Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-12-26

The rubSlc Debt.
The following item appeared in the 'eie-
graph: +
The Tribune's special Gays Secretary Ne
cnlloch reports that the expenditures for
he fiscal year ending June Both. 1869. will
amount to S4Ta 0aG, 900, OF which the inter /
st on the public debt viii amount to sl29,- !
GTs,0Ts
The revenues collected tor the year end
ing June 30th, 1867, were. 10 round num-
bcrs. four hundred and forty seven millions
of dollars. which the Chicago Journal says.
is as much as the people can stand in the
~sy Of taxation q present
In an article upon the finances, an its Is.
sue Of Monday last. the Journal says there
- . matured and upmatured" debt.
amounting 10 ta2e. 5ss.ll7 lo"which must
be provided for before beginning can be
tn ade in sedeeming tho bonded debt IN
grccnbacks =" and il adds: "This would alb
sorb al Of the currency that could be issued
in place Of national bank notes. aud still
leave a deficiency Of nearly one hundred
and thirty millions"
The Secretary of the Treasury in his 10
csmber statement, states thai there Is in the
Treasury in coin, 800. e90,64o 90. end in
currency, So, 1856. l75 -. II the coin was
converted into grcenbacks il would make
The amount in tho Treasury equal 70 about
ATT .oco, 900 in legal tenders. II green
backs should be substituted for national
bank notes, the Treasury would then have
1t it's control $500, oOo. 900 more currency.
masking the total SAT-, 100000. II the pol
ICY Of cance'ling the public debt
a. rapidly Is the revenues Of the
Government aud the ability Of the
people will permit. should prevail, the
..-naiured and immaturcd" debt Of ta26,
coo. 900, which the Journal aays must be
paid, before We can commence rsdeeuirg
the bonded debt, il will he seen that the
Treasury would be amply able 70 cancel
that Indebtedness and have . surplus $50,
ooo. 900 left. Would il not be better pol
icy to pay the unfundsd debt in that way,
rather than 10 cancel il by increasing the
bonded debts
Over one hundred millions ia coin and
thirtv.sevcn millions in currency are lying
lilo in the Treasury. The interest upon
this sum st six per cent, il il WAS made
equal % grscnbacks, would amount TO about
ten millions annually. 10 not this interest
the Secretary Of the Treasury TO look
after.
The Secretary Of the Treasury estimates
the Ordinary expenditure Of the Govern
ment for tho year ending June 30, 1869, II
t2sa, ooa,uO THIS Is three times more
than ,hr entire annual expenditures under
tho administration Of Mr.. buchanan II
the Government was economically admins
tered, what the necessity Of this great ex-
renditere- II shouli b. lesscned at least
oue hundred millions Now il tho people
could stand an annual taxation Of SAC 900,
W'o. and the Journal places tho ability OF
the PEOPLE at that figure. il would leave q
iaad IF fl7i 100000 80 sink the public
ieh.. and that amount annually would wipe
u oul ~ shout ten years. instead Of leaving
\ doh. OF three thousand millions as "A lcga-
CT T. our children, to show Tire lmproyi-
dencc. eStravaysuee and corruption Of their
fasNsrs
EuE Belfast, Maine, journal, SAWS that
issr or five shipvarsis tina. . few yeara ago
tatnsi out their hat dozen ships yearly,
are iiic-not solitary keel lines along
,hc'r Idle ways. The shipwrights lounge
along the streets. A blight has fallen up
VA ,h- industry, aad the whole coast is dcs
oiate.
This is one OF the fruits OF radical policy
Tho high protective tariff has destroyed
the shipping interests Of the country, and
1 ansferr.d the carrying trade, heretofore
source of revenue and prosperity, to for
cisn bottoms. The belfast paper presents
aelefal picture Of shipbuilding interest in
Ma,uc. But IL is not in Maine alone that
he frightening il ilience Of radical policy
aroa the industrial Interests Of the nation
ia cit. In Nov York we arc told that
THERE are fifty thousand working people out
ol .mplo, ment Just al the beginning of
winter, aud wi;i no prospect ahead Of .
changed condition Of affairs. We hear the
sansc compliant all over the country, and
especially IN the Southern States, ON &C
cenn' Of the planters not having raised
re'nunerative crops. The people are just
beginning to feel the evil effects Of the rad >
icsi rule /, and the present depressed con
di,ion Of affairs viii no, 10 relieved until
. change Of administration takes place. and
the restoration Of the policy which gave the
!. conasry prosperity sni progress in all the
elements OF national greatness. such as no
c'her nation ever enjoyed
Soux idea may b. formed Of the large
nss,nher Of clerks employed in the Depart
mcnts At Warrington from the statement
made to the House, that the proposed
twenty per cent. increase Of their sslasiss
~iil require the sum Of t7sl,s64. This
would show the aggregate salaries COW
paid to amount to es.s59. $50. Adding the
twenty pc. cent the sum would lie a, 1884,
lisa. This does not include the War De-
partment. General Grant having withdraw
his recommendation to increase the compen-
ss'i0n Ct clerks in that department
Il isa little remarkable that Conersss,
composed Of memtsrs who voted to raise
'ae'r Own salaries from $500. 70 81, 900,
an increase Of e6t per cent, should hesitate
10 increase the salaries Of clerks twenty Der
cent. The twenty per cent. increase asked
tor ,ecordne 10 tho documents presented 10
the House would be distributed IS follows:
Treasury ........ 49, DC.
etat~. Observation-Disclosures. a-0ss
Agricultural Department. ......... 20 o7s