Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-10

epublieanism and dangerous to the
liberties af the people. The debt must
,e paid. Direct reputation is impossi-
Die. Indirect reputation, by further
ssues OF legal-tender notes, would be
To insure its payment with
put change in the essential character of
the government, every year should wit
Ress 6 reduction of its amount and
of its burdens. The Secre-
tary is confident that he expressed the
sentiments of the intelligent taxpayers
Of the country in his report of 1865. In
his last the Secretary referred to the con-
dition Of the Treasury at the close of the
war, and some subsequent periods, allud-
ing especially to the energy in the spring
Of 1865, arising from the very large requi- |
sitions that were to be provided for to |
enable the War Department to pay |
arrearages due to the army and other |
expenses which had already been incurred
in the suppression Of the rebellion.
In briefly viewing the administration
of the Treasury from April, 1865, he did
not think it necessary 10 state how much
ofthe large revenue receipts had been
expended in the payments of debts
incurred during the war, and he would
not undertake to do it,.now Was not the
Misrepresentation in the public mind in
regard to the expenditures OF the govern
mept, since the conclusion of hostilities,
prejudicial to both the lawSmaking and
lswSexecuting branches Of the govern
ment The war virtually closed in
April, 1865. On the first day of that
month the public debt amounted, acs
cording to the books and accounts of the
Department, to 81, 366 955,Q77 81. On
the first day of September following it
amounted to $2,757,6S0,57l 43, having
increased in four months $3.50, 734, 494 %.
From that period it continued to de-
| cline until November !, 1867, when it
had fallen to g, 49l ,534 $50. On the first
| day of November last it had risen to 81
527, $50 50. By this statement, it ap-
pears that between the first day of April,
1865, and the first day of September, the
same year, the debt increased $500. 734,-
494 09, and that between the first day of
September, 1865, and the first day of
| November, 1868, it decreased $3.50 $780,
OILS 81, and that on the last day mentioned
il was $l60,l74,475 As larger than it
was on the first day of April, 1865 Since
then the Treasurer's receipts from all
sources of revenue have been as follows:
For April May and June, 1865, $780,
0l9,I64 ID; for the year ending June
80, 1866, S55S, 032, $40; for the year end
ing june 80, 1867, $49O,634,0 l0 81; for
the year ending June 80, 1868, $4O5,-
6lS,0SS 80; from June 80 TO November
3, 1865, Sl64 o62, lS4 a Total of re.
ceipts, 81, 562, 476,062 20, to which should
be added the increase of the debt be,
tween the lst day of April, 1865, and the
lst oF November, 1868, $3.50, HAAS 4S-
8, So, 650,547 6S. This exhibit shows
that the large sum of 81, S22, 650,547 6S
was expended in the payment of
the interest and other demands
upon the Treasury in three years, and
seven months, being an average annual
expenditure Of sos, 646,66l 6S. If the
statement Of the public debt, on the lst
day Of April, 1866 had included all the
debt due at that time, and 81 ,322, 055 81,
which had nearly been expended in pay
ment Of the interest on the public debt,
and current expenses of the Government
between that day and the LIST day Of Nov
ember last, there would have been pro-
flgacy and recklessneSs in the expendi-
ture of the public moneys discreditable to
the tax payers. Fortunately this IS not
the fact. That statement, as is true OF
all other monthly statements of the Trea-
sury, exhibited only the adjusted debt
according to tho books Of the Treasury,
and had and could not include the
large sums due to the soldiers OF
the great Union army, numbering at
that time not less than million of men
for pay and bounties, or on claims oil
various kinds, which must OF necessity
have been unpaid. For the purpose Of
putting this matter right the Secretary
has endeayored to ascertain from the War
aud Navy Departments how much OF
their respective disbursements since the
close Of the war has been in payment OF
debts properly chargeable to the expense
Of the war. The following is the result
Of his inquiries By the War Depart
ment, S595,43l. 1875; by the Navy De-
partment, S25000,000. 1t has been
| impossible to obtain an exact statement
Of the amount of such debts paid by the
| Navy Department, but sufficient inf)rma-
ton has been received TO justify the
Secretary in estimating it in round num-
berS at twenty-five millions, which Is
probably an under rather than an over
estimate. The expenditures of the War
Department have been furnished in de
tail, and are believed to be substantially
correct These figures show that the
money expended by the War and Navy
| Departments between the LIST day Of
April, 1865, and the LIST day of Noyem
Der, 1868, on claims justly chargeable to
the expenses of the war, amounted to
$3.50, 43l ,l25; TO which shoHld be added
the amount advanced on the Pacific
roads, $42,l94,000; amount paid for
Alaska, $7200,0 00 total, 1919, S25, l25
Deducting the sum from the amount OF
revenues, 81 ,G62, 476, 062,20, and $l69,
l74,475,4S, the increase of the public
dept, the remainder, 81 142 S25,4ll,7S, or
an average Of $2lS,62S, 800, so per annum
is the amount actually expended in the
payment of current expenses and ia
terest 1t is thus shown that within q
period of three years and seven months
the revenues, or the receipts
from all sources Of revenue, reached
the enormous sum of Sl,662,-
495 902 20, and that $500, AL, 125 80
were paid on debts which were
actually due at the close Of the war
and for bounties which, like the pay of
the army, were a part Of the expenses Of
the war Adding the amount thus paid
to the debt, as exhibited by the books of
the Treasury, on the LIST day Of April
1866, it appears that the debt Of the
United STATES at that time was 81, 997,-
$50 .203 81, and that the actual reduction
has beon S470 25G,650 43, and but for
the advance on the Pacific roads, and the
amount paid for Alaska, would have been
S529, 4j0,430 Nothing can better ex-
hibit the greatness of the resources of
this young nation than this statement, or
show more clearly its ability 10 make
short work of the extinguishment of the
public debt.