Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1865-12-12
TIE WAY TO PAY 1T.

Various plans have been suggested for the
payment Ofthc debt, but the Secretary sees
no way of accomplishing it, but by an in
crease of the national income beyond the ma
tional expenditures. In matter of so great
Importance as this, experiments are out of
place. The plain beaten path Of experience
is the only safe one to tread.
The first one to be taken is, to institute
measures for funding the obligations that are
soon to mature The next is, TO provide for
raising in manner the least Odious and Op-
pressive to the taxpayers, the revenues nee
essary to pay the interest on the debt, and a
certain definite amount annually for the re-
duction of the principal. The Secretary re-
spectfully suggests that on this subject the
expression OF Congress should be decided and
emphatic. 1t is of the greatest Importance,
in the management of a matter of so surpass-
ing interest that the right start should be
made. Nothing but revenue will sustain the
national credit, and nothing less than fixed
policy for the reduction of the public debt
viii be likely to prevent its increase.
Here follows a statement Of the public
debt, synopsis of which has heretofore been
published:]
The statement of the probable receipts
and expenditures for the next fiscal year is,
in the highest degree, satisfactory. Accord
ing to estimates which are believed 10 be re-
liable, the receipts of that year viii be sufii-
cient to pay all current expense of the gov
ernment, the interest upon the public debt,
and leave the handsome balance of SILL
682, 1918 II to be applied toward the payment
of the debt itself.
By the statement Of the public debt on the
3lst of October, it appears that, besides the
compound interest, the United States, and
the fractional notes, the past-due deb:
amounted to 81, ,920 09.
The debt due in 1855 and 1866 TO $1s7,5l96l6 rs
The debt due in 1851 and 1853 TO SiS,323 ,59l 10
During the month Of October about $780,
| 600 600 Of the compound interest notes were
funded in $40 six per cent. bonds under the
provisions of the Act Of March 3, 1865.
NECESSITY FOR FURTHER LOANS.
The Secretary would be gratifed If the
Treasury could be put at once in condition
to obviate the necessity of issuing any more
certificates of Indebtedness, or raising money
| 10 any kind Of temporary loans but he may
for a short period, be Obliged to avail him
! self Of any means now authorized by law for
| meeting current expenses and other proper
| demands upon the Treasury.
OF the debt falling due in 1867 and 1868,
1890, 100000 consist Of $40 notes. Ii may
be regarded AZ premature to fund any con-
| siderable amount of these notes within the
next year but, IN view, of the fact that they
are convertible into bonds only at the plea
sure Of the holders it will be evidently pru-
| dent for Congress 10 authorize the Secretary
whenever il can be advsntageOusly done to
| fund them in advance of their maturity.
The Secretary has already recommended
that he be authorized TO sell bonds Of the
/ United States, bearing interest at a rate not
exceeding six per cent, for the purpose of
retiring Treasury notes and United States
notes. He further recommends that ne be
authorized to sell, in his discretion, bonds
of similar character 10 meet any deficiency
| for the present fiscal year, 10 reduce the tenn
| porary loan by such an amount as he may
| deem advisable, 10 pay the certificates of in
| debtedness as they mature, and also TO take
ND any portion ofthe debt maturing prior TO
/ 1869 that can be advaBtageously retired. IL
| Is not probable that il will be advisable, even
| il it could be done without pressing them
upon the market, to sell much larger
amount Of bonds within the present or the
next fiscal year than will be necessary 10
meet any deficiency Of the Treasury, TO pay
the past due and maturing obligations Of the
government, and a part Of the temporary
loan, and 70 retire an amount Of the COM
pound interest notes and United States
notes sufficient 10 bring back the business OF
the country to a healthier condition. Rui
no harm can result from insesting the Bee