, 1868-12-18

VIII ~ euueu " ucDb WHICH u eoumdteC
by millions.
Itis shows BY the able and comprehen.
sive report Of the Secretary Of the Treasury
that the receipts for the fiscal year ending
June 80, were s405. .6sS, ,O3S 32, and that
the expenditures for the same period were
S377 ,240, ,2Sd. leaving in the Treasury sur
plus ofS28, ,397, ,099. 1t is estimated that the
receipts during the present fiscal year ending
June 30, 1869. will be S34l ,S92, ,S6S, and
the expenditures, 1926, 1852, 47O, showing a
small balance Of SIS, ,240, ,298 in favor of the
GOvsl9ment. For the fiscal year ending
June, 1870, it is estimated that the receipts
will amount to 1927 100000, and the ex-
penses to s30S. 600 900, leaving an estimated
surplus of s23 100000.
1t is proper in this connection to make a
brief reference to our public Indebtedness.
which has accumulated with such alarming
rapidity aud assumed such alarming colossal
proportions. In 1889, when the Govern
ment commenced operations under the Fed
eral Constitution. it was burdened with an
Indebtedness of seventy>fve millions, created
during the war OF Revolution. This amount
had been reduced to forty five millions, when
in 1912 war was declared against Great
Britain. The three years struggle that
followed largely increased the national OBJ
legations, and in 1861 they had attained the
sum of hundred and twenty-seven million.
Wise and economical legislation, however,
enabled the Government to pay the entire
amoint within period of twenty years, and
the sxtinguishment of the national debt fills
ed the land with rejoicing and was one of
the greatest events of President Jacksons
administration. After its redemption
large fund remained in the Treasury, which
was deposited for safe keeping with the
several States, on condition that it should
be returned when required by the public
wants. In lS49, the year after the termin-
alton of an expensive war with Mexico, we
found ourselves involved in debt of sixty.
four million, and this was the amount the
Government owed in 1860; just prior to
the outbreak of the rebellion. In the Spring
of 1861 our civil war commenced. Each
year of its continuance made an enormous
addition to the debt. When, in the Spring
of 1865, the Nation successfully emerged
from the conflict, the obligations of the Gov
ment had reached the immense sum of two
billion eight hundred and seventy-three mil
lion niue hundred and ninety-two thousand
nine hundred and nine dollars. The Secretary
4-e- AL4 L4IraasHas-~l----4l--A--
! Nove1ber, 1861, this amount had been re-
ducedto two billion four hundred ninety one
milliot five hundred and four thousand four
hundrh and fifty dollars. But at the same
time bi report exhibits an increase during the
past war of sixty>fve million six hundred
and twenty. five one hundred and two dollars
for thedebt on the lst day of November last is
two billion FIVE hundred and twenty-seven
milIionone hundred end twenty-nine thou
sand fiie hundred and fifty two. 1t is esti-
mated BY the Secretary that the returns for
the pa4 month will add to our liabilities the
further sum of fourteen millions making a
total Increase during thirteen months of
sixteen million five thousand dollars.
In ny Message to Congress of December,
1865, / was suggested that a policy should
be advised which, without being oppressive
TO the Ieoplp, would at once begin to effect
a redudion of the debt, and if persisted in,
discharge it fully within definite number
of yeas. The Secretary of the Treasury
forcibly recommends legislation of this char
acter, md justly urges that the longer it is
delayed, the more difficult must become its
accomplishment. We should follow the
wise precedents established in 1871 and
1916, and without further delay make pro-
vision br the payment of our obligations at
as early period as may be practicable. The
fruits Of their labor should be enjoyed BY
our citizens rather than used to build up and
sustain moneyed monopolies in our own and
other countries. Our foreign debt is already
computed by the Secretary of the Treasury
at eight hundred and fifty million dollars.
Citizens of foreign countries receive interest
upon the larger portion of our securities, and
American taxpayers are made to contribute
large sums for their SUPPORT The idea that
such debt is to become permanent, should
at alLtimes be discarded as involving taxa
ton too heavy to be borne. The payment
once in every sixteen years, the present rate
of interest, makes an amount equal TO the
sum- If this vast debt is permitted to be-
come permanent and increasing, it must
eventually be gathered into the hands of a few
and enable them to exert dangerous and con-
trolling power 10 the affairs of the Government.
The borrowers would become the lenders and be
the rulers of the people. We now pride our,
selves upon having given freedom to 100000
of the colored race. 1t will then be our shame
that ten millions of people, by their own tolera-
tion of abuses ans prohigacy, have suffered them
selves to become enslaved and changed the slave
owner for new task masters iu the shape of
bondholders and tax-gatherers. Besides per-
manent debts pertain 10 monarchical govern
ments and tend to monopoles, perpetuities, and
close legislation, and are totally lrreconciiaoie
With the free institutions introduced into our
Republican system. They would gradually but
surely sap its foundations and eventually sue-
vert our governmental fabric, and erect upon its
ruins a moneyed aristocracy. 1t is our duty to
transmit unimpaired to our posterity the bless
ings of liberty which were bequeathed to Us by
the founders of the Republic, aud by our example
TO teach those who are to follow us carefully to
avoid the dangers which beset the free aud in
dependent people.
Various plans have been proposed for the
payment of the public debt. However they
NAV have varied as to the time and mode in
which they should be redeemed, there seems
to be general concurrence as to the propn'
ETY. and justice of a reduction on the present
I'll. C.o-o,orr of tho Treas a