The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1868-12-23

PERIOD We're $377.34O ,284. leaving in til
Treasury surplus of $2s,297,79s. 1t /
estimated that the receipts during In
present fiscal year ending June 80, 1865
will be s31l ,392.s6s, and the expenditure
1856, lo2.A10. showing u small balance &
S5,240.39S in favor of the Governmer,
For the fiscal year ending June 80, 1876
1t IS estimated that the receipts will amour
to 1927 100000, and the expenditures t.
S303,00O,000, leaving an estimated surplu
of S24,000,0o0. 1t becomes proper, in thi
: connection, to make a brief reference to on
public Indebtedness, which has accumnlat
! ed with such alarming rapidity, and assum
ed such colossal proportions.
Il In 1889, when the Government commenc
ed operations under the federal constitu
ton, it was hurdeued with an indebtedness
OF seventy five millions of dollars, created
during the war OF the Revolution. Thi:
amount had been reduced to forty-iv.
millions Of dollars, when, in 1872, war was
declared against Great Britain. The tire,
years struggle that followed largely in
creased the national obligations, and in
1916 had attained the sum of one hundred
land twenty-seyen millions. Wise and eco
fnomical legislation, however, enabled the
Government to pay the entire amount
within period of twenty years ard the
extinguishment of the national debt filled
the land with rejoicing, and was one of the
great events of President Jackson's adj
ministration. 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 re.
turned when required by the public wants
in lS49. The year after the termination
of an expensive war with Mexico, We found
! ourselves involved in debt of sxty-four
millions, and this was the amount owed by
the Government in 1860, just prior to the
| outbreak of the rebellion. In the spring
of 1861 our civil war commenced. Each
year of it's continuance made an enormous
addition to the debt; and when, in the
spring of 1865, the nation successfully
emerged from the conflict, the obligation
of the Government had reached the i'm
mense sum of S2,s73,992, 900. The, Secre-
tary of the Treasury shows that on the first
day of November 1867, this amount had
been reduced to $s2,491 ,504, $50, but at the
same time hisireport exhibits an increase
during the past year Of $50, 625,l02 for the
debt on the first day of November last, as
stated to have been $2,527, 1852. It is
estimated by the Secretary that the re-
turns for the past month will add to our
liabilities the further sum of eleven mil
lions, making total increase during .thir-
teen months of forty six and half mil
lions. In my message to Congress of Dec
IA, 1865, it was suggested that a policy
should be devised which, without being OPP
pressiye to t Tue people, would at once be-
gin to effect reducs..:cn OF the debt, and,
if persisted in, discharge it ;aall.y within
definite number of years. The Secretary
Of the Treasury forcibly recommends legis-
lation of this character, ard justly urges
that the longer it is deferred the more diff
cult must become its accomplishment
We should follow the wise presidents es-
tablished in 1889 and 1916, and without
further delay make provision for the pay
ment of our obligations at as early period
as may be practicable. The fruits o., their
labor should be enjoyed by our citizens,
rather than used to build up and sustain
moneyed monopolies in orr own and other
lands. Our foreign debt is already COM
puted by the Secretary of the Treasury at
eight hundred and fifty millions. Citizens
of foreign countries receive interest upon
large portion OF our securities, and Ameri-
can taxpayers are made to contribute
large sums for theic support. The idea
that such debt is to become permanent
should be at all times discarded as involv-
ing taxation too heavy to be borne, and
payment once in every sixteen years at the
present rate of interest of an amount equal
to the original sum. This vast debt, if
permitted to become permanent and in
must eventually be gathered into
the hands of q few and enable them to ex-
ert a dangerous and controlling power in
the affairs of the Government. The bor-
rowers would become servants to the len
ders the lenders the masters of the peo-
pie. We now pride ourselves upo: hay
ing given freedom to four millions of the
colored race. 1t will then be. our shame
that forty @millions of people, by their own
liberation Of usurpation and proffigacy,
have suffered themselves to become enslav- |
ed, and merely exchanged slave owners for
new taskmasters 10 tire shape Of bonahold- |
ers and tax gatherers. Besides, permanent |
debts pertain to monarchical governments,
and tending to monopolies, perpetuities
and class legislation, are totally irreconcil-
able with free institutions. Introduced in
to our republican system, they would grad
ually but surely sap its foundations, eyen4
tally subvcrt our governmental fabric, and
erect up5a its ruins moneyed aristocracy.
# is onr socreG, ,!.ntY to transmit unimpair-