The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1868-10-21
THE NATIONAL FINANCES.
The Fearful Augmentation of the Pub
lie Debt.
LETTERFROM HON. R.J.WALKER.

On account of the great authority of Mr..
Walker in what respects Government fin
ances, we take great pleasure in laying be-
fore the public an extract of letter from
| him, addressed to a citizen of the city of
Philadelphia. The letter is dated from
Washington City on the 9th instant. Mr..
| Walker writes as follows:
SIN reply to your inquiry, I would say
that the table of the public debt of the Unit
ed States at various periods, referred to in
the NATIONAL INTELLGENcER of yesterday
morning, is accurate in all respects, having
been taken from the books of the United
| States Treasury. You ask me if it is fact
that the annual expenditures of the Govern
ment has been increased as therein stated,
over forty-six millions of dollars, (s46, ,O56,-
| 559,) by an augmentation to that extent, of
| the yearly interest in currency, of the public
debt since the 3Oth of April, 1865. I an
swer that it is an indisputabls fact, and 1
viii add that from careful consideration
of the condition of the Treasury, it is clear
that this annual interest will go on increas-
ing. 1t is possible that there may be small
reduction of the public debt last month, but
this reduction, if made, will be IN debts
bearing mainly no interest, or in war claims
withheld, while the debt bearing coin inter-
est will be augmented.
''That there is an increased yearly expen-
diture, exceeding forty-six millions of dol
lars since April 80, 1866, to meet the aug
mented interest (as currency) of the public
debt IS CERTAIN. This is the true test of
our financial condition, and, TO me, it seems
certain that nothing but total change of
policy will save us from national bankrupt
cy. This change of policy must be based
upon vast decrease of our annual expendi-
lures, as recommended in my financial letter
of November last. We must abolish the
Freedmen's Bureau; we must recall the ar
my from the South, and reduce it to a mod
crate peace establishment. We must termi'
nate there the joint rule of the negro and
the bayonet, and, slavery and secession hay
ing been forever abandoned, permit the
Southern States, in obedience to the Feder-
al Constitution, to govern themselves as be.
fore the rebellion. The fact of this vas
increase of the annual interest of the public
debt is not disputed question. 1t rests OF
transcripts from the books of the Treasury,
) and can not be denied. This item of ex
penditures for the increased annual interes
of the public debt is nearly equal to double
the entire yearly expenditures of Mr.. Polk'
Administration before the Mexican war
and nearly equal to its subsequent annua
expenditures, including the war and heavy
payments for the principal and interest O.
the public debt. But even if we take til,
9th of November last, the date of the las
annual report of the Secretary of the Trea
sury, We find the increased annual interest
as currency, of the public debt, $26,574,
329 from the 3Oth of November last QS67
to the 51st of August, 1868, being an aug
mentation at the rate of three millions O.
dollars a month, or thirty-six millions O
dollars year. At this rate of increased
annual expenditure for interest only on tht
3Oth of November, 1869, a little over yea
this single item of yearly disbursements
: would reach seventy-two millions of dollars
1t is clear, that the radical policy leads rap
idly and certainly to national bankruptcy
and that nothing can save us but chang
of men and measures"