The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-09-14
SPIRIT OF THE PRESS.
EDITORIAL OPINIONS OF THE LEADING JOURNALS
UPON CURRENT TOPICS COMPILED BVBRY
DAY FOR THE EVENING TELEGRAPH.
What is the Truth as TO the National
Finances!

Secretary McCulloch officially reported on
the lat of September, 1865, that the aggregate
of asoertained, liquidated debt, over and above
all the money in the Treasury, was then
81, 757 $50 57l. He reported it ON the lst inst.
Gust three years later) at 81, ,535, 6l4,3l3.
Subtract this sum from the amount reported
three years ago, and the reduction is
1922 075, 25S. There can be no doubt, We
judge, that beside paying all accruiug inte-
rest, we have reduced the principal by that
amount.
But this is not all. We have Just paid
81, 600 in gold to Russia for Alaska, which
adds SO much to our debt; but we have the
property to show for it. Then we have issued
S35 3l4, 900 of new bonds in aid of the Pacific
Railroads now in progress. They pay the
interest on these bonds; they are to pay the
principal also, and we think will be abund-
antly able to do so. This is not like war
debt; first, because we are only to pay it in
case of default by the Railroads; secondly,
because, even in that case, we have mort
gage on the roads for security; and thirdly,
because, even if this should prove inadequate,
the increase of our national wealth and tax
paying ability by reason of those roads would
more than compensate us for the loss.
But more:-We have, in these last three
years, paid enormous sums for arrears aud
mastering out bouuties to the soldiers who
put down the Rebellion, and millions more for
State claims, and deferred indebtedness of
the actual, though not the liquidated, debt of
September l. 1865. Mr.. Edward Atkinson, of
Boston, makes the total reduction of our debt
within these three years no less than
$S0O,O00,000 aud gives the figures for it.
Suppose we reduce this amount by estimating
that OO,OOO,OOO OF it is Offset by munitions
of every sort sold or used during these years
that were previously bought and paid for,
then allow another $1,000 600 for every
possible error in Mr. Atkinson's calculations,
and the reduction of our actual (not liqui-
dated) debt in three years is still $500, 0000 900.
Why should we not wipe out the residue
within the next twenty years If we could
pay off an average of 5000, 000, 900 per annum
in the three years Immediately following a
most exhaustive, devastating war, we surely
might pay half so much in the better years
that follow.
Bear in mind that the property and produc-
tive power of our people are steadily and
rapidly increasing. We estimate our increase
OF population at fully five and of wealth at
ten per cent. per annum. That these rates
would double the former in far less than
twenty and the latter in less than ten years, is
well known. Hence, if we did not pay off an
other dime of our debt, its burden would be
diminished fully half within the next fifteen,
and ree-fourths within the next thirty years
merely by the increase of our population, pro-
duction and wealth. But We are in favor of
paying off the last cent within the next twenty
years. ...-
Now as to the National expenditures
Mr.. David A. Wells is Commissioner of
Revenue, and as such is necessarily familiar
with all the ins and outs of the Treasury. At
the request of Mr.. Allison of Iowa. he made
full exhibit, soon after the last fiscal year
closed Dune 30 1869 of the actual condition
of the finances. 1t was frank, clear, and
specific. Weeks have since passed: Have his
statements been seriously controverted ? The
mourite; the President is another; the Stats
tician OF the Department another. Had there
been flaw in Mr.. Wells exhibit, it would
evidently have long since been pointed ont.
This is case wherein silence is assent.
Manifestly, if. Mr.. Wells statements could
have been impeached, they would have been.
Bs1 Mr.. Horatio Seymour had declared that of
s400, 100000 annually raised by taxation, only
$l00000,000 were paid to the public creditors.
Mr.. Wells shows that, during the fiscal year
in being when Governor Seymour spoke, and
since closed, We actually paid no less than
Sal, $685. for interest alone, much of it
being back interest on the compound interest
notes, which have been paid off this year.
Has any one attempted or affected to oontro-
vert this statement And is not the payment
of interest which accrued in former years pre-
cisely the same as paying principal?
Governor Seymour had asserted that the
current cost of carrying on the Government,
apart from the public debt, was $500, 100000
per annum. ..'7 n ..-.. s,I ..,. ,r
Mr.. Wells states the entire outgoes from
the Treasury in the last fiscal year. apart from
the public debt, at 1928, ,914 674; and adds
that, of this aggregate. only $l46, ,23l, ,379
(about equal to 800, 600, 900 in gold) were for
running the Government, including $6, 1872 $50
for improving rivers and harbors, the residue
having been devoted to the following pur-
poses :- --s---.s,, ........
late war ........... SSs 600 900
Pensions (tor services) % 2S2 676
Reimbursng States (war alsol-...-.... 1880, lSS
a ............ gill 300
Freedmen's Bureau (now closing upl. 32l5 900
. Reconstruction expenses (dO.) )......... l799 go
Subsistence OF lndlans...-.............. 1,O00OOO
National 1872 $50
Communication OF rat1ons TO our soldiers
when prisoners of war...................o. $4,000
Total S92, ,683 O94
Here are over ninety millions for ex-
penses, properly chargeable to the war, in
effect, public debt incurred in the war, and
paid off during th,, last fiscal year.
Has any one denied that these are true and
complete trar scripts from the Treasury boOksl
II 30, who End where is he
Governor Seymour had broadly asserted that
we were spending $3.50, 100000 per annum on
an army to keep the South in subjugation.
Nr. Wells afirms that the entire support of
the army (not nearly all of it employed in the
South) during the last fiscal year cost but
S56, ,4l0; the remainder of the $l23, 246,-
GAS disburssd through the War Department
having been devoted to the payment Of war
bounties, State war claims, river and harbor
improvements, property destroyed in the