Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-01-08

just to act on the principle Of the home~
stead law, and In all cases where there are
six or eight hundred dollars in bonds owned
In one family, and not more than that
amount, to exempt them from taxation?
RECKLEssyAsTEo OF THE NATIONS TREASURE.
1t Is further true that the expenditures
caused by thewar, were unavoidably large;
but is there single instance In history, of
so wicked and wanton waste of nations
wealth as has marked the maladministra-
tion of our affairs since 1861? " --
Reflect upon the fact that taking into ac-
count the difference In the rates of interest;
that the United States in less than five
years have created debt twice as large as
| that made by Great Britain In one hundred
and ninety-eight years |! That is, we pay
more than twice as much interest on our
debt, as the English pay on theirs. .3.l 0.o
In our large cities there are bands of or
ganized incendiarles who fire the city, in.
order that they may plunder 1t OF its riches,
while good citizens are engaged In extin-
gushing the flames. And so was IL ona
larger scale, citizens, during the terrible
war which drenclled our andiu fraternal
blood. While our soldiers were battling
for the Union, men high in power were
robbing the country of countless millions,
and by wanton waste and plumber, debt
has been built up, and system of taxation
has been put in force, which for injustice,
favoritism, and oppression is without par
allel in history. ar a.. 10 ...
r MAGNITUDE OF THE DEBT. .H ..
The almost measureless size of our Ma
tional debt, will become more apparent by
comparing the expenditures during the re-
| belion,. with those incurred during other
wars of vast proportions. From the begin
30 kho Of hn nj 0rot t1ti
test of twenty years, in which Great Britain
was engaged with the first Napoleon, she
kept ahoat the largest navy the world had
ever seen, and on more than one occasion
subsidized the armies of Russia, Prussia,
| Austria, Spain and Portugal; and MAIN
| tained an empire so extended that "the
martial music of her reveile met the glo-
rious sun in his coming, aud keeping CON-
pany with the hours, followed his course as
he circled around the globes" and yet her
expenditures we're but little greater than
those of the United States during our four
years of war. .gl a... 900 A
And during her seven years war against
her colonies in America, Great Britain only
expended five hundred and thirty-two mil
lion dollars; or two thousand four hundred
and sixty-eight million less than we ex-
pended during the late rebellion; although
England had TO convoy her armies and sup
plies across the Atlantic ocean.
But let us for moment glance at the fl
nancial record ofour own country. The en-
| tire expenditures of the Government of the
United States, exclusive of payments on
the public debt and trust fund.- from the in
coming of WashingtOn's Administration in
| 1913, until the outgoing of Buchanan's Ad-
ministration in 1S6l-G period Of SeUenty-tlc0
years-was only one billion, three hundred
and fifty-one million, five hundred and
| twenty-siX thousand, six hundred and for
ty-three dollars. And hence the Admins
| trations of Washington, John Adams JEFF
ferson, Madison, Monroe, John Q. Adams,
Jackson, Van Buren, Harrison and Tyler,
Polk, Taylor and Fillmore, Pierce and Bu-
chanan, cost the country sixteen hundred
and fOrty-eight million, four hundred and
seventy-three thousand, three hundred and
I fiftV-seven dollars less money than the
liauidated debt created since tile incoming
of Mr.. Lincoln's Administration!
And if President Lincoln had the late re-
bellion to fight, so had the other Presidents
| to deal with Shay IS rebellion, and the Whis-
ky war; the war with the Barbary States,
and the three years war with Great Brit
ain; the thirty years of Indian wars; thei
| two years war with Mexico, and the eXpe-t
ditiOn against the Mormons. e.r .-...
Then, citizens, to recapitulate: Within
a period of five years, the United States will
have expended nearly as much money as it
cost Great Britain during an incessant war
of twenty years, in which all Europe was
| involved. .a. Il -I.-. .....--. ....-.
During the late rebellion, the United
| States expended two thousand, four hun
dred and siXty-eight million dollars more
money, than 1t cost Great Britain to prose-
cute her seven years war against the Colo
lnies. ..... ..,.l DILL --..... ..tg.- ...., .
President Lincoln's Administration ex-
pended sixteen hundred millions more
money, than all the other Presidents ex-
pended during their entire Administrations
of seventy-two years! .. M
/ -z. THE STATE DEBTS.
Nor is the National debt the only mort
gage which rests upon the land, upon the
enterprise and industry of the people.
The debts of the individual States amount
to at least two hundred million dollars. ex-
elusive of the repudiated war debt of the
Southern States.
'-. MEASURE OF THE DEBT.
But, citizens, the debt is so enormous that
the mind forms no conception of its mag
nitude by simply hearing the figures named.
Let us then apply to it some comprehensl-
i BILE measure. si-u r...... rft.-
|
(see, ChildS National Almanac for 1864,
page 50), the value of the real and personal
/ property of the United States, at that date,
!, amounted TO fourteen thousand, one hun
/ dred and eighty-three millions, two hum
dred and fifteen thousand, six hundred and
twepty7eigbt dollars, Then, without maxi
ling any deductions for the rayages and de-
struction of property caused by the war,
except the obliteration OF slave property,
which was valued at four thousand million
! dollars, and after taking that amount from
the aggregate valuepf thereal and person
al property, it reduces that value to ten
billion dollars. Then, taking the liquidat-
/ ed debt at the admitted figure of three thou-
j sand millions, we see, that. since 1861 we
/ have expended the value of nearly one
third of all the property, real and personal,
in the entire country. Bgf6 = s,igfs i
| taf -B9i THE MIsTAKEl s tnelt.qtq :
But it may be asked whether our affairs
could have been more economically eoa-
| Quoted ? A tax should have been levied
commensurate with the emergency, and
| cold could and should have been borrowed
| In Europe at or Sper cent. Could thia
! have been done? Yes; nearly all the gold
1.-The Confederates used was borrowedin Eu-
rope, and not only that, no inconsiderable
| portion of our own debt Is now owned
| there. But insteao5st pursuing course
dictated by sound economy, the Admins
4 tration adopted the plan of the money.
! lenders Of Boston and New York, and the.
I country was flooded with a paper cur
] rency which deprecated fifty cents on
the dollar; thus causing a loss OF one
half of the whole amount to the Gov
A ! A. 81 LII