The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1865-12-15

duction, nor the timr that Will be re
quirel to bring up the currency to
the specie standard, can now be csti-
mated with any degree of accuracy.
The first thing to bc done is TO estab
lish the policy of contraction. When
this is effected, the Secretary he
lieyes that the business OF the coun.
try will readily accommo late itself to
the proposed change in the action OF
government, and that specie pay
ments may be. restored without u
shock to trade, and without n dimin.
ntion of the public revenues, or Cf
proiuctivc industry.
Some general observations on
the subject OF the public debt.
now TO PAY THE ruBLIc DEBT.
Various plans have been suggested
for the payment of the debt, but the
Secretary sees no way of accomplish.
ing it but by an increase of the ma.
tional income beyond the national
expenditures. In matter oil so
great Importance as this, expert
ments arc out of place. The plain
beaten path ofexperieacc is the only
safe one to tread.
The first step to be taken is, to in
stitute measures tor funding the Oh
legations that are soon to mature
The ncxtis; to provide for raising.
in manner the least odious and op.
fn 70 N
necessary to pay the interest on the
annually for the reduction OF the
principal. The Secretary respect
fully suggests that on this subject
the expression OF Congress should he
decided and emphatic. 1t is of the
greatest Importance, in the manage
mcnt Of q matter OF so surprising in,
terest that the right start should be
made. Nothing but rcvcnuc will sus
tain tie national credit. and nothing
less than fixed policy for the re
duction OF the public debt will be
likely to prevent its increase.
Here follows a full statement by
items ofthe public debt 3lst day oi
October, 1865, amounting in the ag
gregate (without deductng funds in
the Treasury to 81, $40, ,437 50
Following this; is-a statement of the
receipts anu expenditures for the
fiscal year ending June 80, 1862
Next statement showing not in
crease of public .dobt for the fsca
year 1865, at S9il ,902, 537 OF. Other
statements follow; then estimated
receipts and expenditures up TO june
30, 1866 The Secretary then csti
mates the receipts for the year en'l
ing juno DO. 1867, at 1906, 600. .00o.
and the expenditures at 1924 ,3l6..
Isl SS--leaving surplus ESTIMATED J
Tor 1867, Of Slll,6s2,SlS II. lie
then proceeds:
The debt o. the United States was
increased during the fiscal year
ending June 80, 1865, S0Il ,902, ,537
Oh, and during the first quarter oi
the present fiscal year Sl3S, ,7T3,007.
-. The Secretary has, however,
the satisfaction OF being able to state
that ythring the months of Septem
Der alid. October the public debt was
diininishe1 10 the amount of about
thirteen 7hiiiions'of dollars.
Ii tho expenditures for the remain
ing thrcc quarters of the present lis
cal year shall equal the estimates,
there will be deficiency. to he pro
vlled for.by loans. OF Sll2 1914 ,l47.
20,,to which must be added S32 ,536,
9Ol for the five per cent. Treasury
notes (part OF thc'public debt. which
become due the present month, and
are now being paid out of moneys in
tho. Treasury, and all other payments
which may be made on the public
debt. i'srlU .. ..
The heavy ex )enScs Of the last fiJ.
cal year, and OF tue months OF Jaly
and August OF the. present fiscal year,
are the result OF the gigantic scale
on w4ich.the wal.Syas prosecuted du
ring apQrtion .ot this period, and the
payment OF the officers and men mus.
tered out of service. The large es.
tiMates of the War Department for
the rest Of-t!ie year arc for the pay
,nent OF troops which are to remain
in the service, and OF those which are
TO beidissisarged, and for closing up
existing halances. o iu .a.
He thea reylcws the estimate
above given, andiproceelsiWitlel
lUfs NUT Nlf -
TIE following estimate OF the time
which would be required 10 pay the
natioitoL a. Rt, llf funded at i've per
cent, and Mt five and ohe-half per
cent;t l,y fhcpayment of $500, 900.
O0O,annually on the interest and prin.
cipal, and also OF the diminution o!
Ehe tlitden of the debt by tileipcrease
Of tho productions, mo ~. bc with.