Indiana American., 1868-12-18

economy eau alone fomcuy dotocts hud
avert evils which II suffered 20 exist, can
not fail to dimish the confidence Ia the pub.
lic councils, and weaken tho attachment
aud respect OF tho people toward their
political institutions. Without proper
care. the small balance which II Is esti-
mated will remain In the Treasury at tho
close Of the present fiscal year will not
bc realized, and additional millions will
DO added TO a debt which Is new cnumer-
ated by billions. Its shown by the able
and comprehensive report Of the Secretary
Of tho Treasury, that the receipts for the
fiscal year ending juno 80, 1868, were
St05, ,03S. .Os3, and that the expenditures
for the Same period woro S377 $40 ,2Si,
leaving IN tho Treasury = surplus OF y2S,'
297 .79S. Ii Il estimated that tho receipts
during the present fiscal year, ending
June 80, 1869, will bu s3tl ,392 1863 and
the expenditures 1885, lb2, 40, showing n
small balance Of ", 5,2l0,39s Ia favor OF
the government,
For the hsoal year ending juno 30,
1870, IL Is estimated that tho receipts will
amount to s32I 900, 900, and the expendi-
lures to s303, 900 900, leaving an estima-
ted surplus Of s2i 100000.
IL becomes proper in this connection
10 make brief reference 10 our public
Indebtedness, which has accumulated with
such alarming rspidity. aud assumed such
colossal proportions. la 1889, when the
government commenced operations under
the Federal Constitution, IL was burdened
with an Indebtedness Of $4,000, 600,
created during the war Of the Revolution
This amount has been reduced TO Si5,-
600, 900, whom in 1912, war was declared
against Great Britain. The three years
struggle that followed largely increased
the national obligations aud in 1916 they
had attained the SUN OF 1927 900 900.
Wise and economical legislation how.
ever, enabled che government TO pay the
entire amount within a period OF twenty
years, and extinguishment Of the nation.
al debt filed the land with rejoicing, aud
was one of the greatest events Of P,esid.
cut Jaoksons administration. Altur the
payment of the debt n large sum remained
IN the Treasury, which was deposited, for
safe keeping, with the several States, on
condition that il should be returned when
required by the public wants. In 1919,
the year after the termination Of an ex.
peusive war with Mexico, We found our
selves involved In debt Of S6I 000, 600,
aud this was the amount owed by the
government in 1860 just prior 10 the
outbreak OF the rebellion. In tho spring
oi 1861 our civil war commenced. Eocb
year OF its continuance nude an enormous
addition to the debt, aud when, in the
spring of 1868 the nation successfully
emerged from the conflict; the obligations
Of the government bad reached the im.
mense SUN OF S2 2,S73, 999 900. The Se-
cretary oi The Treasury shows that on the
lst day of November, 1867. this amount
had been reduced to 81 ,I9l SOL $50, but
at the same time his report exhibits an
increase during the past year Of $50 ,G25,
lU2, for the debt on the lst day of No
yenIber last is stated to have been 81 527 ;.
l29,J52 II is estimated by the Secretary
that the returns for the pas: month will
add to our liabilities the further sam OF
Sill 200. 900, making total ocrease dur.
ing thirteen months Of Si6 100000.
THE NATIONAL DEBT.
In my message to Congress Of Deem
bcr 18th, 1868, it was suggested that the
policy should be devised, which, without
being oppressive to the people, would at
once begin TO effect reduction Of the
debt, aud IT persisted in, discharge il fully
within deGuito number of years. The
Secretary of the Treasury forcibly recon.
lnends legislation Of this character, aud
justly urges that the longer il is deferred
the moro difficult must become It's accom- :
4 plishment. We should follow the wise
preeedents established in 1889, aud 1916,
and without further delay make provision
for the payment of our obligations at as
early period as may be practicable. The
fruits OF their labors should be enjoyed by
our citizeus. rather than used to bHld up
aud sustain moneyod monopoles in our
own aud other lands. Our foreign debt
, is already computed by the Secretary OF
the Treasury at $3.50, 100000 Citizens
! Of foreign countries receive interest upon
large portion Of our securities, and
American tax payers are made to contri-
butte large sums for their support. The
idea that such debt is to become per.
munent should be, at all times discarded
as involving taxation too heavy to be
borne, aud the payment once in every six
teen. years, at tue present rate Of interest,
of an amount equal to the original sum.
This vast debt. il permitted TO become
permanent, and Increasing, must eyentu-
ally be gathered into the hands of few
aud enable them to exert dangerous aud
controlling power in the affairs of the gov
ernment. The borrowers would become
servants to the lenders--the lenders the
masters of the people. We now pride
ourselves upon having given freedom tc
four millions of the colored race. 1t will
then be our shame that forty millions 0!
people, by their own toeration of usurpa-
ton and profigacy, have suffered them
selves to become enslaved, and merely ex,
changed slave owners for new task masters
in the shape of bondholders and tax ga.
therers. Besides, permanent debts pertain
TO monarchical governments, aud, tending
to mopopolies, perpetuities and class Lex
islaiion, are totally irreconcilable with fre,
Institutions. Introduced into our repub
lican system, they would gradually, bu
surely, sap it's foundations. eventually
subvert our governmental fabric, and cree
upon it's ruins q moneyed ariStocracy. /
I is our sacred duty to transmit unimpairoC
to our posterity the blessings of libert,
which we're bequeathed to US by tn,
founders of the Republic, and by our ex
ample to teach those who are to follow "a