, 1866-02-05
MONDAY. FEBRUARY 5, 1906.
THE PUBLIC DEBT.

Secretary McCulIoch in his annual rcport
10 Congress estimated that there wou.d bc m
Increase fthe public debt during the present
hscal year OF s11o, 90 900. But seven months
ofIthat period have passed away, ana there has
been no Increase, but, on the contrary, a
handsome decrease Of the debt July 81,
lsc5, the debt amounted 10 &, s.511 ,oo5s, ,e15.
Feb. ], 1sGG, being six months later, the debt
WIS e-s,s1C, ,e9s, 153; decrease in SIX months,
sIo,S6o,1 ,1cS. The debt has TINS been reduced
over forty millions within SIX mouths, and
daring this period lalf million Of soldiers and
sa!lore havc been paid Oh end discharged.
The remaining military and narnl force Is com.
paralivcly light Tue work Of reducing tue
army down to 50 90 men, IS actively prose-
GIFTED. There arc less than 1ao, ,0oo soldiers on
tho pay rolls OF that mighty force OF enc .ull-
lion thnt were in tho service Of the Goysrn-
m4nt ten months n.o-
But how has It been possible for the Gov
crameDt 10 reduce tho debt whilo dIscharclu-
the army and settling with the soldiers for
back pay nnl bountye, THIS Is a fair question
to ask. But the nnswct is simple mud conclu.
stve- Il has been done by imposing, enor-
lnocs t1xation IN the people.
F!ucc I lie 1srst day Of July, 1855. to the I1rst
day of February, 1eE0-a period Of seven
mrn:hs-tAc Government Inns received from
fsetes!T 80, ,e06, 600 in gold from Internal tax
::'icn 500, 2,eso,o0 in currency, from sale of
G":t:nnlent properly Of all kinds since the
war eatcd :5.0j0-ooo, from posta, receipts,
public lands, fines, etc, 81, ,ooo, ,ooo; total
re'cnue In seven 1nontls, reducing the gold
10 cnTcacy, a5Ess, 100000. This f. tho
secret of the Success Of The Government in
meeting all its creditors and reducing the
principal OF Tue puO!lc debt.
II the present sweeping, scorrA1nc,
shifting tax law had becu SGT 10 COM
p!ete operation on the day the war
1'st trokc out, VIC really believe that the pub-
lie tcbs would be less than s'0o, OK, Oh 10 -day
aud gold not ten cents premium. There were
comparatively little taxes paid By the people
during the 1rst three years Of the war. TIC
Whale struggle wcs run on credit; tho
money IVES borrowed Mt a terrific Dis
count. On half the debt the Govern
mint received less than filly cents
III gold value for its obligations. If the whole
debt were scaled down to the gold value re-
ceircd by the Government, 1t would not cs-
coed two thousand millions OF dollars; and iftle
taxes had been laid on promptly from the out
sci nt the rate OF four hundred millions year
to this time there would not be at the outside
more than five or SIX hundred millions OF debt
on the country. But different policy was
putsucd for want Of faith in tho people to
Lear leayy taxes, md tho result is we hare q !
right s1nart' Indebtedness to uquidate ut
Our 1Cleurr- |
The next war We have our legislators will .
know how 10 manage fnancial matters let !
ter. Perhaps the people would not have ,
borne heavy taxation If laid OF suddenly fre /!
years ago, and that it YVES the ocst policy to
increase 1t by degrees, md borrow money at ;;
any shave until the public got used to bear i
ing heavy burdens. 40 man can Pronounce !:
with Ger tainty TO tho contrary.