The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1868-10-01
armies surrendered, amounted to STA.

armies surrendered, amounted to STA
S65,S5l.
WE OWED THIS IN APRIL, 1865.
It is estimated that very large pro-
portion of this sum, not less than $780,
| 600, 900, was on account of expenses in
Cured and accounts rendered from three
to twelve months prior to the termina
| ton of active hostilities, and which had
been allowed by the Treasury to remain
| unliaudated, simply by reason OF great
| financial emtarrassments.
! The remainder is made up Many Of
| the following items:
/ Pay of the army Is months $oO6 100000
| Commisary and Quartermaster's Depart
ment for subsistence and transports-
| Medical and Hospital Department 1887 600
| Arrears of pay of discharged or deceased
soldiers 1elss.opo
Bounties 1O4,9OOO
Prize money paid by Navy Department 8S75 or
| It is therefore not only legitimate, but
strictly in accordance with the facts, to
I assume that this large expenditure of
nearly eight hundred millions dollars
from April /, 1865, to Juue 80, 1866, was
in every sense a war expenditure, and
that it was liability on the lst of August.
| 1865, the date on which our DEBT appear
ed to be at its maximum by the Treasury
books, as much as if 10 notes or s. 20
bonds had been issued and entered upon
the ledger; and this expenditure is to be
measured and estimated by the same
standards as those by which the expen-
dltures of the active war are adiudged to
have been necessary and unavoidable on
the one hand, or unnecessary and mex
pedicnt on the other
THIS Is NOT ALL.
But the liability which existed at that
date was even more There were the
debts which humanity and honor alike
have imposed upon the country, and
which Congress has recognized and paid.
We were then liable for pensions, for the
equalization of bounties, for further
arrears of pay of deceased soldiers, for
claims of states, for the property of loyal
men destroyed, foradditional prize money,
for the reconstruction of the rebeIious
states, for the care of the freedmen, and
for the burial Of the dead.
The amount of these liabilities which
have been recognized and paid, aud
which are not included in the previous
statement, is as follows:
ni Sss.,sH' 50 ss 1896
Prize money .# 1642,O99
Ike inDIrsnS states Tor war expenditures l233O lSS
Claims Of loyal men Hill 300
Freedmen S Bureau ~ -.- 1910
Miscellaneous, including all expenses OF
reconstruction and national cemeteries,
estimated 3oOoroo
sil5,sl2,to1
Add to this the expenses of the army and
navy 10 months as previously stated sos s51
And have total of ss2o:ss,252
And in this total have the to be
added to the debt as it stood upon the
books OF the Treasury, April i. lSto .366935.O11
Making the aggregateof i'.i." sa,2s7, 1913 32s
which was the actual maximum of the
war debt, being the expenses of the war
not paid as they were incurred.
.5- THE DEBT THEN AND NOW
i. Bear in mind that these figures are all
official, carefully prepared for me by Hon.
David A. Wells, in order that / might
defend the credit of the United States
against all Corners = r~
WHAT Is OUR DEBT NOW?
At the end of the fiscal year ending june
But in this amount there were Included
S26,00o,o00, of bonds loaned to the Pa
cific Railroad and to be paid by them 26.Oon $50
Net debt s2y4s5, 700
WE HAVE PAID OFF $500, 733, 329
The present debt, deducted from the
maximum debt in 1865, proves the actual
payment during three years of quasi
peace of 1902, 1873, 800, or about one
qua rter of our entire war liability.
Our net debt is little more at this
date, owing to the Alaska purchase, the
further advance of bonds to the Pacific
Railroad and the reduction of the revenue
from the frauds of the whisky RUG before
the tax on whisky was reduced.
And now we begin to see to what pur-
pose the revenue Of the past three years
has been applied But another great
war liability has accrued in that period,
viz: the interest upon the war debt,
amounting from April |, 1868, to June
30, 1868, in coin and currency to $685.,
1874, 1888.
We can now strike the balance between
our income and our war expenditures:
Income 81 years q ai.t 5l,54o,O5S, $50
War debt IS 2133 329
War Interest paid 43S Asa $50
Ordinary expenses 1926, s4Os7
including the cost of the late Indian war;
and about $40, 100000 paid under the
direction OF the Engineer Bureau for
river and harbor Improvement
NO EXTRAVAGANCE.
This is the sum and substance of all
the charges of extravaganza and waste.
Ii it shall be claimed that the whole pro-
blem should be stated in currency the
result is not changed. only our income
and our war interest will each appear a
little larger
The premiums on sales of gold having
been included in the miscellaneous re-
ceipts. the only addition we have to
make is to add to the war interest the
premium on about two-thirds of the
amount paid in gold at anaverage rate of
forty per cent, say $4,000, 600. Our
statement will then stand
Income 81 years 81 $40 O5S 5S3
And value of premium gold interest
paid 112O0o;Go6
Income in currency 1862 o5S, 5S3
War debt paid 1892. 1929
Interest 43S, 1874 ,SS3
Premium gold 1l20oO,o0O 532ls, 2l2
Ordinary expenses s29S S4O371
Or little less than s92 900 600 year.
The expenses of the last fiscal year
der the democratic administration of
James Buchanan amounted to SIC Sal OoA
equal to currency equivalent at the aver
age of 10 for gold, the rate at which our
expenditures should be taken if our cur
rency expenses be reduced to gold to $lO7 ST. 400
@sfifC [Conclu,ed on third pagcl
DR.. BARTH & CO.,