The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-09


portance that our Tax laws, and especially the
tariff, should be so framed as to encourage ex-
ports and enlarge our commerce with foreign ma
tlons, so that balances may be in our favor, and
the interest, and in due time the principal, of
foreign debt, may be paid by our surplus produc-
lions. Many of the Investigations of the Reve-
nue. Commissioners have been made with the view
OF furnishing Congress with the data necessary
for a thorough examination and n wise determi-
nation of this most important question, and IL Is
fortunate that the subsideuce of political excite
ment removes many of the difficulties heretofore
in the way of an impartial consideration of it.
TIE NATIONAL DEBT.
The debt between the first day of November,
1867, and the first day of November, 1868, in
creased $50 625 102'S2. OF this increase $2l, 152-
600 is chargeable to the Pacific Railroads and
1920 600 to the purchase of Russian America
Within the same period there was paid for
bounties $4i, ,060, ,515 and at least 81 600 900 for
interest on compound and $40 notes, which
had accrued prior to the first of November 1867
II these extraordinary advances and payments
had not been made, the receipts would have eX-
ceeded the expenditures $43, 787, 41218. Con-
sidering the heavy reduction of internal taxes
made ut the last session of Congress, and the
large expenditures which have attended the milf
tary operations against the Indians on the from
tier, and the maintenance of large forces at eX-
pcnsivc points i'm the Southern States this state
ment of the amount of the debt cannot be re-
garded an unsatisfactory one. The bOunties will,
1t is expected, be entirely paid within the next
which accrues upon the funded debt Is hereafter
to be provided for Should there be hencefOrth
no extraordinary expenditures, and no further
donations of public moneys in the form of
bountics or of additional subsidies to railroad
companies-with proper economy in the adminis-
tratiOn of the General Government, and with iu-
dicious amendments of the Revenue laws, and
proper enforcement thereof, the public debt with
out oppressive taxation, can be rapidly diminished
and easily extinguished within the period hereto
fore named by the Secretary.
The ability of the United States to maintain
their integrity against instruction as well as
against foreign enemy, can no longer be
doubted. ihe question of their ability, under
democratic institutions, to sustain large national
debt, is still TO be decided. That this question
should be aflrmatively settled it is, in the
opinion OF the Secretary, of the highest import
ance that the taX-paying voters should be en-
couraged by the fact that the debt is in the pro-
gress of rapid eXtinguishment, and is not to be q
permanent burden upon them and their pos
terty. If il be understood that this debt is to be
a perpetual incumbrance upon the property and
industry of the nation, it is certainly to be feared
that the collection of taxes necessary to pay the
interest upon it may require the exercise of
power by the central government, inconsistent
with republicanism, and dangerous to the liberties
of the people. The debt must be paid. Direct
Reputation is an impossbity; indirect repudia-
ton, by further issues of legal-tender notes,
would be madness To insure its payment with
out change in the essential character of the
government, every year should witness a reduc-
ton of its amount and diminution of its
burdens
THE NATIONAL DEBT.
The war was virtually closed in April, 1865. On
the first day of that month the public debt
amounted, according to the books and accounts
of the Department, to 81, 3G6, 800, 077'3I On the
first day of September following it amounted to
,757, $50 571 49, having increased in four months
$780, 734, ,494 90. From that periodi it continued
to decline until November /, 1867, when it had
fallen to 50 491 ,50i 450. On the first day of No
vember last it had risen TO 81, 527 129, ,552S2, BY
this statement 1t appears that between the first
day of April 1865, and the first day of September
of the same year, the debt increased $500, 734,
49409, and that between the first day of Septem-
ber 1865, and the first day of November, 1868,
it decreased $3.50, ,560 01S61; and that on the last
day mentioned it was $780, ia, ,475'4S larger than
il was on the first day of April, 1865 Since then
the Treasurers receipts from all sources of reve-
nue. have been as follOws:--
For April. May aud june 1865 ...... SS3 5t9.16 413
For tie year ending June 80, ls66.. 55S 032, ,62006
For the yesr ending June 80, lS61. 49O634, OlO q
For the year ending June 80, 1S6S.. 405 G3S 0S3 80
June 30 I" November l. lo6S''........ lZ40o2lSi42
Total of receipts. 81 1862, ,47G, ,OG22O
To which should be added he increase ...
of The debt between the first day OF
| April, 1862 and the first day of No -
vember, 1865 acknowledgements. loo'l74,4754S
S1,s22 go, ,537 IS
This exhibit shows that the large sum of 81,
| S22 $50, 537 rs was expended in the payment OF
the interest and of other demands upon the Trea-
sury in three years and seven months. being an
| average annual expenditure OF $5OS, GAG, 6616S.
If the statement of the public debt on the first
| day of April, 1865 had included all debts due at
that time, and 1892, $50, ,537'6S had really been
expended in payment of the interest on the public
debt, and the current expenses of the government
between that day and the first day of November
| last, there would have been profligacy end q
recklessness in the expenditures of the public
moneys discreditable to the government and dis
| heartening to taxpayers. Fortunately this il
not the fact. That statement Cas is true OF al
| other monthly statements of the Treasury, ex
hibited only the adjusted debt, according TO the
| books of the Treasury, and did not, and coulC
not include the large sums due to the soldiers o.
the great Union army (numberng at that time
little less than million of men), for "pay" anC
for "bOunties, or on claims of various kinds
which must of necessity have been unsettled
For the purpose of putting this matter right, thu
Secretary has endeavored to ascertain from thu
War and Navy Departments how much OF thel
| respective disbursements, since the close OF tht
war; has been in payment OF debts properly
chargeable to the expenses of the war; The fol
lowing is the result OF his inquiries:-
| By the War Department. S090,43l ,l20'9
BY the Navy Department. ........ 35,OOO,OOOO
1t has been impossible to obtain exact state
ments of the amount of such debts paid by tn
Navy Department, but sufficient information Ia
been received To justify the Secretary in estimat
ing it in round numbers at thirty-tiye millions
which is probably an under rather than an over
estimate. The expenditures of the War Depart
ment have been furnished in detail, and are be
lieved to be substantially correct.
These figures show that the money eXpende
by the War and Navy Departments, between tn
first day of April, 1865, and the first day of No
vember 1868 on claims justly chargeable to tn
expenses Of the war
Amounted to-. SO5V, 4Si 10
To which should be added amount ad- .o...o
gl,a Na dc