millions Of the debt
may be paid off in sixteen years without
breaking faith with the public creditors in
ANY way. We, however, propose to fund
the bonds deposited by the national banks
with the Treasury as the basis of their cir
culatlon into three per cents in the fiscal
year lo69.7O, when the last issue Of five.
twentieths becomes .redeemable. We also
propose funding the FIVE twenty bonds,
when the option Of redeeming them accrues
to the government, into five per cent
stock
Our estimates begin with the fiscal year
1866 81 and end in 18e0-S1. We assume
the aggregate Indebtedness Of the nation in
the beginningt to be three thousand millions,
and we calculate upon public income cons
mencing at three hundred and eighty-scven
millions in 1866 81 and advancing to fouv
hundred and eighteen millions in l8S0-Sl
We likewise estimate an annual expendi
ture, including interest on the debt declin.
ing from three hundred millions, in 1866
81, to one hundred and forty-6ve millions
six hundred and sixty-eight thousand one
hundred and thirty four dollars in lSS0-81
1t is true that the internal revenue receipts
for the current year are likely to fall shor
of two hundred millions; but the amend
ments to the law, passed at the last session
of Congress, have not yet fully come int
operation, and the reopening Of the Soutl
to trade may be reasonably expected tt
augment the revenue. We have allowed
for an increase of the receipts for custom.
duties at the rate of million year. cou.
mencing with eighty millions and progress
ing regularly to ninety-s hree millions.
Our estimates Of the expenditure are o.
course based upon peace footing; but i