Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-11
FLANNELS.
FLA.NNELS.
FLANNELS.
FLANNELS.

ance OF useless and extravagant expend
itures will involve us in national bank
ruptcy, or else make inevitable an in
crease of taxes, already too enormous,
and in many respects obnoxious on ac-
count of their unquestioned character.
One hundred millions, annually, are ex.
pended for the military force, a large
portion of which is employed in the ex-
ecution of laws unnecessary aud uncoD-
stitutional. One hundred and fifty mill
lions are required each year to pay the
interest on the public debt. An army of
tax-gatherers impoverish the nation, and
public agents, placed by Congress be-
yond the control of the Executive, divert
from their legitimate purposes, large
sums of money which they collect from
the people in the name of the Govern
ment. Judicious legislation and prudent
economy can alone remedy the defects
and arrest the evils, which, if suffered to
exist, cannot fail to diminish confidence
in public counsels, and weaken the at
tachment and respect of the people to-
ward their political institutions. With
out proper care the small balances which
it is estimated will remain in the Treas
ury at the close of the present fiscal
year, will not be realized, and additional
millions will be added to debt which
is now enumerated by billions.
1t is shown by the able and compre-
hensive report of the Secretary Of the
Treasury. that the receipts for the fiscal
year ending June 80, 1868, were 1885,.
628, ,063 and that the expenditures for the
same period were $377, $40, ,284, leaving
in the Treasury surplus of 1892, 977, ,098.
1t is estimated that the receipts for the
present fiscal year, ending June 30,
1869, will be $34l, 1892 1868, and the ex.
penditures 1896, ,l52. .470, showing a small
balance of $5,240,398 in favor of the
Government, for the fiscal year ending
June 30, 1870. In 1870 it is estimated
that the receipts will amount to 1927,
10000, and the expenditures to 353,-
$1,000, leaving an estimated surplus of
$240, 100000. 1t becomes proper in this
connection to make brief reference to
our public Indebtedness, which has accu-
mulated with such alarming rapidity
and assumed such colossal proportions.
In 1880, when the Government com.
menced operations under The Federal
Constitution, it was burdened with an
indebtedness of $75, 900, created
during the war of the Revolution. This
amount had been reduced to $45, 900, 600,
Great Britain, and the three years struggle
which followed largely increased the
national obligations, and in 1916 they
had reached the sum of $l27, 900, 900.
Wise and economical legislation, how
ever, enabled the Government to pay
the entire amount within a period Of
twenty years, and the extinguishment of
the national debt filled the land with re-
joicings, and was one of the greatest
events of President Jackson's admins
tration, and after its reduction large
sum remained in the Treasury, which,
for safe keeping, was deposited with the
several States on condition that it should
be returned when required by public
wants. In l849, the year after the termi-
nation of an expensive war with Mexico,
we found ourselves involved in debt
of $64, 900, 600, 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, and which in the years of
its continuance made an enormous addi-
ton to the debt; and when in the spring
of 1865 the nation successfully emerged
from the conflict the obligations of the
Government had reached the enormous
sum Of $2,873, 1892, ,909. The Secretary
of the Treasury shows that on the first
day of November, 1907, this sum had
been reduced to 2,49l ,504, 452; but at
y = n m n
crease during the past year of $50, ,625,-
1872, for the debt on the first day OF No
vember last is stated to have been
$2,527, 1882. 1t is estimated by the
Secretary that the returns for the past
month will add to our liabilities the
further sum of $ll, 100000 making q
total increase during thirteen months Of
46,500,000.
In my message of December 4, 1865,
it was suggested that the policy be pur-
sued which, without being oppressive to
the people, would at once begin to effect
a reduction of the debt, and, If persevered
10, discharge it within definite number
of years. The Secretary of the Treasury
forcibly recommends legislation of this
character, and justly urges that the
longer it is deferred the more difficult it
must become of accomplishment. We
shsuld follow the wise precedent estab-
hshed in 1889 and 1916, and without fur
ther delay, make provision for the pay
ment of our obligations at as early pc
riod as may be practicable. The fruits
of our labor should be enjoyed by our
citizens rather than used to build up and
sustain monied monopOlies in our own
and foreign lands. Our foreign debt is
already computed by the Secretary OF
the Treasury at $3.50, 100000. Citizens
of foreign countries receive interest upon
a large portion Of our securities, and
American taxpayers are made 10 con
tribute large sums for their support The
idea that such debt is to become per
mAnent, and shall ct all times be dis
carded, as Involving taxation too heavy
to be borne, and payment once in every
sixteen years, at the present rate Of in
terest, at an amount equal to the original
sum, the vast debt permitted to become
permanent in increasing, must eventually
be gathered into the hands Of = few, and
enable them 10 erect q dangerous and con-
trolling power in the affairs Of theGoveru-
ment. The borrowers would become ser
wants TO the Lenders, and the lenders the
masters Of the people. We nov
pride ourselves upon having gwen
freedom 10 four millions OF the
eolorsd race Il will then Be our
shame, .tlaf forty millions Of peo-
pie, BY over taxAiion, usurpation and