Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-05-15
The Public Debt.

The Public Debt.
The statement of the public debt May l,
was deceptive 1t apparently showed dim
unition Of two and half millions during the
month, when in fact some twenty millions Of
coin interest fell due on that day, which did
not appear a debt in the statement. The
Secretary, in his monthly statements, makes
no account Of the interest accruing on the
debt, and this interest does not therefore af-
feet the balance only when it i paid, when
it dminishe, the cash in the treasury. The
real dimunition Of the debt for tie month.
over the interest accruing during the month,
was less than million Of dollars, if it was
anything. The statement for next month
Will probably. show an increase OF dc',t Of
nearly twenty millions.
The country has been eulogizcd at home and
abroad for its wonderful achievement last
year in reducing the debt about two hundred
millions but We fear this magnilving of the
resources Of the nation has led Congress and
the country into serious error. The new in
ternal revenue law will not produce 80 much
by many millions this year n the old one
put into the treasury last wear This is
partly owing to notifications in the law and
partly to the fact that the business Of the
country Is not nearly 50 prosperous as last
year. The income returns this year are
generally les dian half those Of the previous
year and the taxes OH manufacturing of all
sorts falls much short Of those ofIS6j But
hi ri ri.
the expenses Of the government are much be-
vond the estimates The War Department
alone viii probably cost this wear one hun
dred millions more than estimated. = sum
of itself larger than the whole annual OK
penses of the government previous to the
war and it is not probable the War Depart
ment viii lie singular in thus oycr-runnng
estimates. The State Department viii Ger
tainly not be behind. if it buys many more
icebergs and white bears at the enormous
figures it has promised to pay for the Rus
sian Possessions Congress added last ses-
sion t. almost cvcrybody's salary. and ap-
propriated money as though there was no
bottom to the treasury or the peoples purses
Claims of every conceivable nature and Of
friehtful amounts growing out of the war.
are being pressed upon Congress. and t'n
many Of them are favOrahlv considered and
where the demands upon the treasury Of this
nature viii stop. no one can say. 1t. how
ever, can he predicted with certainty that
claims Will be presented rs long as they are
allowed If Congress does not guard the
treasury, claimants will not refuse t. put
their hands into it : and instead of being
able to make a fiattering financial exhibit next
year, Secretary McCulloch viii be obliged to
confess to large increase Of the public
debt
This i not particularly welcome pros
pcct but we shall be none the more pre-
pared for it, by refusing to see that We are
rapidly approaching it. 1t is plain enough
that the has 50 lamiiarised our officials
with immense disbursements. that they look
upon economy in government expenditures AZ
paItry and niggardly mcanncs~ They get
their salaries regularly and vote to incrcIsr
them at every convenient opportunity. but
1t seems never to occur to them that the
penses of the government. aside from the in
tcrest on its debt. ought t. be reduced to the
sum expended before the war. Yet unless
the people are to sweat and toll under an IN
creasing burden of taxation for generation
after generation, there must be a limit put
and that speedily--to the cxtravagant use Of
the peoples money by their servants IN Of
flee. \ bankrupt law has Just been passed
to relieve ovcr-burdcned debtors from the
RI o.
cannot honorably 90 into bankruptcy, or,
what Is about the same thing. rcpudiatc its b
to pay. Yet its credit * now 50
poor that it, notes, bearing six per cent. coin
interest, are selling in London for. 20 and Il
cents on the dollar. while British Consols.
for 81 cents The credit Of the Illinois Cen
trail railroad is better in the markets of Eu-
rope than the credit of the United States.
1t is something Of which the nation may wei
be proud. that it hesitated At no expense or
sacrifice in putting down treason and re-
ieeming the land from slavery. Ii may also
ind Just cause for cncourage cement that it bore
the heavy taxation which enabled
The treasury to reduce the national indebted
ness during the first year Of peace. I;ut it
ought to find just cause for alarm that du-
ling the second year Of peace its financial
condition is growing worse rather than
better.
We have no intention of oycr-rating the
wills of our financial condition We believe
he resources of the country, and the energy
md industry of people, abundantly
sufficient to raise and keep the credit of the
United States on par with that Of England
But Encouragement and extravaganza at
" Washington may more than neutralize every
fort of industry, and every struggle of the
,eoplc 10 pay the public debt What is now ]
eeded is the most rigid economy in every
,ublic Office and officer, and in every depart
nent of the government, and the most scru- }
'ulous public integrity and virtue. The
eople will do their part, if the lawmakers {
nd those who execute the laws do theirs
or the future he will deserve best Of bis
ountry who shall do most to put its credit
n equality with that of the most stable
nd wealthy governments of the world. r