The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-08-07
The South and the National Debt.

& One of the strongest arguments IN Ia
vor of the immediate restoration OF civil
government in the southern States is that
which relates to the financial condition
Of the country. If the local governments
of the South are to be administs red hence
forth by military officers in the service
of the United States and drawing their
paw from the United States treasury, it
may 10 well to inquire what will be the
cost of tie new system and what is our
ability to pay it. Heretofore, the people
of each State have been taxed to support
their own domestic government, but II
the military system prevails, the people
of the northern States, in addition to
their own heavy local taxation, will be
compelled to pay their portion OF the mon
CIV necessary to maintain standing army
for the government of the South. The
burden of supporting the domestic gov
ernment of the South will thus be plac-
ed upon the shoulders of the whole peo-
pie, instead of resting upon only those
who are benefited by the expenditure
Instead of sheriffs and constables paid
by the people among whom they exercise
their office. the South has provost mar
shals and their deputies, paid from the
national treasury; instead Of judges and
other officers of the civil courts, the South
, has military commissions; instead OF
governors and officers of State supported
at State expense, the South has gener-
ais surrounded by their numerous hang
ers-on all paid by the taxes wrung from
the northern people. 1t is manifest,
therefore, that the continuation OF mill
tary rule in the South entails heavy ex-
peuse upon the Northern States, for
which no corresponding bensfit is re-
ceiyed. The whole number of men ne
cessary to garrison and govern the south
ern States in the military way, as
conquered provinces, cannot fall much
short of two hundred thousand, if it does
not exceed that figure. The annual pay,
clothing and subsistence of this army al
lowing it to average five hundred dollars
per man, will amount to one hundred mil
lions of dollars, all of which must be paid
annually from the treasury of the United
States in order to allow the Southern
people the luxury of a military govern
mont, and to prevent them from govern
ing themselves at their own expense.
Now let us see how we'll we can afford
this enormous and unnecessary outlay
The Secretary of the Treasury has made
an exhibit of the condition of the natioii-
al finances on the last day Of July. From
it we learn that on that day the ascer-
tanned Indebtedness of the United States
was S2,757253,275. At the same time
there was in the treasury, in gold and
greenbacks, the sum of $ll6,739,632, so
that, if the account had closed OH that
day and no other claims existed, our ma
tional debt would amount to S2,64O,5l3,-
643. But the real indebtedness Of the
government is still greater than this
These figures represent merely the
amount of borrowed money we owe. In
addition to this, there are numerous
claims for back pay due to soldiers, bills
for supplies, claims for damages and
moneys due on existing contracts, all of
which will, at the lowest possible esti-
mate, swell the debt to $500, 600, 900.
sum so vast that the. human mind cam
not appreciate its immensely any more
than it can correctly understand the dis
lance of the fixed stars. Pa.
Deducting the five hundred millions of
dollars for the currency used as circu-
lating medium. we have an interest
bearing debt of three thousand millions,
the interest on nearly half of which is to
be paid in gold, The greater portion of
this has been borrowed at over seven
per cent, so that the annual interest will
amount to not less than $2I0,OOO,0O0. 1t
is idle to talk or think about the present
generation being able to pay any portion
of the principal of the national debt
that is beyond the range of possibility
if we maintain the credit of the Gov
eminent by payiag the interest as it
falls due, we will accomplish all that can
be expected. In the meantime the ex-
penses of our own civil government
must be paid, and it is scarcely to be
hoped that these will fall short of $780,
600 900 annually. The internal revenue
law now produces about 5000 100000 all
the other existing sources of revenue
will not produce more than $4,000. 900
more. So we have $3.50 100000 to dis
charge an annual Indebtedness of 500
100000; showing an annual dencit of
sixty millions, even supposing that the
entire army were disbanded to-day, and
the South administered their local gov
ernments at their own expense
But if the radical plan is pursued and
military governments are maintained
over the, southern States, the expendi.
lures Of the Federal Government will be
increased one hundred millions of dol
lars, and wehave shown that even with