Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-03-16


Our Immense Public Debt.
Hon Fernando Wood. Of Ne~ FORK. in late
speetS IN the House OF Representatives,, upon
the subject Of the finances, said:
Nov, a. 10 the public debt. The secretary Of
the treasury 10 his last annual report, furnished
an estimate Of the public debt AZ the conclusion l
OF the nert fiscal year, June 80. 1866 After re-
ferring TO the erroneous estimates Of hs prede- /
ce-sof after telling "a very truthiully sud frank
". the impossbilty Of beng accurate in est
mates eitber Of receipts or disbursements, be,
however. estimates The debt ~ that time 70 be
40 .223 064 600 Now receiving that estimate
with the same latitude OF allowance of other e.
Inmates from the treasury department. have
taken the Liberty of adding twenty per cent. to
IT, 20 meet probable deficiencies. That would
increase il $444 900 900. To that mus, be ad
ded the estimated unauditod accounts, because |
assume that in the estimates Of the public debt
made BY the treasury Department, no unaudited
claim, even on fie IN the department. is compre
heHded have reason to believe, sir, that the
unaudted accounts, Just, legal aud proper, that
will in due course DC audited allowed and paid.
amount at least toSl 90 600 600 more. To that
add an estimate Of the unascertained valid
claims against the government, those that have
not vet even been presented in form These
estimate az sl0O. COO. 900 more
souri, Pennsylvania, and other states have al
ready presented their war debt claims TO congress
20 be audited and settled. These claims are pre-
dicated on the ground Of money honestly and le
Ultimately expended in the maintenance Of the
integrity of the general government Hence,
sif, if there be any claim that in my judgment Is
equitable as against the general government.it
10 the claim FOR reimbursement of moneys that
we're expended in the defeBce of the general
| ola IN he
aggregate to az least 1925 600 600 To that i
will add, on similar grounds of equity. the city.
borough, and county debts The city of New
York alone has expended overseven million dol
lars In the wear 1861, between April 1851
when the war commenced, and the lst of Janua
~ succeeding. under my administration may
or of that city. 81 600 900 was expended in the
outfit and supplies Of troops sent here for the de
tense of the capital and for the prosecution OF
this war. Adding other items, as stated below,
the total is s., 342. l24 600. This presume must
| be sooner or later funded, and continuing the
present policy of Borrowing in currency and pay
ing 10 coin, will have to be paid in gold. | sub
nit table ecapitulsting these estimates:
PUBLIC DEBT, PRESENT AND PROSPECTIVE.
| Estimate Of the Secretary Of the Treasury
10 end Of next fiscal year, June 30, &c 81 3 jt 81
| Add twenty per cent. a probable under
| Estimated unaudned accounts 49,. 100 600, 900
| Estimated unascertained valid claims 100 000. 600
Estimated state debts to be assumed 225, 900
| Estimated city, borough and cOuHty
debts to be assumed ................. loo 900
Estimated indemniiIes and recamaiions.. l5OOOOOoO
s.24e, ia, e77
This amount, payable in gold at say 900
its present value namely, l6 ,33S 3 ,342 l24, 67
Total ......................... 6s4, 249, 354
am not without authority in predicting that
our public debt must be paid in coin. Mr.. Sher
man, chairman of the committee on finance in
the Senate. said to day. on opening the debate
| on the internal revenue BILL that when see
| the money thus borrowed expended on trivial
objects ] cannot but look forward to the slow
| and hard process BY which it must all be repaid
in gold with interest accumulated and accumu-
latiDg. But it requires no authority for the state
ment Having commenced this system of Dor
rowing greenbacks and promising to repay in
gold. and assuming that the whole war debt. as
above aggregated. must be settled by govern
ment. of course the same mode of payment must
be continued.
l Mr. Chairman, this is the present and pros
pective debt of the country-an enormous, az
gregate. but an aggregate which has to be liqui-
dated or repudiated.
Compore this with the public debt of the six
most powerful nations Of the world: Great Brit
ain has a public debt of s. 100 900 900; France,
81 800 900 600; Russia, with standing army o!
eight hundred thousand men, has public debt
of S733 900 900; Austria. with a standing army
of four hundred and twenty thousand men, has a
public debt of $500 0O0 600; Spain, with stand
ing army of one hundred and sixty thousand meT
has public debt Of 81 300 900 900; Prussia has
a public debt of $50. 100000: The aggregate
public debt of the six most powerful nations o
the world is S7.eO3 600 O0O--but triie more
| than our own.