Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-05-19
The Public Debt.

here is nothing more promising of good 20
the material interests of this country than the
prevailing tone OF the discussions relating TO the
public debt We took the ground many months
ago. that constant familiarity with the idea
that this debt is not a weight to be carried on the
neck OF the nation forever. or even TO be left 20
those who shall come after Us, but burden to
be removed within the life time of those now on
the stage, is the surest method Of bringing all
classes OF the people TO a hearty recognition of
the obligations thus imposed To assume that
the support of this load would bring with it no
sense OF WEAKNESS, no desire 10 shake il off as Z
terrible incubus upon industry and national en-
terprise seemed to US the likeliest way to let it
fall with a crushing weight upon the public
shoulder, at the very moment we should need all
our strength as we emerged from the excitements
OF the conflict. To promise the country, at such
an hour, no relief in the future; TO hug the bur
den as blessing 10 be desired, instead OF an evil
to be cured; and thus to task the patience with
out any limit 20 endurance, appeared to US the
certain method of inviting the attention of the
sufferers 70 the most desperate remedy Hope is
the only tonic that will enable US 10 bear the ills
OF life; and 10 oppression is ntolerable as that
from which there il little prospect of escape.
These views have been very generally sc-
cepted by our contemporaries in all parts of the
country few partisan papers professed to see
IN our assumption that the debt be paid
within the lifetime of this generation a covert
attack upon the public credit; but the majority
of our exchanges copied our articles with
hearty acknowledgment that they were written
10 the best interests of the country, and the dis
cussion has become more and more hopeful
down TO the present time The New York Times
has enjoyed the enviable distinction of standing
alone IN It's desire to leave the debt to the dis
posal of those who may come after US. Agree
ing with the eccentric legislator who objected TO
doing anything for posterity because posterity
had never done anything for him, the editors of
that paper contend that this generation should
not undertake TO rid the nation of thi. incum |
brance They propose that I've should content
ourselves with the payment of semi annual in
terest. and a comparative slow reduction Of the |
principal" and leave the burden to "tbe next
two or three generations "
The present secretary of the treasury. we are |
glad 10 see, does not agree with The Times, and |
Dr. Elder, OF that department. has prepared |
very elaborate document, recently published by |
Dir Jay Cooke. in which he argues for the en- |
tire discharge of the debt within twenty five |
years We had intended 10 notice the plan |
therein prepared at the date of publication, but |
the crowded state of our columns prevented il |
The argument assumes the present annual pro- |
duct OF the national wealth at 4. 3ls millions Ii
arrives at this by king the annual product given
10 the census OF lsoO 2 $40 millions aud add |
ing the ratio OF increase. s1s per cent per an
MN. as shown in the gains from the returns OF |
io9U. Ii continues the gain at this rate until |
1910. when it drops the ration to 1 This
calculation IL, that beginning with 1870 aud ap |
plying one per cent OF the annual product of the |
country 10 the principal of the debt il will all be
paid IN twenty yesrs from the date named, with |
A liberal margin besides The paper is one of
the best which has been prepared since the Is
cusslon Was CON menceG and in uany respects
Is unrivaled. In tone and method OF arrange
nent, IL will bear the sharpest criticism and It's
publication m Isl serve very useful purpose
Ii we were disposed To dissent from any of it,
conclusions it would be with that design oil
lrgng a view of the situation even more hopeful
han the thus produced We see no reason
or waiting until $50 before commencing the
work of reducing the debl and we should shorten
he period 10 be occupied in it's liquidation Ii
We assume the debt on the LIST Of January, 1856,
L 8, 600 million collars. we cannot calculate
lpen an annual charge for interest at less than
80 millions for some years 10 come. This Is
title more than is assumed IN the plan under re-
rev. Bat with annual revenue 10 be in
'reasel a. the author estimates in the next five
'ears from 50 TO 565 millions per annum, We
're sure that We ought do more than the
'rter proposes. /. e. simply 10 paw the interest
nd maintain the ordinary expenses of q peace
establishments. Ibe latter he 6xes st 200 mil