Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-10-09
From the National Inteigencer 9Th inst.
PUBLIC DEBT RAPIDLY INCREASING
If RADICAL RULE CONTINUES.
NATIONAL BANKRUPTCY is
INEVITABLE

1t IS authentic and accurate. 1t contains
no conjectures or estimates, but only re-
corded facts. From this table it appears
that the debt on the 31st of August last
ty-eight millions,
sl6s.659,2s6.
than on the 1st Of April, 1866, few days
before the close of the war, the subsequent
rate of increase exceeding four millions OF
dollars a month, or nearly fifty millions OF
dollars year. But there are results still
more alarming The debt is greater by
over thirty five millions of dollars than it
was on the 1st of May last
$35.0S5,AS6.
On this basis the yearly rate Of increase OF
the debt would be over one hundred and
five millions of dollars,
$l05,256.45S.
If to this annual rate of increase we add
interest at the rate of six per cent. year,
compounded annually for twenty years,
the debt, instead OF being paid, would be
more than doubled and would largely
exceed five thousand millions of dollars.
Now, let us look at the monthly in
crease of the debt for the last four months.
| This increase was at a rate largely exceed
ing eight millions of dollars month, 49,
| III Bill but the increase in the month Of
August last over twelve millions of dollars,
| ($12, O79, $780, being a rate of increase
largely exceeding one hundred and forty
four millions year.
$lli.95S.9Si.
1t must be remembered, also, that this
last increase Of debt is during the great
quarter when the average rate of revenue
from imports exceeds about one-third the
rate for the fiscal year. Suppose the debt
| to increase at the rate of one hundred and
forty-five millions of dollars, adding to
this interest compounded at the rate OF six
per cent. per annum, and the debt would
be doubled in about fourteen years, long
before which we would have passed into
! bankruptcy. Indeed, from the intolerable
burden of taxation, arising from such an
annual increase of the debt, we should
reach national bankruptcy in the Congress
sional elections of 1870. And yet it is the
Radical party which accuses its opponents
of reputation, whilst its own course Of
enormous war expenditures in time of peace
makes national bankruptcy inevitable
Indeed, it is Ouly a vast decrease of taxa
/ ton and expenditures which can save us
| from the disaster But this reduction can
never come from the Radical party, which
insists on the continuance Of a large stand
! ing army, to subject the whites of the
! South, by force, to negro governments and
negro supremacy.
| We have seen the rapid increase Of the
| public debt, not only since the peace, but
within the last four months. But this ia
BILE exhibits a still more alarming fact. It
is, that while the debt bearing interest in
currency had decreased on the 31st August
! last 5000, $40, 729 from the 31st March, 1860
the debt bearing interest III coin had nearly
! A Ill l1o4
August last noarl y one thousand millions of
dollars
$996.lSO.50S
since the 31st March, 1863 Thus, on tho
Both April, 1865, the annual interest paya-
bic in coin was only $63, 978, 4l2, whilst on
the 31st August last this annual coin inter
est had reached
$l23.573,62l,
the increase Of annual coin interest being
nearly sixty millions of dollars.
$59,595.2O9:
or, converting this sum into currency of
that date,
$S7.OO9,O06.
Now, the total annual interest in coin and
currency, as shown by the table, was
$IO2s S36.53I,
on 31st March, 1865, and 1927, 949, Gil on
the 31st of August last showing an in
crease IL the annual interest, payable in
coin and currency, on the 31st of August
last, Of
$25,H2.OSO.
But this, as shown by the table, is not the
only real increase. Thus we have seen
that, whilst on the both of April, 1865, the
annual currency interest was $50, 1877, 936 it
had fallen on the 31ss Of August last to
81, 374 800, whilst the annual coin interest
had Increased nearly sixty millions of dol
lars.
The account would then stand thus
On tho 3Gth April, 1866
Coin interest converted into currency. 800 408 491
Currency interest a. that date....... 49, 127 1876
Total annual interest in currency 1913, 1856 AT
On the 3ist August, 1865
Coin interest converted into currency $780, 1886
| Actual currency interest. 4,374,990
Currency interest 31st August, 1868. .$1S4 1872 976
Currency interest after the close of the
war, 3Oth April 1865. ........... 1873, 1876 Alt
Increased interest, 9ist August, 1868 SAG O56 $50
Thus we see that since the close of the
war Both April 1865, the annual interest of
the public debt has increased upwards of
forty six millions of dollars This in
creased annual interest would represent q
principal sum exceeding seven hundred and
fifty millions of dollars.
We repeat, then, it is clear that the Rad
ical policy renders national bankruptcy in
evitable. That policy regards the rebellion
as unsubdued, the States as conquered pro-
vinces, still ready for war, and the whites
to be kept in subsection by negro govern
ments. sustained by standing armies cost
ing moro every year than that of France
or England, and with much heavier taxa
ton. The Democratic party propose a
different policy. It regards secession and
slavery as forever settled by the war, and
by the subsequent action of the Southern
States i'll Constitutional Convention as
sembled. It would repeal the Freedmen's
Bureau, disband the standing army, re-
duce it to peace establishment, and leave
the Southern States to govern themselves
in subordination to the Federal Constitu-
ton.
1t is clear, then, that the expenditures
can only be reduced by change Of men
and measures, and that change can only
come from the overthrow of tho Radical
party and policy. For three years and
half not Confederate soldier has been in
the field, nor an arm raised against the