Clarksville weekly chronicle. [volume] (Clarksville, Tenn.) 1865-1867, 1867-05-17

the national debt statement, made OF
the 1st instant, the New York World
of the 8th, says:
The Treasury has issued thi- doc,
umeut, as usual, at the begin ming Of
the month, with the signature Of ia
chief. 1t shows total less by two
million six hundred thousand dollars
than the statement Of a month ago,
Congratulations follow from the press
and people, to be echoed, doubtless,
in the parliament of England and
throughout Europe, on the prosperity
of the country and the successful ad-
ministration of its finances. But the
tax payers Of the United States need
to bear in mind that the statement
makes no account of the vast floating
indebtedness Of the Government for
unsettled contracts, for outstanding
but unpaid appropriations, for yet
unclaimed bounties, and for the ap-
preparation and destruction Of private
property by the war items which, if
all the debt included in this state
ment were liquidated, would still
constitute formidable burden on
our impoverished country.
Nor does the Secretary's statement t
Of the public debt on the first day of
May, 1867, include so obvious, SO
definite, 80 obtrusive an item as the
interest on the funded debt payable
on that very day. While Ire includes,
for example, the coin debt payable
fourteen years hence, the large coin
debt is omitted which is payable on
the very day his statement is issued.
Had this been included, the state
ment would have shown heavy in
crease in the whole debt.
Mr.. McCulloch declares a funded
debt bearing an annual interest in
gold of s89, ,4S7 1897, and in currency
Of $48, ,969, 1872 20, besides interest
on the two years (average) accumu-
lations of the compound interest
notes." which increases the latter to
q little more than fifty millions. The
interest on the public debt, therefore,
is now something more than eleven
million six hundred thousand dollars
every month. Of this interest, ac-
cruiue in April, no account is male
in the Secretary s.statements. These
show an apparent diminution in the
capital of the debt Of two millions
six hundred thousand--nine millions
less than the accumulating interest
Of the same period. For the month
Of April, therefore, the total receipts
Of the treasury have fallen short of
meeting its current outlay and its &C.
cruing interest by nine millions of
dollars. Instead of paying our debt,
as Mr.. McCulloch's statement may
seem to show, at a rate which would
extinguish it in sixty years, We are
adding to it at rate which would
double it in less than twenty.
Will not this at last teach us that
the reckless extravaganza and igno-
rant mal-administration of our pres.
ent financial leaders in Congress and
out Of it, cannot long be borne p
Trade is already stagnant, our manu-
factures are dying out on every side ;
in business life the prominent feeling
is dread Of the future; in private life
il is enjoyment Of the presently gam
bling everywhere encroaches on or
dinary dealing. With breadstuffs at
famine prices, with labor discontented
and disorganized, with capital con-
in over fewer hands, with
a rapidly increasing debt, and with
rapidly diminishing resources, and
after two years Of peace, who can
look into the future without dread?