Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-12-18

debt has been incurred for luxuries,
consumed without adding anything Co
our resources; and argues that it is of
great Importance to the country to
| have its debts owned at home.
He says that the great question to
be studied now Is that of a return to
specie payments and next in impor-
tance to this is the adjustment of the
Revenue laws.
He strongly urges economy In every
department. Of the government, and
thinks $3.50, 900, 900 per annum ought
to be made sufficient for the current
expenses, and that revenue of $780,
000, 900 ought to leave $4,000, 900
every year for the reduction of the
debt.
The Secretary then gives a careful
estimate of the actual reduction of the
debt since the close of the war, sub
stantially confirming at all points the
famous Springfield speech Of Mr.. Ed
ward Atkinson, published last July.
THE DEBT REDUCED $679, 1926, ,125 so.
The war was virtually closed in
April, 1866. On the first day of that
month the public debt amounted, ac-.
cording to the books and accounts of
the Department, to g, 366, ,955, or 81.
On the first day of September follow
ing it amounted to 50, ,757, ,689, ,751 43,
having increased in four months
1890, ,734, ,494 o. From that period It
continued to decline until November
1, 1867, when il had fallen to g, 2,491,-
504, $50. On the first day of NoVem-
Der last it had risen to 2,527, ,129, ,552.-
80. By this statement it appears that
between the first day of April, 1865,
and the first day Of September of the
same year, the debt increased $780,
734, ,494 09, and that between the first
day of September, 1865, and the first
day Of November 1868, it decreased
$230, $50, ,018 81. and that on the last
day mentioned it was $3.50, 0,174,4 ,475 48
larger than it was on the first day of
April, 1866. Since then the Treasur-
er's receipts from all sources of frevenue
have been 81 ,662, ,476, ,062 20; to which
should be added the increase of the
debt between the first day of April,
1865, and the first day of November,
1858: $3.50, ,174, ,475 48-$1 ,822,6 $780,
537 68.
This exhibit shows that the large
sum of 81 ,822, ,650.537 68 was expend-
ed in the payment of the interest and
Of other demands upon the Treasury
In three years and seven months, being
an average annual expenditure of
$508, ,646,6 ,661 6S. IF the statement of
the public debt on the first day of
April, 1865, had included all debts
due at that time, and 81 ,822, 2,650, 0,537 68
had really been expended in payment
of the interest of the public debt and
current expenses of the government
between that day and the first day of
November last, there would have been
a prohigacy and a recklessness in the
expenditures of the public moneys dis
creditable to the government and dis
heartening to taxpayers. Fortunately
this is not the fact. That statement
(as it is true Of all other monthly state
ments of the Treasury exhibited only
the adjusted debt according to the
books of the Treasury, and did not
and could not include the large sums
due to the great union army, number
ing little less than 100000 men, for
"pay" and for "bounties, 'or on claims
of various kinds, which must of neces-
sity have been unsettled. The expen-
ditures Of the War Department have
been furnished In detail, and are be-
HeYed to be substantially correct. I
uoS6 uBuE65 SA1uW buaI Bu6 money GXs
pended By the War and Navy Depart
partments, between the first day of
April, 1866, and the first day of No
vember, 1868. on claims justly charge
able to the expenses of the War.
amounted TO $3.50, ,431, ,125 80, to which
should be added amount advanced to
the Pacific roads, $40, 2,194, 900; amount
paid for Alaska, 81 100000. Total,
$679, ,825, ,125 80. Deducting this sum
from the amount of the revenues,
81, ,662, ,476, ,062 20, and $3.50, ,174, ,475 48
the increase of the public debt, the
remainder, 81, ,142, ,825, AL 78. or an
average of $318, ,928,021 SO per annum
is the amount actually expended in the
payment of current expenses and in
teFest.
Mr.. McCulloeh wishes to continue
the reduction of the debt, and insists
that there will never be so good time
for it as the present. He recommends
that an explicit declaration that the
entire principal of the national debt,
including the five -tWenties, shall be
paid in coin.