The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-10-08
Public Debt Rapidly Increasing-If
Radical Rule Continues National
Raukruptcy IL Inevitable

Bankruptcy IL Inevitable.
The table which we publish to-day is
a transcript from the books of the
Treasury. 1t is authentic and accurate.
1t contains no coDjectures or estimates,
but only recorded facts. From this ta-
BILE it appears that the debt on the 31st
of August last was greater by over one
hundred and sixty.eight millions,
CS16S,659, 1885,
than on the 1st of April, 1865, few
days before the close of the war, the
subsequent rate of increase exceeding
four millions of dollars a month, or
nearly fifty millions of dollars a year.
But there are results still more alarm
ing. The debt is greater by over thir-
ty-fve millions of dollars than it was on
the 1st of May last,
Cs35,Os5,4s6J
On this basis the yearly rate of increase
of the debt would be over ene hundred
and five millions of dollars,
CS1O5,256,45s)
If to this annual rate of increase we add
interest at the rate of six per cent, a
year, compounded annually for twenty
years, the debt, instead of being paid,
would be more than doubled, and would
largely exceed FIVE THOUSAND MILLIONS
OF DOLLARS.
Now, let us look at the monthly IL
crease of the debt for the last four
months. This increase was at rate
largely exceeding eight millions of dol
lars a month, (S8,T1, ,37l) but the in
crease in the month of August last was
over twelve millions of dollars, (S12,-
O79 ,S32) being rate of increase largely
exceeding one hundred and forty-four
millions year.
(SI44,95S,9S4J
1t must be remembered, also, that
this last increase of debt is during the
great quarter when the average rate of
revenue from imports exceeds about
one-third the rate for the fiscal year.
Suppose the debt to increase at the rate
of one hundred and forty-five millions
of dollars, adding to this interest COM
pounded at the rate of six per cent. per
annum, and the debt would be doubled
in about fourteen years, long before
which we would have passed into bank
ruptcy. Indeed, from the intolerable
burden of taxation, arising from such
an annual increase of debt, We should
reach National bankruptcy in the Con-
gressional elections of 1870. And yet it
is the Radical party which accuses its
opponents of reputation, whilst its own
course of enormous war expenditures in
time of peace makes national bank
ruptcy inevitable. Indeed, it is only a
vast decrease Of taxation and expendi-
tures that can save us from tie disaster.
But this reduction can never come from
the Radical party, which insists on the
of large standing army,
to subject the whites of the South by
force, to negro governments and negro
We have seen the rapid increase of
the public debt, not only since the
peace, but within the last four months.
But this table exhibits a still mere
alarming fact. 1t is, that whilst the
debt bearing interest in currency had
decreased on the 3lst August last $685.
$40, ,725 from the 31st March, 1865, the
debt bearing interest in coin had near
ly doubled, having increased on the 3lst
August last nearly one thousand mil
lions of dollars,
(s996, I3O,JOs)
since the 31st of March, 1865. Thus, on
the 3Oth April, 1865, the annual interest
payable in coin was only S63, ,973, ,4l2,
whilst on the 31st August last this an-
nual coin interest had reached
124,573,621,
the increase of annual coin interest be-
ing nearly sixty millions of dollars
(sJs,5s5,2O9D
or, converting this sam into currency
of that date,
SS7,OO9,OOJ.
Now, the total anuual interest in col n
and currency, as shown by the table,
was
SiO2, S36,53I,
on 3lst of March, 1865, and Sl27 ,94c, ,9ll
on the 3lst of August last, showing an
increase in the annual interest, payable
in coin and currency, on the 3lst of Au-
gust last, of
S2J,I12,OSO.
But this, as shown by the table, is not
the only real increase. Thus we have
seen that, whilst on the 30th of April,
1865, the annual currency interest was
S45, ,l27 1876, it had fallen on the 3lst of
August last to S4,374,99O, whilst the an
nual coin interest had increased nearly
sixty millions of dollars.
The account would then stand thus :
On the 3Oth of April 1866
Coin interest converted into cur.
rencv s93, ,4OS 45l
Currency interest at that date. iil27 936
Total annual interest in currency .sl33, 1876, All
On the 3lst of August, 1868
Coin interest converted into cur.
4rencv. 80. slsO, Az, ,9s6
Actual currency interest. ....... 4,31i, 900
Currency interest 3lst August. 1868 slsi, 1872 976
Currency interest after the close of
the war 3Oth April, 1865. -....... Sl3S. 30, All
Increased interest 3lst August, ls6S $685. $50
Thus we see that since the close of
the war (30th April, 1869 the annual
interest of the public debt has increased
upwards of forty millions of dollars.
This increased annual interest would
represent a principal sum exceeding
seven hundred and fifty millions of
dollars.
We repeat, then, it is clear that the
Radical policy renders national bank
ruptcy inevitable. That policy regards
the rebellion as unsu5dued, the States
as conquered provinces, still ready for
war, aud the whites to be kept in sub
lection by negro governments, sustained
by standing armies costing more every
wear than those of France or England,
and with much heavier taxation. The
Democratic party propose different
policy. 1t regards secession and slav-
cry as forever settled by the war, and
by the subsequent action of the South
ern States in constitutional convention
assembled. 1t would repeal the Freed,
mems Bureau, disband the standing
army, reduce it to peace estab.
lishment, and leave the Southern States
to govern themselves in subordination
TO the Federal Constitution. 1t is clear,
then, that the expenditures can only be
reduced by a change of men and meas.
ures, and that change can only come
from the overthrow of the Radical party
and policy. For three years and hall
not a Confederate soldier has been in
the field nor an arm raised against the
Federal Government, yet thS Radical
party during all this period has given
us war measures and war expenditures
They have given US standing armies