Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-05-10
Total. s5gssza72ass7 essas5 1927 ssl .72s
In this connection, -discourses as fol-

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1t surely cannot be deemed unreasona-
BILE TO expect that forFthe current fiscal
year. we should have something like an
ture which obtained before the war: Sex=
cepting in those items of expense which
must be regarded as Inevitable results of
theD war. TiYet we find the report of the
Secretary of the Treasury gives for .thesix
heads of expenditure above enumerated,
an aggregate of $216,569. 39S as the estima-
ted disbursements for 1867, or ,$l56, 40 926
more thauin 1850. 1t is Ifuethat of,this
amount $64,000,000 is apportioned fort the
paylneH6 OF i6Ounties : bud it is also true
that it is through appropriations Of this
character, based upon no actual claim on
the g0Rernment. and really. i'm the nature of
a-pelisie gratuitys thatythe public expen-
dttures are being so mously Increased.
Nor is this extravagapce in4 appropria-
tionsv peculiar, alone to Congress-, The
State legislatures show Ike recklessness
of expenditures. Here also the immense
sums raised in Support of the war have de-
moralized every idea of economy, and large
sums of money are voted with spendthrift
heedIessness. 1t maybe safely estimated
that the States, exclusive of the Southern
States. have increased their debts during
the war nearly $500. 100000 while the CITY,
town and county debts have increased to
still larger extent, the consequent local
Cd4dblOls D0lQ& mOSB INJURIOUS 10 the inter-
ests of property holders.
We ethink it is high time that some check
was imposed upon this recklessness in ac-
cumulaIing debts.9 1A large portion of our
Federal. State and local war debts were
contracted in currency worth 90 to 60
cents on the dollar, and most of them will
have to be 1iquiaated iI gold or its equiva-
for war purposes, this was an inevitable
misfortune. Butin the case Of enterprises
undertaken now. or appropriations made
for unnecessary objects, mo- excuse can be
given. Unless we are prepared to be stig-
matized as nation of bankrupts, we must
suspend the accumulation of debts, and by
system Of rigid economy in every branch
of expenditure, prepare for the day Of
Liquidation.
Our public men and the press have, of
late years, so dwelt upon the idea OF our
exhaustless resources, il has really become
a popular belief that there is no limit to
our paying powers. The apparent ease
with which revenue has been raised the
last two years has helped to confirm this
belief. That we have the ability to meet
all our outstanding obligations, and that
they will be faithfully met. none can or
wish to deny. It is not the possibility of
repudiation that we fear; it is rather the
knowledge that we shall make full pay
meht. but in doing so shall be compelled
to endure system of taxation which will
paralyze our energies and cripple our in
dustries unless we check this universal
spiritVof extravaganza. Even now the
country is laboring under its burdens of
taxation; every interest is becoming restive
under its portion OF the load, and endeav-
oring to shift 1t uponlo other shoulders
Shall this be, increased or will those ia |
power realize our true condition, and cease |
giving away the public money aud lending
Ehe public faith for private enterprises?